HomeMy WebLinkAbout87-2724'' 325
ORDINANCE NO. 87-2724
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 WHO
PRESENTLY ARE IN THE EMPLOYMENT OF THE CITY OF
PLAINVIEW; PROVIDING FOR INCREASED PRIOR AND
CURRENT SERVICE ANNUITIES FOR RETIREES AND
BENEFICIARIES OF DECEASED RETIREES OF THE CITY;
AND ESTABLISHING AN EFFECTIVE DATE FOR SUCH ACTIONS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW,
TEXAS:
~RCTION 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 63.401
through 63.403 of Title ll0B, 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 1st day of January, 1988,
by reason of service in the employment of the City of Plainview,
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
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, 1987, shall be credited
with Updated Service Credits pursuant to, calculated in accordance
with, and subject to adjustment as set forth in said 63.601.
(c) 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.
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Section
Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 64.203 of
Title ll0B, Revised Civil Statutes of Texas, 1925, as amended, the
City of Plainview 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 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 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 retirement annuities granted
hereby shall be and become effective on the 1st day of January,
1988.
Passed on first reading this the 13th day of October, 1987.
Passed and approved and final reading this the 27th day of
October, 1987. ., ~
E.V. RIDLEHUBER, Mayor
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ATTEST:
APPROVED AS TO CONTENT:
/'' ' ' r of Finance
NORMAN ~UGGINS'~i/~
APPROVED AS TO FORM:
DAVID BLACKBURN, Assistant City Attorney
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