HomeMy WebLinkAbout023398 ORD - 07/28/1998AN ORDINANCE
Approval of Ordinance authorizing and allowing under the
Act governing the Texas Municipal Retirement System (TMRS),
"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 Sections
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.
023398
(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.
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 lab day
of January 1999.
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 judgement 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.
That the foregoing ordnance was read for the first time and passed to its second reading
on this theaj5j- day of , 1998, by the following vote:
Samuel L. Neal, Jr.
Javier D. Colmenero
Melody Cooper
Alex L. Garcia, Jr.
Dr. Arnold Gonzales
II 'T'hat tl foregoing ordinance was read for the second time and passed finally on this the
��Ylluay of
ld�
Betty Jean Longoria ((J
John Longoria&2607,1-
Edward A. Martin
Dr. David McNichols
1998, by the following vote:
Samuel L. Neal, Jr.
Javier D. Colmenero
Melody Cooper
Alex L. Garcia, Jr.
Dr. Arnold Gonzales
PASSED AND APPROVED, this the
ATTEST:
Armando Chapa
City Secretary
APPROVED THIS�`9{��AY OF
JAMES R. BRAY, JR.._CITY ATTORNE
B
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols £Lb L "
Hl day of
, 1998.
Samuel L. Nea , Jr.
Mayor, City of Corpus Christi
na L. Barnett
nt City Attorney
023398
, 1998.