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<br />DRAFT <br /> <br />f:attorney\reswork\current\TMRS Service Annuities for Retirees Ord 2007 <br />November 30, 2007 <br /> <br />ORDINANCE NO. <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, <br />TEXAS, PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE <br />ANNUITIES FOR RETIREES AND BENEFICIARIES OF DECEASED <br />RETIREES OF THE CITY; AND ESTABLISHING AN EFFECTIVE DATE <br />FOR SUCH ACTIONS. <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: <br /> <br />Section 1. 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 ofthe 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 ofthis 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 2. Effective Date: <br /> <br />That subject to approval by the Board of Trustees of the Texas Municipal Retirement System, this <br />ordinance shall be and become effective on the 1st day of January, 2007. <br /> <br />T T--or __h <br />