HomeMy WebLinkAbout030384 ORD - 12/16/2014 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 members 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.
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.
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(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 70% 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 2015.
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 of this ordinance be given full force and effect for its purpose.
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That the foregoing or n nce was read for the first time nd passed to its second
reading on this the (- ay of U.et thou 12, 2D tjby the following vote:
Nelda Martinez (LLAL- Chad Magill _
_Idi.,_
Kelley Allen Colleen McIntyre
Rudy Garza Jr. atik, Lillian Riojas ____(*._
Priscilla G. Leal C0,95eAkir Mark Scott 6-43a/K+
David Loeb __4___
That thc forigoing or na ce w s read for the se and time and passed finally on this
the I '"day of U..�Q�� �
, , I , by the following vote:
Nelda Martinez Chad Magill
Kelley Allen I JZ Colleen McIntyre it
Rudy Garza Jr. 1 / Lillian RiojasI
/.' ,:
Priscilla G. Leal a .,4'0' Mark Scott ,�!.,,k ,
David Loeb MPASSED AND APPROVED, this the 14, th day of(C� 014.
jAT'T�EST:
1Ca_1=1-e./C.,c-e, /4. ‘st.,..-41,
Rebecca Huerta Nelda Marti
City Secretary Mayor
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030384