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<br />Section 2. Increase in Retirement Annuities. <br /> <br />(a) That on terms and conditions set out in Section 854.203 of Subtitle G of Title 8, Government <br />Code, as amended, the City hereby elects to allow and to provide for payment of the increases below <br />stated in monthly benefits payable by the System to retired employees and to beneficiaries of <br />deceased employees of this City under current service annuities and prior service annuities arising <br />from service by such employees to this City. An annuity increased under this Section replaces any <br />annuity or increased annuity previously granted to the same person. <br /> <br />(b) That the amount of annuity increase under this Section is computed as the sum of the prior <br />and current service annuities on the effective date of retirement of the person on whose service the <br />annuities are based, multiplied by 70% of the percentage change in Consumer Price Index for All <br />Urban Consumers, from December of the year immediately preceding the effective date of the <br />person's retirement to the December that is 13 months before the effective date of this ordinance. <br /> <br />(c) That an increase in an annuity that was reduced because of an option selection is reducible <br />in the same proportion and in the same manner that the original annuity was reduced. <br /> <br />(d) That if a computation hereunder does not result in an increase in the amount of an annuity, <br />the amount of the annuity will not be changed hereby. <br /> <br />(e) That the amount by which an increase under this Section exceeds all previously granted <br />increases to an annuitant is an obligation of this City and of its account in the municipality <br />accumulation fund of the System. <br /> <br />Section 3. Effective Date: <br /> <br />That subject to approval by the Board of Trustees of the Texas Municipal Retirement System, this <br />ordinance and the updated service credits and increases in retirement annuities granted hereby shall <br />be and become effective on the 1st day of January, 2007. <br /> <br />PASSED, APPROVED, AND ADOPTED this 30th day of October, 2006. <br /> <br />~' <br />.' '.' '7 <br />' .:Ati'~ <br />Richard Manning, Mayor <br /> <br />ATTEST: <br /> <br /> <br /> <br />APPR,OVED AS TO F,ORM:~:J," <br />" ~ . ~i;XSs;,!),_~. <br /> <br />'." <br /> <br />D. Lestock, Assistant City Attorney <br />