HomeMy WebLinkAbout023010 ORD - 07/29/1997AN ORDINANCE
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 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 PROVIDING FOR
SEVERANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS:
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, 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 had 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) In accordance with the provisions of subsection (e) of Section 853.402 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 and 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, 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
the 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 the annuity increase under this Section is computed as the sum of the prior
service and current service annuities on the effective date of retirement of the person on whose service the
annuities are based, multiplied by 40% 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 Section.
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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 3. Effective Date. Subject to approval by the Board of Trustees of the System, this ordinance shall
be and become effective on the 1st day of January 1998.
Section 4. 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.
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Thatthe fore oing ordinance was read for the first time and passed to its second reading on this the
Zhday of , 1997, by the following vote:
JJ
Loyd Neal
Jaime Capelo
Melody Cooper
Alex L. Garcia, Jr.
Arnold Gonzales
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
That the foregoing ordinance was read for the second time and passed on this the oS gni day of
(I , 1997, by the following vote:
Loyd Neal L Betty Jean Longoria
Jaime Capelo John Longoria
Melody Cooper /�L-' Edward A. Martin
Alex L. Garcia, Jr. ati - Dr. David McNichols
Arnold Gonzales at)
PASSED AND APPROVED, this the A GEh day of
ATTEST:
City Secretary
APPROVED: 18 DAY OF
JAMES R. BRAY, JR., CITY/ATTORNEY
By: `Attu& /S4ri4Jt sr
Alison GallawaSr
Assistant City Attorney
, 1997.
MAYOR
THE CITY OF eORPUS CHRISTI
1997: