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07-A Updated Service Credits
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07-A Updated Service Credits
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Last modified
11/8/2005 11:23:21 AM
Creation date
10/9/2002 7:18:40 PM
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AGENDA
Item Number
7-A
AGENDA - Type
ORDINANCE
Description
Updated Service Credits under TMRS
AGENDA - Date
10/14/2002
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departments on account of current service shall be calculated from and after the effective date <br />of this ordinance on the full amount of such person's compensation as an employee of the City. <br /> <br />Section 2. Increase in Retirement Annuities. <br /> <br /> (a) On terms and conditions set out in Section 854.203 of the TMRS Act, the City <br />hereby elects to allow and to provide for payment of the increases below stated in monthly <br />benefits payable by the System to retired employees and to beneficiaries of deceased employees <br />of the City under current service annuities and prior service annuities arising from service by <br />such employees to the City. An annuity increased under this Section replaces any annuity or <br />increased annuity previously granted to the same person. <br /> <br /> (b) The amount of the annuity increase under this Section is computed as the sum of the <br />prior service and current service annuities on the effective date of retirement of the person on <br />whose service the annuities are based, multiplied by 70% of the percentage change in Consumer <br />Price Index for All Urban Consumers, from December of the year immediately preceding the <br />effective date of the person's retirement to the December that is 13 months before the effective <br />date of this Section. <br /> <br /> (c) 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) Ifa computation hereunder does not result in an increase in the amount of an annuity, <br />the amount of the annuity will not be changed hereunder. <br /> <br /> (e) The amount by which an increase under this Section exceeds all previously granted <br />increases to an annuitant is an obligation of the City and of its account in the municipality <br />accumulation fund of the System. <br /> <br /> Section 3. Dates of Allowances and Increases. The initial allowance of Updated Service <br />Credit and Increase in Retirement Annuities hereunder shall be effective on January 1, 2003, <br />subject to approval by the Board of Trustees of the System. An allowance of Updated Service <br />Credits and an increase in retirement annuities shall be made hereunder on January 1 of each <br />subsequent year until this ordinance ceases to be in effect under subsection (e) of Section <br />853.404 of the TMRS Act, provided that, as to such subsequent year, the actuary for the System <br />has made the determination set forth in subsection (d) of Section 853.404 of the TMRS Act. <br /> <br /> Section 4. Increased Deposit Rate. All employees of the City who are members of the <br />Texas Municipal Retirement System shall make deposits to the System at the rate of 6% of their <br />individual earnings effective the 1 st day of January, 2003. <br /> <br /> Section 5. Subject to approval by the Board of Trustees of the System, this ordinance <br />shall be and become effective on the 1 st day of January, 2003. <br /> <br /> Section 6. The City Clerk is hereby authorized and directed to immediately deliver, upon <br />passage, a certified copy of this Ordinance to the Texas Municipal Retirement System. <br /> <br />PASSED AND ADOPTED this 14th day of October, 2002. <br /> <br />Michael J. Pfiester, Mayor <br /> <br /> <br />
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