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HomeMy WebLinkAbout024120 ORD - 07/25/2000AN 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 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. (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. Page 2 of 3 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 50% 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 2001. SECTION 4. Providing for Severance. 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. Page 3 of 3 ATTEST: Armando Chapa, City Secretary Assistant City Attorney THE CITY OF CORPUS CHRISTI ,2000, James R. Bray, Jr., City Attorney Prepared by the Human Resources Department June 27, 2000 CAMy Documents\TMRS 2000 01\TMRS ORDINANCE 2000 01 .doc Javier D. Colmenero ~ ~ Betty Jean Longoria e ody Cooper ~ ~ ,- , John Longoria Henry Garrett ~ ~ Mark Scott Dr. Arnold Gonzales ~ Samuel L. Neal.,r.~~ Rex A. Kinnison &d,C Javier D. Colmenero ~ Betty Jean Longoria L ilelody Cooper ~5~A~(5~ ~ Jo~ Longoria Hen~ Ga~ett ~. Mark Sco~ ~ r. gold Gonzales % , PASSED AND APPROVED, this the ~y of ~~, 2000. ATTEST: Armando Chapa City Secretary APPROVED THIS'Z2- ~d-~ DAY OF Assistant City Attorney Samuel L. Neal, Jr. Mayor, City of Corpus Christi ,2000.