HomeMy WebLinkAboutO-1987-1566
;0
.
.
TMRS-C- T
(Rev. 6-83)
,
"
ORDINANCE NO. 1566
TEXAS MUNICIPAL RETIREMENT SYSTEM
AN ORDINANCE AUTHORIZING AND ALLOWING,
UNDER mE 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 IA PORTE. TEXAS ; PROVIDING FOR
INCREASED PRIOR AND CURRENT SERVICE ANNUITIES
FOR RETIREES AND, BENEFICIARIES OF DECEASED
RETIREES OF THE CITY; AND ESTABLISHING AN
EFFECTIVE DATE FOR SUCH ACTIONS.
BE IT ORDAINED
T .~ P{)'Rl'R
BY THE CITY
. TEXAS:
COUNCIL
OF
THE
CITY
OF
Section 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 63.401 through 63.403 of Title 110B,
Revised Civil Statutes of Texas, 192.5, as amended, each member of the Texas Municipal
Retirement System who has current service credit or prior service credit in said System in
force and effect on the Ist day of January, 1988, by reason of service in the employment of
the City of La Porte , and on such date has at least 36 months of
credited service with said system, shall be and is hereby allowed "Updated Service Credit" (as
that term is defined in subsection (d) of Section 63.402 of said title) in an amount that is
10096 of the "base Updated Service Credit" of the member. (calculated as provided in
subsection (c) of Section 63.402 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 63.601 of said title, any member of
the Texas Municipal Retirement 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 January 1, 1987, shall be credited with Updated
Service Credits pursuant to, calculated in accordance with, and subject to adjustment as set
forth in said 63.601.
(c) In accordance with the provisions of subsection (d) of Section 63.401 of said title,
the deposits required to be made to the Texas Municipal Retirement System by employees of
the several participating departments on account of current service shall be calculated from
and after the date aforesaid on the full amount of such person's earnings as an employee of
the City.
, Updated Service Credit w.Transfers Ordinance (continued) e
Page 2.
Section 2. Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 64.203 of Title 110B, Revised Civil
Statutes of Texas, 192.5, 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 t~.retired employees and to beneficiaries
of deceased employees of this City under ciii-i-'ent 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 :pre~.jousiy 'gra'rit~d to the same person.
(b) The amount of' annuity. incre~.se.' ur~~er . this See,tion, is computed as the sum of the
prior and current"service annuities on the effective' date of retire-ment of the person on whose
service the annuities are based, multiplied by 70% of the percentage change in Consumer
"
Price Index for AU Urban Consumers, from December of the year Immediately preceding the
effective date of the person's retiremen~ 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 p~op~rtion .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 here~y.
(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 Ist day of January, 1988.
Passed and approved this the :7 tJ:l
day of J).~cem~~er
, 19 87
ATTEST:
APPROVED:
(I.t~~
City Secretary or Clerk
~~4~