My WebLink
|
Help
|
About
|
Sign Out
Browse
Search
O-1993-1875-J
LaPorte
>
Legislative Records
>
Ordinances - GR1000-05 Ordinances & Resolutions
>
1990's
>
1993
>
O-1993-1875-J
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/2/2016 3:38:53 PM
Creation date
11/10/2009 8:47:27 AM
Metadata
Fields
Template:
Legislative Records
Legislative Type
Ordinance
Date
12/8/2003
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
8
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />ORDINANCE NO. <br />Page 2 <br /> <br />I g 1_0 <br /> <br />e <br /> <br />Increase in Retirement Annuities, <br /> <br />(a) On terms and conditions set out in Section 854.203 of the TMRS Act, the City <br />hereby elects to al10w and to provide for payment of the increases below stated in monthly <br />benefits payable by the System to retired employees and to beneficiaries of deceased employees <br />of the City under current service annuities and prior service annuities arising from service by <br />such employees to the City. An annuity increased under this Section replaces any annuity or <br />increased annuity previously granted to the same person. <br />(b) The amount of the annuity increase under this Section is computed as the sum of the <br />prior service and current service an.nuities on the effective date of retirement of the person on <br />whose service the annuities are based, multiplied by 70% of the percentage change in Consumer <br />Price Index for All Urban Consumers, from December of the year immediately preceding the <br />effective date of the person's retirement to the December that is 13 months before the effective <br />date of this Section. <br />(c) An increase in an annuity that was reduced because of an option selection is reducible <br />in the same proportion and in the same manner that the original annuity was reduced. <br />(d) If a computation hereunder does not result in an increase in the amount of an annuity, <br />the amount of the annuity will not be changed hereunder. <br />(e) The amount by which an increase under this Section exceeds all previously granted <br />increases to an annuitant is an obligation of the City and of its account in the municipality <br />accumulation fund of the System. <br /> <br />Dates of Allowances and Increases <br /> <br />The initial allowance of Updated Service Credit and increase in retirement annuities hereunder <br />shall be effective on January 1, 2004, subject to approval by the Board of Trustees of the <br />System. An allowance of Updated Service Credits and an increase in retirement annuities shall <br />be made hereunder on January 1 of each subsequent year until this ordinance ceases to be in <br />effect under subsection (e) of Section 853.404 of the TMRS Act, provided that, as to such <br />subsequent year, the actuary for the System has made the determination set forth in subsection <br />(d) of Section 853.404 of the TMRS Act. <br /> <br />Effective Date <br /> <br />Subject to approval by the Board of Trustees of the System, this ordinance shall be and become <br />effective on the 1st day of January 2004. <br /> <br />PASSED AND APPROVED this the 8th day of December, 2003. <br /> <br />CITY OF LA PORTE <br /> <br />BY~P/'- <br /> <br />Ntm an L. Malone, Mayor <br />
The URL can be used to link to this page
Your browser does not support the video tag.