HomeMy WebLinkAbout19101 ORD - 11/26/1985AN 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.
NOW, THEREFORE, 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 63.401
through 63.403 of Title 1108, Revised Civil Statutes of Texas, 1925, 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, 1986, 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 63.402 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 63.402 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 63.401 of said title, the deposits 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 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 64.203 of Title
1106, Revised Civil Statutes of Texas, 1925, as amended, the City of Corpus
Christi 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 each employees to this City. An annuity increased under
this Section replaces any annuity or increased annuity previously granted
to the same person.
02D.213.02
19101 MICROFILMED
(b) The amount of annuity increase under this Section is
computed as the sum of the prior 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 ordinance.
(c) An increase in an annuity
option selection is reducible in the same
that the original annuity was reduced.
(d) If a computation hereunder
the amount of an annuity, the amount of
hereby.
that was reduced because of an
proportion and in the same manner
does not result in an increase in
the annuity will not be changed
(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. Effective Date. 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, 1986.
SECTION 2. That upon written request of the Mayor or five
Council members, copy attached, to find and declare an emergency due to the
immediate need for efficient and effective administration of City affairs
by updating the service credits of TMRS aforementioned at the earliest
possible date, such finding of an emergency is made and declared requiring
suspension of the Charter rule as to consideration and voting upon
ordinances or resolutions at three regular meetings so that this resolution
is passed and shall take effect upon first reading as an emergency measure
this the 26th day of November, 1985.
ATTEST:
y Secretary
.144-
APPROVED:
YADAY OF NOVEMBER, 1985:
02D.213.02
THE CITY OF CORPUS CHRISTI, TEXAS
• •
Corpus Christi, T as
Ol __ day of , 198 gr
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing ordinance
or resolution, an emergency exists requiring suspension of the Charter rule
as to consideration and voting upon ordinances or resolutions at three
regular meetings; I/we, therefore, request that you suspend said Charter rule
and pass this ordinance or resolution finally on the date it is introduced,
or at the present meeting of the City Council.
Respectfully, Respectfully,
Council Members
TH CITY OF CORPUS CHRISTI, TEXAS
The above ordinance was passed y the following vote:
Luther Jones
Dr. Jack Best 1,f
David Berlanga, Sr. /fid
Leo Guerrero f p
Joe McComb 6�
Frank Mendez
Bill Pruet
Mary Pat Slavik Q�
Linda Strong
19101