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RETIREMENT - TMI~
ORDINANCE NO. 88-2762
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, TEXA~:
" Section 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!i~ended, each member of the Texas Municipal Retirement System who
has ~urrent service credit or prior service credit in said System in
foX'Ce and effect on the 1st day of January, 1988, by reason of
service in t~e employment of the City of Plainview, and on such date
haS-~'at least 36 months of credited service with said system, shall
be ~nd 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, 1988, 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 2. 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'iiSuch 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, 1989.
Passed and approved on first reading this the 27th day of
September, 1988.
Passed and approved on second and final reading this the llth
day of October, 1988.
ATTEST:
C~rla Re~se, City Secretary
APPROVED:
E.V. Ridlehuber, Mayor
APPROVED AS TO CONTENT:
Norman
APPROVED AS TO FORM:
~~orney
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