HomeMy WebLinkAbout021838 ORD - 12/21/1993AN 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.
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 Subchapter 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 the 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 the 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 employees 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 person from the
City.
SECTION 2. Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 854.203
of Subchapter C of Title 8, V.T.C.A., Government Code, as
amended, the City hereby elects to allow and to provide
\ord\93118
Ot18Os
r
for payment of the increases 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.
(d) The amount by which an increase under this Section
exceeds all previously granted increased to an annuitant
is an obligation of this City and of its account in the
municipality accumulation fund of the System.
SECTION 3. Effective date.
Subject to approval by the Board of Trustees of the 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, 1994.
\ord\93118
7
That the foregoing ordinance was r a51 for the fi st time and passed
to itis second reading on this the 10 day of 4 QC�, �c,er
19 4 3 , by the following vote:
Mary Rhodes
Jack Best
Melody Cooper
Cezar Galindo
Betty Jean Longoria
utAlL
Neu
kF
ClUIL
Edward A. Martin
Dr. David McNichols
David Noyola
Clif Moss
That the foregoing ordinance was read for the second time and
pas d finally on this the 21
19 95 , by the following vote:
Mary Rhodes
Jack Best
Melody Cooper
Cezar Galindo
Betty Jean Longoria
PASSED AND APPROVED,
19 Ck2.
ATTEST:
(dY�—�IZL� SS
1City Secreta
APPROVED:
cuty_
c
day of C.C. ti..Alre Y ,
Edward A. Martin
Dr. David McNichols
David Noyola
Clif Moss
this the 2i day of
,
MAYOR
(54 DAY OF «.nr\1- Cf"
JAMES R. BRAY,
By
JR., CITY ATTORNEY
stant City Attorney
\form.\044
0218J8
THE CI CORPUS CHRISTI
, 19 93 :