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<br />. <br /> <br />ORDINANCE NO. 1875 - B <br /> <br />. <br /> <br />AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING <br />THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" IN <br />SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH <br />SYSTEM WHO PRESENTLY ARE IN THE EMPLOYMENT OF THE CITY OF LA PORTE; <br />FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN <br />EFFECTIVE DATE HEREOF. <br /> <br />Section 1. Authorization of Updated Service Credits. <br /> <br />(a) On the terms and conditions set out in Sections 853.401 through 853.403 of Subtitle <br />G of Title 8, V.T.C.A., Government Code, as amended (hereinafter referred to as the "TMRS <br />Act"), each member of the Texas Municipal Retirement System (hereinafter referred to as the <br />"System") who has current service credit or prior service credit in the System in force and effect <br />on the 1st day of January of the calendar year preceding such allowance, by reason of service <br />in the employment of the City, and on such date has at least 36 months of credited service with <br />the System, shall be and is hereby allowed "Updated Service Credit" (as that term is defined in <br />subsection (d) of Section 853.402 of said title) in an amount that is 100% of the "base Updated <br />Service Credit" of the member (calculated as provided in subsection (c) of Section 853.402 of <br />said title). The Updated Service Credit hereby allowed shall replace any Updated Service <br />Credit, prior service credit, special prior service credit, or antecedent service credit previously <br />authorized for part of the same service. <br /> <br />(b) On the terms and conditions set out in Section 853.601 of said title, any member of <br />the System who is eligible for Updated Service Credits on the basis of service with this City, <br />and who has unforfeited credit for prior service and/or current service with another participating <br />municipality or municipalities by reason of previous service, and was a contributing member on <br />the 1st day of January of the calendar year preceding such allowance, shall be credited with <br />Updated Service Credits pursuant to, calculated in accordance with, and subject to adjustment <br />as set forth in said 853.601. <br /> <br />(c) In accordance with the provisions of subsection (d) of Section 853.401 of said title, <br />the deposits required to be made to the System by employees of the several participating <br />departments on account of current service shall be calculated from after the date aforesaid on <br />the full amount of such person's earnings as an employee of the City. <br /> <br />Section 2. Increase in Retirement Annuities. <br /> <br />(a) On terms and conditions set out in Section 854.203 of Subtitle G of Title 8, <br />V.T.C.A., Government Code, as amended, the City hereby elects to allow and to provide for <br />payment of the increases below stated in monthly benefits payable by the System to retired <br />employees and to beneficiaries of deceased employees of this City under current service annuities <br />and prior service annuities arising from service by such employees to this City. An annuity <br />increased under this Section replaces any annuity or increased annuity previously granted to the <br />same person. <br /> <br />(b) The amount of annuity increase under this Section is computed as the sum of the prior <br />and current service annuities on the effective date of retirement of the person on whose service <br />the annuities are based, multiplied by 70% of the percentage change in Consumer Price Index <br />for All Urban Consumers, from December of the year immediately preceding the effective date <br />of the person's retirement to the December that is 13 months before the effective date of this <br />ordinance. <br />