HomeMy WebLinkAbout022102 ORD - 12/13/1994AN ORDINANCE
AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING THE
TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE
CREDITS" IN SAID SYSTEM FOR SERVICE PERFORMED BY QUALI-
FYING 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 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, 1994, 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.
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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
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, multi-
plied by 400 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 propor-
tion 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 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,
1995.
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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 two regular meetings so that this ordinance
is passed and shall take effect upon first reading as an
emergency measure this the /3 day of December, 1994.
ATT
ST:
Ailkft‘'SiV"
A vando Chapa, City at cretary
APPROVED:
Mary Rh
0 -
Mayor
The City of_ Corpus Christi
DAY OF_1G4CCr-CK-4 , 1994.
JAMES R. BRAY CITY ATT'RNEY
BY:
ISTANT ATTO'IEY
B:TMRS95/leg
Corpus Christi, Texas `�
13 day of DCV f rn bt r , 19 '1'1
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 two 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
The above ordinance
Mary Rhodes
Dr. Jack Best
Melody Cooper
Cezar Galindo
Betty Jean Longoria
Edward A. Martin
Dr. David McNichols
David Noyola
Clif Moss
\mn.\045
MAYOR CS
THE C F CORPUS CHRISTI
was passed by the following vote:
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