HomeMy WebLinkAbout022372 ORD - 10/10/1995AN 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 PROVIDING FOR SEVERANCE.
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 lst day of January, 1995, 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 afore-
said, on the total monthly compensation of such person
from the City.
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T
Mic tOFILMED
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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 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 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,
1996.
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Section 4. If for any reason, any section, paragraph, subdivi-
sion, clause, phrase, word or provision of this Ordinance
shall be held invalid or unconstitutional by final judgment of
a court of competent jurisdiction, it shall not affect any
other section, paragraph, subdivision, clause, phrase, word or
provision of this Ordinance, for it is the definite intent of
this City Council that every section, paragraph, subdivision,
clause, phrase, word, or provision hereof be given full force
and effect for its purpose.
1
That the foreg ng ordinance was read for the first time and passed to its second reading on this the
day of ,�p��ta,t j!,(2/ , 19 0 , by the following vote: //
Mary Rhodes L ` ,l/ ) Betty Jean Longoria Qt,_}
Dr.Jack Best (I(.C7)( ,) John Longoria At12
Betty Black at*, Edward A. Martin __/__
Melody Cooper (t-t,'X.> Dr. David McNichols /LI 2
Tony Heldenfels &A, -):_ ,
That the foregoing ordinance wassepd for the second time and passed finally on this the 10 day
of WV b I' , 19 `) , by the following vote:
Mary Rhodes 4 k/ Betty Jean Longoria
Dr.Jack Best / John Longoria
Betty Black (�1,-4,C✓ Edward A. Martin
Melody CooperSiii>_Dr. David McNichols
Tony Heldenfels 12.1
PASSED AND APPROVED, this the (0 day of OCfcQbc % , 19115 .
ATTEST:
City Secretary,t2 d, MAYOR
APPROVED: DAY OF
,19
JAMES R. BRAY, JR., CITY ATTORNEY
By a.
fikssis •i't City Attorney
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022372
THE ITY OF CORPUS CHRISTI