HomeMy WebLinkAbout020749 ORD - 08/08/1989AN 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 t10B, 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, 1989, 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 he 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.
(h) 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.
zO;z 9MICROFILI0EO
C Iancc
Updating Service Credits/
Increasing Contribution Rate for TMRS
June 20, 1989
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 willnot 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, 1990.
That the foregoing ordinance was reaa for the first time and passed to its
second reading on this the- day of , 19, , by the
following vote:
Betty N. Turner Edward A. Martin 1
David Berlanga, Sr. / Joe McComb
Leo Guerrero / - , - Clif Moss f.
Tom Hunt
Mary Rhodes
Frank Schwing, Jr. C‘
That the foregoing ordinance was read for the second time and passed to its
third reading on this the day of , 192 , by the
following vote:
Betty N. Turner Edward A. Martin
David Berlanga, Sr. ' Joe ticComb
Leo Guerrero (; Clif Moss j„
Tom Hunt Mary Rhodes
Frank Schwing, Jr.
That the faregoing ordinance was read for the third time and passed finally on
this the t; day of _ , 19 , by the following vote:
Betty N. Turner Edward A. Martin
David Berlanga, Sr. Joe McComb
Leo Guerrero Clif Moss
Tom Hunt I; , Mary Rhodes
Frank Schwing, Jr.
PASSED AND APPROVED, this the
ATTEST:
DU &L
City Secretary MAYOR
day of
APPROVED:
%tt— DAY OF , 19
HAL GEORGE, CITY ATTORNEY
By t exy�_
Assistant City Attorney
99.044.01
l
THE CITY OF CORPUS CHRISTI, TEXAS
20749