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<br />, Updated Service Credit w.Transfers Ordinance (continued) 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 110B, Revised Civil <br />Statutes of Texas, 192.5, 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 t~.retired employees and to beneficiaries <br />of deceased employees of this City under ciii-i-'ent 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 :pre~.jousiy 'gra'rit~d to the same person. <br />(b) The amount of' annuity. incre~.se.' ur~~er . this See,tion, is computed as the sum of the <br />prior and current"service annuities on the effective' date of retire-ment 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 AU Urban Consumers, from December of the year Immediately preceding the <br />effective date of the person's retiremen~ to the December that is 13 months before the <br />effective date of this ordinance. <br />(c) An increase in an' annuity that was reduced because of an option selection is <br />reducible, in, the same p~op~rtion .and in the same manner that the original annuity was <br />reduced. <br /> <br />.' <br /> <br />. . <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 here~y. <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 Ist day of January, 1988. <br /> <br />Passed and approved this the :7 tJ:l <br /> <br />day of J).~cem~~er <br /> <br />, 19 87 <br /> <br />ATTEST: <br /> <br />APPROVED: <br /> <br />(I.t~~ <br /> <br />City Secretary or Clerk <br /> <br />~~4~ <br />