HomeMy WebLinkAbout20126 ORD - 12/22/1987AN 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
63.401 through 63.403 of Title 110B, 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, 1987, 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 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. (a) On terms and conditions set out in Section 64.203 of
Title 110B, Revised Civil Statutes of Texas, 1925, 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 effective date of
retirement of the person on whose service the annuities are based, multiplied by
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20126 MICROFILMED
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 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, 1988.
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 shalla effect upon first readin as an emergency
measure this the„1.1 day of jfem f( , 19V/ .
ATTEST:
City Secretary
APPROVED:
M OR
DAY OFpt)1967
HAL GEORGE, CITY ATTORNEY
By
AsstSt nt City Attorney
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THE CI Y OF CORPUS CHRISTI, TEXAS
Corpus Christi, Texas
02. day of —beGeryl , 198
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
at/L44.ecY
AYOR
THE C TY OF CORPUS CHRISTI, TEXAS
The above ordinance was passed by the following vote:
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
Clif Moss
Bill Pruet
Mary Rhodes
Mary Pat Slavik
Linda Strong
99.045.01
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