HomeMy WebLinkAbout021536 ORD - 12/22/1992AN 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; 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. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 853.401
through 853.403 of Chapter E of Title 8, V.T.C.A., Government Code,
as amended, each member of the Texas Municipal Retirement System
(hereinafter referred to as the System) who has current service
credit or prior service credit in said System in force and effect
on the 1st day of January, 1993, by reason of service in the
employment of the City of Corpus Christi (hereinafter referred to
as the City), 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 monthly deposits required to be
made to the System by an employee of any of the several
participating departments on account of current service shall be
based, from and after the date aforesaid, on the total monthly
compensation of such employee from the City.
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TMRS ORDINANCE (Continued) Page 2
Section 2. Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 854.203, of
Chapter C, of Title 8, V.T.C.A., Government Code, as amended, the
City hereby elects to allow and to provide for payment of the
increase below stated in monthly benefits payable by the System to
retired employees and to beneficiaries of deceased employees of the
City under current service annuities and prior service annuities
arising from service by such employees to the 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 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 the City and of its account in the municipality accumulation
fund of the System.
TMRS ORDINANCE (Continued) Page 3
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, 1993.
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
immediate action necessary 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 shall take effect upon first
reading as an emergency measure this the _22 day of gggt/�� "�•
1992.
ATTEST:
CITY SECRETAR
APPROVED: DAY OF
r
JIMMY BRAY, CITY ATTORNEY
BY
ISTANT CITY ATT
/avp
TMRSORD.SD
RNEY
1 1 T
MAYO
THE CITY
, 1992.
RPUS CHRISTI
Corpus Christi, Texas
22 day of DQC rnbz C , 19 q2
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing ordinance an emergency
exists requiring suspension of the Charter rule as to consideration and voting upon ordinances at
three regular meetings; I/we, therefore, request that you suspend said Charter rule and pass this
ordinance finally on the date it is introduced, or at the present meeting of the City Council.
Respectfully, Respectfully,
Council Members
MAYOR
THE CI CORPUS CHRISTI
The above ordinance was passed by the following vote:
Mary Rhodes
Cezar Galindo /ki j
Leo Guerrero
Betty Jean Longoria pct_
Edward A. Martin
Joe McComb
Dr. David McNichols ist, y
Clif Moss �y
Mary Pat Slavik rT °y -i
045
021536
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