89-033 ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TX MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM
ORDINANCE N0. 89-033
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT
„UpDATED SERVICE
GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM,
ING
CREDITS" IN SAID SYSTEH pRESENTLYIARE I N THE ~:MPLOYMENTLOFYTHE
NiEMBERS OF SUCH SYSTEM W
CITY OF PARIS; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE
ANNUITIES FOR RETIREES, ~OR AN EFFECTIVE DATE ECEASED RETIREES OF
THE CITY; AND PROVIDINU
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 Sections 63.401
through 63.403 of Title 110B, Revised Civil Statutes of Texas,
1925, as amended, eac~ SemblC~ ~ d the t orXpriornserpiceRcredemenn
System who has curren
said System in force and eef~mtonthe t ofttheyCityJofuParis~9and
by reason of service in th plYmen edited on such date has at least 36 n allowed r' Upda ed eService 1Creditd
system, shall be and is herey
(as that term is def ined in t~a Seis 1 100%a)of f thect'?base 3 pdated
sai d ti t l e) i n a n a m o u n t r o v i d e c i i n
Service Credit" of the member (calculate d as The U dated
subsection (c) of Section 63.402 of saici title). P
Service Credit hereby allowed shall replace any Updated Servic~e
Credit, prior service credit, special prior service credit,
antecedent service credit previously authorized for part of the
same service.
(b) On the terms and conditions set out in Section 63.601
of said title, any ee for r UedeSerTexas vice Creditsa on Rtherbasis
System who is eligibl Pdat
of service with this City, and who has unforfeited credit for anoter prior service and/or current service
prevh ouspserviceatand
municipality or municipalit red was a contributing member on January 1, 1989, shacalculat dlten
with Updated Service Credits pursuant to,
accordance with, and subject to adjustment as set forth in said
63.601.
(c) In accordance with the deoitsnrequireds to be made to
Section 63.401 of said title, Pos
the Texas Municipal Ketire account of cu Prent ese ~vice eshallrbe
participating departments on
calculated from and a ntes as date lthe ~ y tull amount
of such person s earn g
Section 2. Increase in Retirement Annuities.
(a) On terms and conditions set out 1° 1925,o as6amendedf
Title 110B, Revised Civil Statutes ot Texas, ide for
the City af e Paris stated inlmonthly bene Prtsovpayable
payment of th empl by the Texas Retirement unde~ycurrent
to beneticiaries of decease
service annuities and prior service annAnt annu tlSingreased
service by such employees to this City. y
under this section replaces any annuity or increased annuity
previously granted to the same person.
(b) The amount of annTior and currentnservicesannu ties on
computed as the sum of the p on whose service
the effective date ot retirement of the Pe0r,~oon s of the percentage
the annuities are based, multiplied by 7
from
change in Consumer Price Index for All Urban Consumers,
December of the year immediately proceding the effective date of
the person's retirement to the December that is 13 months before
the eftective 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
increase 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
f Januarya 990by shall be and
increases in retiremhet l t annuities
become effective on Y o
Passed and adopted this llth day of September, 1989.
Eric S. Cli o ayor
ATTEST:
Mattie Cunningham, City lerk
APPROVED AS 0 FORM:
. . Ha ne , City A