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O-1993-1875-F
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O-1993-1875-F
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Last modified
11/2/2016 3:38:53 PM
Creation date
11/10/2009 8:41:30 AM
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Legislative Records
Legislative Type
Ordinance
Date
11/9/1996
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<br />e ORDINANCE NO. 98-1875-_ 1= <br /> <br />AN ORDINANCE AMENDING ORDINANCE 1875, AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER <br />THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" IN <br />SAID SYSTEM FOR SERVICE PERFORMED BY QUAUFYlNG MEMBERS OF SUCH SYSTEM WHO <br />PRESENTLY ARE IN THE EMPLOYMENT OF THE CITY OF LA PORTE; FINDING COMPLIANCE WITH THE <br />OPEN MEETINGS LAW; AND PROVIDING AN EFFECTIVE DATE HEREOF. <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: <br /> <br />ORIGINAL <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 G <br />of Title 8, V. T. C.A, Government Code, as amended (hereinafter referred to as the ''TMRS Act"), <br />each member of the Texas Municipal Retirement System (hereinafter referred to as the "System") <br />who has current service credit or prior service credit in the System in force and effect on the 1 st <br />day of January of the calendar year preceding such allowance, by reason of service in the <br />employment of the City, and on such date has at least 36 months of credited service with the <br />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 said <br />title). The Updated Service Credit hereby allowed shall replace any Updated Service Credit, prior <br />service credit, special prior service credit, or antecedent service credit previously authorized for <br />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 the <br />System who is eligible for Updated Service Credits on the basis of service with this City, and who <br />has unforfeited credit for prior service and/or current service with another participating municipality <br />or municipalities by reason of previous service, and was a contributing member on the 1 st day of <br />January of the calendar year preceding such allowance, shall be credited with Updated Service <br />Credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in said <br />853.601. <br /> <br />(c) In accordance with the provisions of subsection (d) of Section 853.401 of said title, the <br />deposits required to be made to the System by employees of the several participating departments <br />on account of current service shall be calculated from after the date aforesaid on the full amount of <br />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, VT.C.A, <br />Government Code, as amended, the City hereby elects to allow and to provide for payment of the <br />increases below stated in monthly benefits payable by the System to retired employees and to <br />beneficiaries of deceased employees of this City under current service annuities and prior service <br />annuities arising from service by such employees to this City. An annuity increased under this <br />Section replaces any annuity or increased annuity previously granted to the 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 for <br />All Urban Consumers, from December of the year immediately preceding the effective date of the <br />person's retirement to the December that is 13 months before the effective date of this ordinance. <br />
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