HomeMy WebLinkAboutO-1993-1875-B
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ORDINANCE NO. 1875 - B
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AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING
THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" IN
SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH
SYSTEM WHO PRESENTLY ARE IN THE EMPLOYMENT OF THE CITY OF LA PORTE;
FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN
EFFECTIVE DATE HEREOF.
Section 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 853.401 through 853.403 of Subtitle
G of Title 8, V.T.C.A., Government Code, as amended (hereinafter referred to as the "TMRS
Act"), each member of the Texas Municipal Retirement System (hereinafter referred to as the
"System") who has current service credit or prior service credit in the System in force and effect
on the 1st day of January of the calendar year preceding such allowance, by reason of service
in the employment of the City, and on such date has at least 36 months of credited service with
the System, shall be and is hereby allowed "Updated Service Credit" (as that term is defined in
subsection (d) of Section 853.402 of said title) in an amount that is 100% of the "base Updated
Service Credit" of the member (calculated as provided in subsection (c) of Section 853.402 of
said title). The Updated Service Credit hereby allowed shall replace any Updated Service
Credit, prior service credit, special prior service credit, or antecedent service credit previously
authorized for part of the same service.
(b) On the terms and conditions set out in Section 853.601 of said title, any member of
the System who is eligible for Updated Service Credits on the basis of service with this City,
and who has unforfeited credit for prior service and/or current service with another participating
municipality or municipalities by reason of previous service, and was a contributing member on
the 1st day of January of the calendar year preceding such allowance, shall be credited with
Updated Service Credits pursuant to, calculated in accordance with, and subject to adjustment
as set forth in said 853.601.
(c) In accordance with the provisions of subsection (d) of Section 853.401 of said title,
the deposits required to be made to the System by employees of the several participating
departments on account of current service shall be calculated from after the date aforesaid on
the full amount of such person's earnings as an employee of the City.
Section 2. Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 854.203 of Subtitle G of Title 8,
V.T.C.A., Government Code, as amended, the City hereby elects to allow and to provide for
payment of the increases below stated in monthly benefits payable by the 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.
ORDINANCE NO. 187.;:8
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(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 System.
Section 4. The City Council finds, determines, recites and declares that a sufficient
written notice of the date, hour, place and subject of this meeting of the City Council was posted
at a place convenient to the public at the City Hall of the City for the time required by law
preceding this meeting, as required by the Open Meetings Law, Article 6252-17, Texas Revised
Civil Statutes Annotated; and that this meeting has been open to the public as required by law
at all times during which this ordinance and the subject matter thereof has been discussed,
considered and formally acted upon. The City Council further ratifies, approves and confirms
such written notice and the contents and posting thereof.
Section 5. 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, 1995.
PASSED AND APPROVED, this the 12th day of December, 1994.
~ CITY OF LA PORlE
BY lt~ .~
. Norm~ Malone, Mayor
ATIEST: ~
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Sue Lenes
City Secretary
APPROVED: ~
~zJ ' ~
Knox W. Askins
City Attorney