The URL can be used to link to this page

Home My WebLink About13168 ORD - 05/05/1976MLM:vp:5- 5- 76:1et • - 0P M? 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 • 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. -2- 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 -3- 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