07-A TMRS - Updated Serv - Laserfiche WebLink

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Section 2. Increase in Retirement Annuities. (a) That on the terms and conditions set out in Section 854.203 of 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 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 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 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 3. That subject to approval by the Board of Trustees of Texas Municipal Retirement System, the updated service credits and increases in retirement annuities granted hereby sha11 be and become effective on the lst day of January, 2005. Section 4. That prior Ordinance No. 2004-036, adopted September 9, 2004, sha11 be and is hereby in all things repealed. Section 5. That this ordinance shall be effective November 1, 2004. PASSED AND ADOPTED this l lth day of October, 2004. Curtis Fendley, Mayor ATTEST: Sherian Dixon, Assistant City Clerk APPROVED AS TO FORM: Larry W. Schenk, City Attorney