HomeMy WebLinkAbout031949 ORD - 12/10/2019 Ordinance providing for prior and current service annuities under the act governing
the Texas Municipal Retirement System for retirees and beneficiaries of deceased
retirees of the City of Corpus Christi; and establishing an effective date for the
ordinance.
Whereas, Ordinance #031602 provides for updated service credits on January 1 of
each subsequent year until the ordinance ceases to be in effect (repeating), meeting the
requirements of Texas Government Code §854.203; and
Whereas, the agreement between the City of Corpus Christi and the City of Corpus
Christi Police Officers' Association, effective October 1, 2019 to September 30, 2023,
provides for Updated Service Credits (100% repeating) and Annuity Increase 30% of CPI
(repeating).
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
Section1. Increase in Retirement Annuities.
(a) On the terms and conditions set out in Sections 854.203 and 853.404 of
Subtitle G of Title 8, Government Code, as amended (hereinafter referred to
as the "TMRS Act"), 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 currentservice 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 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 30% 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 the increase under 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 hereunder.
(e) The amount by which an increase under this Section exceeds all previously
granted increases to an annuitant is an obligation of the City and of its account
in the Benefit Accumulation Fund of the System.
031949
SCANNED
Section 2. Dates of Increases. The initial increase in retirement annuities hereunder
shall be effective on January 1, 2020, subject to approval by the Board of Trustees of
the System. An increase in retirement annuities shall be made hereunder on January 1 of
each subsequent year until this ordinance ceases to be in effect under subsection (e)
of Section 853.404 of the TMRS Act, provided that, as to such subsequent year, the
actuary for the System has made the determination set forth in subsection (d) of Section
853.404 of the TMRS Act, and provided further that, as to such subsequent year, the City
has an ordinance in effect that provides for a simultaneous increase in updated service •
credits as that term is used in the TMRS Act.
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 2020.
That the foregoing ordinance was read for the first time and passed to its second reading on this
the )q111-day of //ave„, bier, 2019, by the following vote:
Joe McComb kr Michael Hunter jr,t2
Roland Barrera Ben Molina _ i'1-jj< -
7ePauRudy Garza di, _ Everett Roy 17e-
Paulette
lette M. Guajardo �, Greg Smith h..Q--
Gil
Hernandez rte_
That the foregoing ordinance was read for the second time and passed finally on this the )off'
day of.-10,,,,,b 2019, by the following vote: 41i'l
Joe McComb {� Michael Hunter
Roland Barrera42/k
Ben Molina i,
Rudy Garza I. , Everett Roy LL,
Paulette M. Guajardo > Greg Smith ix,
Gil Hernandez /'i ,L
PASSED AND APPROVED on this the j(A day ofe,,,,, ,*--- , 2019.
ATTEST:
4e4:1-- t--L--V .------ , , WI- ' /
Re cca Huerta Jo: M Comb
City Secretary Ma o
031949
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