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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> ORDINANCE N0._ Z6hj <br /> <br /> AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING <br /> THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" <br /> IN SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH <br /> SYSTEM IN THE EMPLOYMENT OF THE CITY OF PARIS; PROVIDING FOR <br /> INCRESED <br /> BENEF <br /> FOR AN EFFECTIVE DATE. <br /> BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS: <br /> Section 1. Authorization of Updated Service Credits. <br /> <br /> (a) On the terms and conditions set out in Sections 63.401 through <br /> 63.403 of Title 110B, Revised Civil Statutes of Texas, 1925, as <br /> amended, each member of the Texas Municipal Retirement System who has <br /> current service credit or prior service credit in said System in force <br /> and effect on the lst day of January, 1983, by reason of service in <br /> the employment of the City of Paris, and on such date has at least <br /> 36 months of credited service with said system, shall be and is hereby <br /> allowed Updated Service Credit" (as that term is defined in <br /> subsection (d) of Section 63.402 of said title) in an amount that <br /> is 100% of the base Updated Service Credit" of the member <br /> (calculated as provided in subsection (c) of Section 63.402 of <br /> said title). The Updated Service Credit hereby allowed shall <br /> replace any Updated Service Credit, prior service credit, special <br /> prior service credit, or antecedent service credit previously <br /> authorized for part of the same service. <br /> (b) In accordance with the provisions of subsection (d) of <br /> Section 63.401 of said title, the deposits required to be made to <br /> the Texas Municipal Retirement System by employees of the several <br /> participating departments on account of current service shall be <br /> calculated from and after the date aforesaid on the full amount of <br /> such person's earnings as an employee of the City. <br /> Section 2. Increase in Retirement Annuities. <br /> (a) On terms and conditions set out in Section 64.203 of Title <br /> 110B, Revised Civil Statutes of Texas, 1925, as amended, the City <br /> of Paris hereby elects to allow and to provided for payment of the <br /> increases below stated in monthly benefits payable by the Texas <br /> Municipal Retirement System to retired employees and to beneficiaries <br /> of deceased employees of this City under current service annuities <br /> and prior service annuities arising from service by such employees <br /> to this City. An annuity increased under this Section replaces <br /> any annuity or increased annuity previously granted to the same <br /> person. <br /> (b) The amount of annuity increase under this Section is computed <br /> as the sum of the prior and current service annuities on the <br /> effective date of retirement of the person on whose service the <br /> annuities are based, multiplied 70% of the percentage change in <br /> Consumer Price Index for All Urban Consumers, from December of the <br /> year immediately preceding the effective date of the person's <br /> retirement to the December that is 13 months before the effective <br /> date of this ordinance. <br /> (c) An increase in an annuity that was reduced because of an <br /> option selection is reducible in the same proportion and in the same <br /> manner that the original annuity was reduced. <br /> (d) If a computation hereunder does not result in an increase in <br /> the amount of an annuity, the amount of the annuity will not be <br /> changed hereby. <br />