90-046 ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TX MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM
ORDINANCE N0. 90-046
AN ORBINANCE AU'I'HORIZING ANU ALLOWING, UNDER THE ACT
GOVERNING THE TEXAS MUNICIPAL RETIkEMEN'I' SYSTEM, UPDATED SERVICE
CREDITS IN SAID SYSTENI FGR. SERVICE PERFORMED BY QUALIFYING
MEMBERS OF SUCH SYSTEM WHO PRESENTLY ARE IN THE EMPi,OYMENT OF THE
CITY OF PARIS; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE
ANNUITIES F'UR RETIREES AND BENEFICIARIES UF DECEASED RETIREES OF
THE CITY; AND PROVIDING F'OR AN EFFECTIVE DATE OF JANUARY 1, 1991.
BE iT OI:DAINED 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 Sections 853.401
through 853.403 of Subtitle G of Title 8, V.T.C.A, Government
Code, as amended, each member of the Texas Municipal Retirement
System who has current service credit or prior service credit in
said System in force and effect on the lst day of January, 1990,
by reason of service in the employment of the City of Paris, and
on such date has at least 36 months of credited service with said
system, sha11 be and is hereby allowed "Updated Service Credit"
(as that term is defined in subsection (d) of Section 853.402 of
said title) in an amount that is 100% of the "base Updated
Service Credit" of the member (calculated as provided in
subsection (c) of Section 853.402 of said title). 'I'he Updated
Service Credit hereby allowed 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.
(b) On the terms and conditions set out in Section 853.601
of said title, any member of the Texas Municipal Retirement
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 previous service, and
was a contributing member on January 1, 1990, shall be credited
with 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 provision of subsection (d) of
Section $53.401 of said title, the deposits required to be made
to the Texas Municipal Retirement 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
Ssubtitle G of Title 8, V.T.C.A., Government Code, as amended,
the City of Paris hereby elects to allow and to provide for
payment of the increases below stated in monthly benefits payable
by the Texas Municipal Retirement 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 etfective 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 Al1 Urban Consumers, from
December of the year immediately proceding the effective date of
the person's retirement to the December that is 13 months before
the effective date of this ordinance.
(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
iticrease in the amount of an 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 account in the municipality
accumulation fund of the Texas Municipal Retirement 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 granted hereby shall be and
become effective on the lst day of January, 1991.
Passed and adopted this 12th day o ovember, 1990.
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,
Eric . or
ATTES'T :
c
Mattie Cunningham, Cit C erk
APPROVED AS TO FORM:
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T. K. Haynes, City Attorney