HomeMy WebLinkAbout13168 ORD - 05/05/1976MLM:vp:5- 5- 76:1et
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ESTABLISHING THE CITY OF CORPUS CHRISTI RETIREMENT
PLAN FOR EMPLOYEES ENTERING EMPLOYMENT OVER AGE 50;
PROVIDING FOR CERTAIN OPTIONAL AND.MANDATORY REQUIRE-
MENTS FOR EMPLOYEES; PROVIDING FOR +RtT11F = GUIDE-
LINES; PROVIDING FOR CONTRIBUTIONS BY THE EMPLOYEE
AND THE CITY OF CORPUS CHRISTI; PROVIDING FOR DIS-
POSAL OF FUNDS WHEN EMPLOYEE TERMINATES OTHER THAN
BY R+T°f'7RLMi+!AT; PROVIDING FOR DISTRIBUTION AND COI_
LECTION OF FUNDS BY EMPLOYEE UPON RETIREMENT; PRO-
VIDING FOR MANAGEMENT OF SAID FUND; PROVIDING FOR
ADMINISTRATION OF SAID FUND; PROVIDING AN EFFEC-
TIVE DATE; PROVIDING FOR SEVERABILSTY; PROVIDING
FOR AN EMERGENCY.
WHEREAS, certain employees of the City of Corpus Christi are
ineligible to participate in the Texas Municipal Retirement System because
of the State statute relating to age limitations; and
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WHEREAS, the City of Corpus Christi desires to provide retirement
protection for such employees; and
WHEREAS, the hereinbelow provided plan will be fully administered
by the City of Corpus Christi and will provide such protection;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. There is hereby established the City of Corpus Christi
Retirement Plan for employees entering employment with the City of Corpus
Christi over age 50, and not otherwise covered or eligible for coverage under
the Texas Municipal Retirement System.
SECTION 2. Participation in such fund shall be optional with the
employee, except as limited hereinafter. Only those employees over age 50
and not otherwise covered or eligible for coverage under the Texas Municipal
Retirement System, when employed, shall be eligible to participate. Employees
over the age of 50 hired after May 10, 1976, must participate in this plan.
Present employees, hired over the age of 50 years, and not otherwise covered
or eligible for coverage under the Texas Municipal Retirement System must
elect to participate in this plea, if they desire to do so, within a period
of 60 days of the effective date of this ordinance. Once an employee elects
to participate, hie decision is final, and he may not later withdraw. If
an employee fails to elect to participate within the 60-day period mentioned
hereinabove, he shell be presumed to have elected not to participate. This
decision is also final.
13168
SECTION 3. For purposes of this retirement plan, employees shall
be eligible for retirement at age 65 or over regardless of the number of
years of service or disability retirement in accordance with T.M.R.S. or
social security regulations.
SECTION 4. Employees eligible, and desiring to participate, shall
contribute five percent (5 %) of their gross income to the Corpus Christi
Retirement Plan Fund. Said five percent (5 %) contribution shall be see= -
plished by regular payroll deduction in accordance with instructions issued
by the Director of Finance or his designated representative. The City of
Corpus Christi shall contribute to the account of each participating employee
an amount equal to the amount the City contributes to the Texas Municipal
Retirement System for each other employee covered by the Texas Municipal
Retirement System. The account of each participating employee in the Corpus
Christi Retirement System Fund shall be separately maintained by the Director
of Finance or his designated representative.
SECTION 5. In the event the participating employees' employment
is terminated with the City of Corpus Christi for any reason, other than
retirement, the amount contributed by the City shell revert to the General
Fund of the City for use in accordance with the law.
SECTION 6. Upon retirement, the participating employee may elect
to receive funds invested as followe:
A. The participating employee may receive a lump sum of the total
amount invested by himself and the City plus accrued interest thereon; or
B. He may elect to receive equal monthly installment payments
varying from 60 to 120 months, the amount of each equal monthly payment to
be determined as nearly as possible by the Director of Finance or his desig-
hated representative. Should the participating employee the prior to his
designated payout period, his beneficiary shall receive balance remaining
in his account in a lump sum; or
C. The participating employee may elect to receive equal monthly
payments for his anticipated life in accordance with a schedule ascertained
by the Director of Finance or his designated representative. Should the
participating employee the prior to exhaustion of his account, the balance
shall go to his beneficiary.
