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<br />Updated Service Credit Ordin. (continued) <br />ORDINANCE NO. 1619 <br /> <br />. <br /> <br />Page 2. <br /> <br />Section 2. Increase in Retirement Annuities. <br />(a) On terms and conditions set out in Section 64.203 of Title 110~, Revised Civil <br />Statutes of Texas, 1925, as amended, the City of La Porte hereby <br />elects to allow and to provide fOf payment of the increases below stated in monthly benefits <br />payable by the Texas Municipal Retirement System to retired employees and to beneficiaries <br />of deceased employees of this City under current servke annuities and prior service annuities <br />arising from service by such employees to this City. An annuity increased under this Section <br />replaces any annuity or increased annuity previously granted to the same person. <br />(b) The amount of annuity increase under this Section is computed as the sum of the <br />prior and current service annuities on the effective date of retirement of the person on whose <br />service the annuities are based, multiplied by 70 96 of the <br />percentage change in Consumer Prke Index for All Urban Consumers, from December of the <br />year immediately preceding the effective date of the person's retirement to the December <br />that is 13 months before the effective date of this ordinanc~. <br />(c) An increase in an annuity that was reduced because of an option selection is <br />reducible in the same proportion and in the same manner that the original annuity was <br />reduced. <br />(d) If a computation hereunder does not result in an increase in the amount of an <br />annuity, the amount of the annuity will not be changed hereby. <br />(e) The amount by which an increase under this Section exceeds all previously granted <br />increases to an annuitant is an obligation of this City and of its account in the municipality <br />accumulation fund of the Texas Municipal Retirement System. <br /> <br />Section 3. Effective Date. Subject to approval by the Board of Trustees of Texas <br />Municipal Retirement System,' the updated service credits and increases in retirement <br />annuities granted hereby shall be and become effective on the 1st day of January, 1989. <br /> <br />Passed and approved this the 14 th day of November <br /> <br />, 19 88 <br /> <br />ATTEST: <br /> <br />APPROVED: <br /> <br />{I~~ <br /> <br />City Secretary or Clerk <br /> <br />~~c!J~ <br />