HomeMy WebLinkAbout022727 ORD - 10/15/1996AN ORDINANCE
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 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 Section 853.401
through 853.403 of Subtitle G of Title 8, Government Code, as
amended (hereinafter referred to as the "TMRS Act"), 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
of the calendar year preceding such allowance, by reason of service
in the employment of the City, and on such date had 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 deposits required to be made to
the System by employees of the several participating departments on
account of current service shall be calculated from and after the
date aforesaid on the full amount of such person's earnings as an
employee of the City.
022727
41;;ROFILMED
Page 3
Section 4. If for any reason, any section, paragraph,
subdivision, 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.
ATTEST:
C -62/C
Armando Chapa, City Secretary
Mary Rhode- ayor
�(
The City of Corpus Christi
APPROVED: ( DAY OF 6 4 . , 1996.
JAMES R. BRAY, CITY ATTORNEY
BY:
AS amu' CITY ATTORNEY
Page 2
Section 2. Increase in Retirement Annuities
(a) On terms and conditions set out in Section 854.203 of
Subtitle G of Title 8, 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 this City. An annuity increased
under this Section replaces any annuity or increased annuity
previously granted to the same person.
(b) The amount of the annuity increase under this Section is
computed as the sum of the prior service 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 Section.
(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 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 System, this
Ordinance shall be and become effective on the 1st day of January
1997.
3* t the foreg ng ordinance was read for the first time and passed to its second reading on this the
day of Corn hlJ_ , 19 , by the following vote:
Mary Rhodes Betty Jean Longoria
Dr.Jack Best (, 1 John Longoria
Betty Black Edward A. Martin
Melody Cooper _4)22.61 Dr. David McNichols
Tony Heldenfels
Tha the foregoing ordinance was read for the second time and passed finally on this the /9Aday
of C (9 kit) -0, 19 Q (� , by the following vote:
Mary Rhodes
Dr.Jack Best
Betty Black
Melody Cooper
Tony Heldenfels
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
PASSED AND APPROVED, this the l.6d-h day of 0 (9-Qbut) , 19 4 .
APPROVED: 17 DAY OF
MAYOR
D CA -i io-e,• ,19 ef4 :
JAMES R. BRAY, JR., CITY ATTORNEY
By
As ' ity Attorney
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CITY OF CORPUS CHRISTI