95-042 ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TEXAS MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS"

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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 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 municipality accumulation fund of the System. Section 3. Dates of Allowances and Increases. The initial allowance of Updated Service Credit and increase in retirement annuities hereunder shall be effective on January 1, 1996, subject to approval by the Board of Trustees of the System. An allowance of Updated Service Credits and an increase in retirement annuities shall be made hereunder on January 1 of each subsequent yeax 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. Section 4. Effective Date. Subject to approval by the Board of Trustees of the System, this ordinance shall be and become effective on the 1 st day of January, 1996. Section 5. The City Clerk is hereby authorized and directed to immediately deliver, upon passage, a certified copy of this Ordinance to the Texas Municipal Retirement System. PASSED AND ADOPTED this 9th day of October, 1995. Eric S. Clifford, Mayor ATTEST: Mattie Cunningham, City Clerk APPROVED S TO FORM: T. K. Haynes, City Attorney