94-048 ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" IN SAID SYSTEM
ORDINANCE NO. 94-048
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT
GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED
SERVICE CREDITS" IN SAID SYSTEM FOR SERVICE PERFORMED BY
QUALIFYING MEMBERS OF SUCH SYSTEM WHO PRESENTLY ARE IN THE
EMPLOYMENT OF THE CITY OF PARIS; 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:
Section 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in 853.401 through 853.403 of Subtitle G of
Title 8, V.T.C.A., Government Code, as amended (hereinafter referred to as the "TMRS Act"),
each member of the Texas Municipal Retirement System (hereinafter referred to as the
"System") who has current service credit or prior service credit in the System in force and effect
on the 1 st day of January of the calendar year preceding such allowance, by reason of service
in the employment of the City, and on such date has at least 36 months of credited service with
the System, shall be and is hereby allowed "ilpdated Service Credit" (as that term is defined in
subsection (d) of Section 853.402 of said title) in an amount that is 100 0 of the "base Updated
Service Credit" of the member (calculated as provided in subsection (c) of Section 853.402 of
said title). The Updated Service Credit hereby allowed shall replace any Updated Service
Credit, prior service credit, special priar service credit, or antecedent service credit previously
authorized for part of the same service.
(b) On the terms and conditions set out in Section 853.601 of said title, any member of
the System who is eligible for Updated Service Credits on the basis of service with this City,
and who has unforfeited credit for prior service and/or current service with another participating
municipality or municipalities by reason of pervious service, and was a contributing member on
the 1 st day of January of the calendar year preceding such allowance, shall be credited witll
Updated Service Credits pursuant to, calculated in accordance with, and subject to adjustment
as set forth in said 853.601.
(c) In accordance with the provisions of subsection (d) of Section 853.401 of said title,
the deposits required to be made to the System by employees of the several participating
departments on account of current service shall be calculated from and after the date aforesaid
on the full amount of such person's earnings as an employee of the City.
Section 2. Increase in Retirement Annuities
(a) On terms and conditions set out in Section 854.203 of Subtitle G of Title 8,
V.T.C.A., 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) 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.
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(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 increased n the amount of annuity,
the amount of the annuity will not be changed hereby.
(e) 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 accountant in the municipality
accumulation fund of the System.
Section 3. EFfective Date
Subject to approval by the Board of Trustees of Texas Municipal Retirement System, the
updated service credits and increases in retirement annuities hereby granted shall be and become
effective on 1 st day of January, 1995.
PASSED AND ADOPTED this lOth day of October, 1994.
Don Shelton, ayor
ATTEST:
Mattie Cunningham, City Clerk
AP'PItOVED S TO FORM:
T. K. Haynes, ity Attorney
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