HomeMy WebLinkAbout020407 ORD - 07/26/1988AN 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 BENEFI-
CIARIES OF DECEASED RETIREES OF THE CITY; AND ESTABLISHING AN EFFEC-
TIVE DATE FOR SUCH ACTIONS.
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, 1988, 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 Retire-
ment 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 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 retire-
ment 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.
20407 MICROFILMED
Ordinance
Updating' Service Credits/
Increasing Contribution Rate for TMRS
June 29, 1988
Page 2
(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 previ-
ously 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 Janu-
ary, 1989.
ATTEST:
411
Ci y Secretary
APPROVED:
day of
Hal George, City Attorney
/sso
A-062988.01.3
yor, The ;ity of Corpus Christi, Texas
, 19
That the foregoing ordinance was
second reading on this the a
following vote:
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
Clif Moss
read for
day of
That the foregoing ordinance was read
third reading on this the me day
following vote:
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
Clif Moss
cup
That the foregoing ordinance
this the 4ay of
Betty N. Turner at-sp
David Berlanga, Sr.
01--)b
Leo Guerrero
Clif Moss aty_;
was
read
first time and passed to its
• 19 Qg' by the
Bill Pruet
Mary Rhodes
Frank Schwing, Jr.
Mary Pat Slavik
Linda Strong
for
of
the
second
QO,�.oatit,
time and passed to its
• 19 g ' • by the
Bill Pruet
Mary Rhodes
Frank Schwing, Jr.
Mary Pat Slavik
Linda Strong
a -e -p
for the third time and passed finally on
s
, 19es? by the following vote:
Bill Pruet
Mary Rhodes
Frank Schwing, J
Mary Pat Slavik
Linda Strong
PASSED AND APPROVED, this the 06a`¢) day of g?f,(14-61_,
ATT T:
City Secretary
APPROVED:
/j- DAY OF L A
HAL GEORGE, CITY ATTORNEY
By
19
AssistantC' Attorn
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99.044.01
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THE CITY OF CORPUS CHRISTI, TEXAS
20407
PUBLISHER'S AFFIDAVIT
State of Texas, ] CITY OF C C
County of Nueces ] ss: Ad # 13822
Before me, the undersigned, a Notary Public, this dayersonall came
P y
Iris Yap, who being first duly sworn, according to law, says
y
that she is a Senior Accounting Clerk of the Corpus Christi Caller -
Times, a daily newspaper published at Corpus Christi in said County
and State, generally circulated in Aransas, Bee, Brooks, Cameron,
Duval, Hidalgo, Jim Hogg, Jim Wells, Karnes, Kenedy, Kleberg, Live
Oak, Refugio, San Patricio, and victoria Counties, and that the
publication of"NOTICE OF PASSAGE OF ORDINANCE NO. 20407 "of
which the annexed is a true copy, was published in the Corpus Christi
Caller -Tres on the lst day of August 1988 and each day there-
after for consecutive day(s)
One Times
$46.20
S = bed a
GLAD
Senior Accounting Clerk
to before me this _8th day of August 1988
EDNA KOSTER
Notary Public, Nueces County, Texas
My commission expires on 11.30.1988
OITS" ;
FOR SffiV PER -
Y * UAUFYING