91-053 ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TX MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM ON ANNUAL BASIS
ORDINANCE N0. 91-053
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT
GOVERNING THE TEXAS MUNICIPAL RETIREr1ENT SYSTEM, "UPDATED
SERVICE CREDITS" IN SAID SYSTENi UN AN ANNUAL BASIS FOR
SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO AT
THE EFFECTIVE DATE: OF THE ALLOWANCE ARE IN THE EMPLOYNIENT UF
THE CITY OF PARIS; PRUVIDING FOR INCREASED PRIOR AND CURRENT
SERVICE ANNUITIES FGR I:ETIREES AND BENEFICIARIES OF DECEASED
RETIREES OF THE CITY; AND PRUVIDIIvG FOR AN EFFECTIVE DATE OF
JANUARY l, 1992.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF' PARIS:
Section l. Authorization of Updated Service '
Credits.
(a) On the terms and conditions set aut in Sections
853.401 through 853.404 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 (hereinatter referred to as the "System") who has
current service credit or prior service credit in said System
in force and effect on the lst day of January of the calendar
year preceding such allowance, by reason of service in the
employment of the City of Paris (hereinafter called the
"City"), and on such date has at least 36 months of credited
service with said System, shall be and is hereby allowed
"Updated Service Credit" (as that term is defined in
subsection (d) of Section 853.402 of of the TMRS Act).
(b) On the terms and conditions set out in Section
853.601 of the TMRS Act, any member of the System who is
eligible for Updated Service Credits on the basis of service
with this City, who has unforfeited credit for prior service
arid/or current service with another participating
municipality or municipalities by reason of previous service,
and was a contributing member on January l, 1991, shall be
credited with Updated Service Credits pursuant to, calculated
in accordance with, and subject to adjustment as set forth in
said 853.601, both as to the initial grant hereunder and all
future grants under this ordinance.
(c) The Updated Service Credit hereby allowed and
provided for shall be 100% of the "base Upciated Service
Credit" of the member (calculated as provided in subsection
(c) of Section 853.402 of the TMRS Act).
(d) Each Updated Service Credit allowec3 hereunder shall
replace any Updated Service Credit, prior service credit,
special prior service credit, or antecedent service credit
previously authorized for part of the same service.
(e) In accordance with the provision of subsection (d)
of Section 853.401 of the TMRS Act, 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 effective date of this
ordinance on the full amourit of such person's compensation as
an employee of the City.
Section 2. Iticrease in Retirement Annuities.
(a) On 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 i.ncreases below stated in monthly
benefits payable by the System to retired employees and to
beneficiaries of deceased employees of the City under current
service anizuities and prior service annuities arising from
service by such employees to the 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 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 Section.
(c) An increase in an annuity that was reduced because
of an option selection is r_educibl.e in the same proportion
and in the same manner that the origirial 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 i:zcreases to an annuitant is
an obligation of this City and of its account in the munic-
ipality accumulation fund oi the System.
Section 3. Effective Date.
Subject to approval by the Board of Trustees of the
System, this ordinance sha11 be and became effective on the
lst day of January, 1992.
Passed and adopted this 14th day of October, 1991.
G orge isher, Mayor
ATTEST:
Mattie Cunningham, Cit Cler
APPROVED AS FURM:
i
T. yn , City Attorney