1985-10-14 Regular Meeting - Laserfiche WebLink

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• • ~"' _,~ y` Updated Service Credit Ordinance (continued) Ord. 1474 Page 2. Section 2. Increase in Retirement Annuities. (a) On terms and conditions set out in Section 64.203 of Title 1108, Revised Civil Statutes of Texas, 1925, as amended, the City of La Porte hereby elects to allow and to provide for payment of the increases below stated in monthly benefits payable by the Texas Municipal Retirement System to retired employees and to beneficiaries of deceased employees of this City under current service annuities and prior service annuities arising from service by such employees to this City. An annuity increased under this Section replaces any annuity or increased annuity previously granted to the same person. (b) The amount of annuity increase under this Section is computed as the sum of the prior and current service annuities on the effective date of retirement of the person on whose service the annuities are based, multiplied by 70% of the percentage change in Consumer Price Index for All Urban Consumers, from December of the year immediately preceding the effective date of the person's retirement to the December that is 13 months before the effective date of this ordinance. (c) An increase in an annuity that was reduced because of an option selection is reducible in the same proportion and in the same manner that the original annuity was reduced. (d) If a computation hereunder does not result in an increase in the amount of an annuity, the amount of the annuity will not be changed hereby. (e) The amount by which an increase under this Section exceeds all previously granted increases to an annuitant is an obligation of this City and of its account in the municipality accumulation fund of the Texas Municipal Retirement System. Section 3. Effective Date. Subject to approval by the Board of Trustees of Texas Municipal Retirement System, the updated service credits and increases in retirement annuities granted hereby shall be and become effective on the 1st day of January, 1986. Passed and approved this the 14th day of October , 19 8 5 ATTEST: City Secretary or Clerk APPROVED: Mayor APPROVED: r City Attorney