2665 ORD AUTHORIZING/ALLOWING ACT GOVERNING TX MUNICIPAL RETIREMENT SYSTEM "UPDATED SERVICE CREDITS" IN SAID SYSTEM
ORDINANCE N0._ Z6hj
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 IN THE EMPLOYMENT OF THE CITY OF PARIS; PROVIDING FOR
INCRESED
BENEF
FOR AN EFFECTIVE DATE.
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, 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, 1983, 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) In accordance with the provisions 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 provided 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
effective date of retirement of the person on whose service the
annuities are based, multiplied 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.
(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
increases in retionmthe hereby shall be and
become effective
Passed and adopted this 13th day of December, 1982.
J e Graham, Mayor
ATTEST:
e McCollum, Acting City Clerk
APPROVED AS TO FOR :
, K, yn s, ty Attorney