HomeMy WebLinkAbout021054 ORD - 12/18/1990AN 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 CORPUS CHRISTI; 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; AND DECLARING AN EMERGENCY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
SECTION 1. (a) On the terms and conditions set out in
Sections 853.401 through 853.403 of the Texas Government Code, 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 1st day of January, 1990, by reason of service in
the employment of the City of Corpus Christi, 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 853.402 of said title) in an amount that is
100 percent 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) In accordance with the provisions of Subsection (d) of
Section 853.401 of said code, the monthly contributions 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 the several participating departments on account of
current service and shall be calculated from and after the date
aforesaid on the full amount of such person's total monthly
compensation as an employee of the City.
SECTION 2. (a) On the terms and conditions set out in
Section 854.203 of the Texas Government Code, as amended, the City of
Corpus Christi hereby elects to allow and to provide for payment of
the increases below stated in monthly benefits payable by the Texas
Municipal Retirement 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
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effective date of retirement of the person on whose service the
annuities are based, multiplied by 40 percent 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.
(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 Texas Municipal Retirement System.
SECTION 3. 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, 1991.
SECTION 4. That upon written request of the Mayor or five
Council members, copy attached, to find and declare an emergency due
to the need for the efficient and effective administration of City
affairs, such finding of an emergency is made and declared requiring
suspension of the Charter rule as to consideration and voting upon
ordinances at three regular meetings so that this ordinance is passed
and sh 1 take effectpon first reading as an,emergency measure this
the _ day of ,jgoO , 19 Y0
ATTEST:
City Secretary
Lc�Y l
MAYOR U
THE CITY OF CORPUS CHRISTI
APPROVED: DAY OF `/c-irtgit-d-e4., 19 2-D
HAL GEORGE, CITY ATTORNEY
Assistant City Attorney
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