Laserfiche WebLink
<br />, <br /> <br />Updated Service Credit wieransfers Ordinance (continued) <br /> <br />e <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 llOB, Revised Civil <br />Statutes of Texas, 1925, as amended, the City of La Porte hereby <br />elects to allow and to provide for 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 service 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 da te of retirement of the person on whose <br />service the annuities are based, multiplied by 70% of the percentage change in Consumer <br />" <br /> <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 <br />effective da te of this ordinance. <br />(d 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, 1988. <br /> <br />Passed and approved this the 23ro <br /> <br />day of Nove:nber <br /> <br />, 19 87 <br /> <br />ATTEST: <br /> <br />APPROVED: <br /> <br />City Secretary or Clerk <br /> <br />Ma yor <br />