HomeMy WebLinkAbout031305 ORD - 12/19/2017 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 members of the City of Corpus Christi;
providing for increased prior and current service annuities for
retirees and beneficiaries of deceased retirees of the City;
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 (d) of Section 853.401 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
031305
INDEXED
retirement of the person on whose service the annuities are based, multiplied by 70%
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.
(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 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 2018.
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 of this ordinance be given full force and effect for its purpose.
That the foregoing ordinance was read for the first time and passed to its second
reading on this the I Z_Kday off C4C2017, by the following vote:
Joe McComb a 1 Ben Molina __#____
Rudy Garza 11 1 Lucy Rubio •...4 I
I
Paulette Guajardo I . ' Greg Smith i l l
Michael Hunter 1 i° Carolyn Vaughn I/! I
Debbie Lindsey-Opel Lib%
That the foregoing ordinance wa read for the second time and passed finally on this
the I C V qday of 10Q C�_v 121-2017, by the following vote:
Joe McComb Ben Molina
Rudy Garza —41J--- Lucy Rubio ---C"- -
Paulette Guajardo _0Greg Smith ___(4._
Michael Hunter 0),A.y_ Carolyn Vaughn 4.
Debbie Lindsey-Opel CUOA'6U----
PASSED AND APPROVED on this the \dl day of1512 1 I 17.
ATTEST:
i _ -- i , '
kik le-,0--1^A---/—
Re•ecca Huerta if McComb
City Secretary or
031305