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TEXAS- MUNICIPAL RETIRE14iENT SYSTEIVI
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 N THE EMPLOYMENT OF THE CITY
OF PLAINVIEW; PROVIDING FOR INCREASED PRIOR
A1V~D CURRENT SERVICE ANNUITIES FOR RETIREES
AND BENEFICIARIES OF DECEASED RETIREES OF THE
CITY; AND ZSTABLISHING AN EFFECTIVE DATE FOR
SUCH ACTIONS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW, TEXAS:
Section I. Authorization of Updated Service Credits.
(a} On the .terms and conditions set out in Sections 63.401. through 6.3.4:03 of Title l IOB,
Revised. Civil Statutes- of Texas,. 1:925, 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, .1986, 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 aid 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, .1986, 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 b3.401 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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Updated Service Credit Ordinance (continued) ~ Page x~. f
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 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 ' retized 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 his 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 7~% 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 ali 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 lst day of January, 1987.
PASSED AND APPROVED on first reading this the 23rd day of Septemaer, 1986.
PASSED AND l3PPROVED on second. reading this the .lath day of October, 1986.
ATTEST: APPROVED:
~ity ecretary or Clerk
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Mayon