86-047 ORD AUTHORIZING/ALLOWING UNDER ACT GOVERNING TX MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM
ORDINANCE N0. 86-047
AN ORDINANCE AUTHORIZING AND ALLOWING UNDER THE ACT
GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED
SERVICE CREDITS" IN SAID SYSTEM FOR SERVICE PERFORMED BY
Qi1ALIFYING 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 BENEFI-
CIARIES OF DECEASED RETI.REES OF THE CITY; AND PROVIDiNG FOR
AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY CQUNCIL 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, 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, 1987, 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, shall
be and is hereby allowed "Updated Service Credit" (as that
term is defined in subsection (d) of Section 63.402 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 63.402 of said title). The
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
63.601 of saici title, any member of the Texas Municipal
Retirement System who is eligible for Updated Service
Cred.its 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, 1986, shal7_ be credited with Updated Service
Credits pursuant to, c:alculated in accordance with, and
subject to adjustment as set forth in said 63.601.
(c) In accordance with the provision of subsection (d)
of Section 63.401 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 64.203
of Title 110B, Revised Civil Statutes of Texas, 1925, 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 oLc 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 All
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
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 alIL previously granted increases to an annuitant is
an obligation of this City and of its account in the munic-
ipality 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, 1987.
Passed and adopted this 8th day of December, 1986.
Bi y Burnett, Mayor
ATTEST:
.
Mattie Cunningham, City lerk
APPROVED AS TO FORM:
. K. ay s, C-lity Attorney