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SECTION 7. The City of Corpus Christi has the right to invest
and manage all the funds resulting from contributions hereinabove indicated
and may, at their discretion, employ financial agents to manage or assist
in management of the fund. Said investment and reinvestment of the City
of Corpus Christi shell be restricted to:
A. Direct obligations of the United States Government;
B. Obligations of United States Government agencies;
C. Accounts and certificates of deposits of banks and savings and
loan associations up to the maximum amount of the insurance provided by the
Federal Deposit Insurance Corporation and /or the Federal Savings & Loan
Insurance Corporation.
SECTION S. The Director of Finance, or his designated representative,
shall maintain and distribute the appropriate application and other forma for
those employees eligible and desiring to participate in this fund.
SECTION 9. The effective date of this ordinance shall be May 10,
1976.
SECTION 10. Upon termination of the employee for any reason other
than retirement, the participating employee shall receive the amount of his
contributions plus any interest accrued thereon.
SECTION 11. If for any reason any section, paragraph, subdivision,
clause, phrase, word, or provision of this ordinance shall be held invalid
or unconstitutional by final judgment of a court of competent jurisdiction
it shall not affect any other section, paragraph, subdivision, clause, phrase,
word, or provision of this ordinance, for it is the definite intent of this
City Council that every section, paragraph, subdivision, clause, phrase, word,
or provision hereof be given full force and effect for its purpose.
SECTION 12. The necessity to establish the City of Corpus Christi
Retirement Plan as hereinabove set forth creates a public emergency and an
imperative public necessity requiring the suspension of the Charter rule
that no ordinance or resolution shall be passed finally on the date of its
introduction but that such ordinance or resolution shall be read at three
several meetings of the City Council, and the Mayor having declared such
emergency and necessity to exist, and having requested the suspension of
the Charter rule and that this ordinance be passed finally on the date of
its introduction and take effect and be in full force and effect from and
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after its passage, IT IS ACCORDINGLY SO ORDAINED, this the y of May,
1976.
ATTEST:
City Secretary MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
APPROVED:
DAY OF MAY, 1976.
J. BRUCE Ak4rlrnj-�' YCOCK, City Attorney
By
Assistant Cit orney
CORPUS CHRISTI, TEXAS
DAY OF 9-a?
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI$ TEXAS
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FOREGOING
ORDINANCES A PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXIST FOR THE SUSPEN-
SION OF THE CHARTER RULE OR REQUIREMENT THAT NO ORDINANCE OR RESOLUTION SHALL
ISE PASSED FINALLY ON THE DATE IT IS INTRODUCED, AND THAT SUCH ORDINANCE OR
RESOLUTION SHALL BE READ AT THREE MEETINGS OF THE CITY COUNCIL; I, THEREFORE,
REQUEST THAT YOU SUSPEND SAID CHARTER RULE OR REQUIREMENT AND PASS THIS ORDI-
NANCE FINALLY ON THE DATE IT IS INTRODUCEDS OR AT THE PRESENT MEETING OF THE
CITY COUNCIL. -
RESPECTFULLY,
MAYOR
THE CI'1Y OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE HAS SUSPENDED BY THE FOLLOWING VOTE:
JASON War
DR. BILL TIPTON
EDUARDO DE A3Es
RUTH GILL
809 GULLEY
GABE LOZANO, SR.
EDWARD L. SAMPLE
THE ABOVE ORDINANCE WAS PASSED BY THE F LOWING VOTE:
JASON Lu9Y
DR. BILL TIPTON
EDUARDO DE ASES
RUTH GILL
BOB GULLEY
GABE LOZANO, SR.
EDWARD L. SAMPLE