2007-058-ORD-Providing for increased prior and current service annuities for retirees and beneficiaries

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ORDINANCE N0. 2007-058 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE ANNUITIES FOR RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE CITY; AND ESTABLISHING AN EFFECTIVE DATE FOR SUCH ACTIONS. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section l. Increase in Retirement Annuities. (a) That 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 this 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) That the amount of annuity increase under this Section is computed as the sum of the prior 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 ordinance. (c) That 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) That 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) That 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 2. Effective Date: That subject to approval by the Board of Trustees of the Texas Municipal Retirement System, this ordinance shall be and become effective on the lst day of January, 2008. PASSED, APPROVED, AND ADOPTED this l Oth day of December, 2007. ! r,~ J~sse Jame Freelen, Mayor ~f, ~ (