HomeMy WebLinkAbout021296 ORD - 12/03/1991As Proposed
To Be Amended
Second Reading
AN ORDINANCE
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT
GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM,
"UPDArEU 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; ESTABLISHING AN
EFFECTIVE DATE FOR SUCH ACTIONS.
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, V.T.C.A., Government Code, 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, 1991, 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
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 Texas
Municipal Retirement System by employees of the several participating
departments on account of current service shall be calculated fram 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, V.T.C.A., Government Code, as amended, the City of Corpus
Christi hereby elects to allow and to provide for payment of the increase
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 frau service by such employees to this City. An annuity increased
under this Section replaces any annuity or increased annuity previously
granted to the sane person.
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02 X56
Page 1 of 2
moot°
As Proposed
To Be Amended
Second Reading
(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, frau 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 ccniputation 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. 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, 1992.
APPhST:
J
ity Secretary
APPROVED: . DAY OF N @ V •
Jimmy Bray, CITY ATTORNEY
MAYOR ( \
THE CITY OF COS CHRISTI
/id
TMRS ORDINANCE
Revised: 11/20/91
Page 2 of 2
That the foregoing ordinancewas read for the first time and passed to its second reading .� this
the /J) day of rvkg iX ktA% , 191 ( , by the following vote:
Mary Rhodes
Cezar Galindo
Leo Guerrero
Betty Jean Longoria
That the foregoing or
this the( 6 day of
Mary Rhodes
Cezar Galindo
Leo Guerrero
Betty Jean Longoria
Edward A. Martin
Joe McComb
Dr. David McNichols
Clif Moss
Mary Pat Slavik
t
(that Jet
ance wqs read for they second time and passed to its third reading on
61.Le/ik , 19 J , by the following vote:
cdi
Edward A. Martin
Joe McComb
Dr. David McNichols
Clif Moss (V-
Mary
V-
Mary Pat Slavik
That thyp\�foregoing. ordinance was read for the third time and passed finally on this the
day of 1)Q CQ 1-11, b.) Y\ , 1? I , by the following vote:
Mary Rhodes
Cezar Galindo
Leo Guerrero
Betty Jean Longoria
PASSED AND APPROVED, this the C
A FI EST:
City Secretary
APPROVED: DAY OF
JAMES R. BRAY, JR., CITY ATTORNEY
By
044
Edward A. Martin (��J
Joe McComb
Dr. David McNichols
Clif Moss
Mary Pat Slavik
day of
(may
(QLae ),19gt.
MAYO
THE CITY �F CORPUS CHRISTI
\1/4 A --\Q„_-..H c‘.3
19 .
, Assistant City Attorney
021206