HomeMy WebLinkAboutORD 94-41 - TMRS Service CreditsORDINANCE NO.
is i''1 1 , 1
ANNUITIES; REPEALING CONFLICTING ORDINANCES AND
SOLUTIONS; AND ESTABLISHING AN EFFECTIVE DATE FOR
SUCH ACTIONS.
WHEREAS, the City Council has identified as a principal goal the need to maintain a
qualified City Staff, and;
WHEREAS, the Texas Municipal Retirement System is viewed as an integral portion of
the City's employee benefit package; and;
WHEREAS, the last authorization of a cost of living increase in retirement annuities was
in 1982, and;
WHEREAS, the City Council deems it appropriate to properly reward retired City
employees for their years of loyal service;
NOW, '' i' ORDAINED BY THE CITY COUNCILOF
OF !•
SECTION 1
The facts and recitations contained in the preamble of this ordinance are hereby found and
declared to be true and correct, and are incorporated by reference herein and expressly made a
part hereof, as if copied verbatim. The City Council hereby finds that this ordinance implements
Finance Policy 1 of the Century Plan - Policy Plan Element, which states: "The City will
conduct all municipal operations in an efficient, business -like manner", and further finds that the
enactment of this ordinance is not inconsistent or in conflict with any other Century Plan Policies,
as required by Section 2.03 of the Administrative Chapter of the Policy Plan,
TMRS Ordinance No. V
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SECTION 2
Authorization of Updated Service Credits
(a) On the terms and conditions set out in Sections 853.401 through 853.403 of Subtitle G
of Title 8 Government Code, as amended (hereinafter referred to as the "TMRS ACT"),
each member of the Texas Municipal Retirement System (hereinafter referred to as the
"System") who has current service credit or prior service credit in the System in force and
effect on the 1 st day of January of the calendar year preceding such allowance, by reason
of service in the employment of the City, and on such date has at has at least 36 months
of credited service with the System, shall be and is hereby allowed "Updated Service
Credit" (as that term is defined in subsection (d) of Section 853.402 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 853.402 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 853.601 of said title, any member of the
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 of the 1st day of January of the calendar year preceding such
allowance, shall be credited with Updated Service Credits pursuant to, calculated in
accordance with, and subject to adjustment as set forth in said 853.601
(c) In accordance with the provisions of subsection (d) of Section 853.401 of said title, the
deposits required to be made to the 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 3
Increase in Retirement Annuities
(a) On terms and conditions set out in Section 854.203 of Subtitle G of Title 8, Government
Code, as amended, the City hereby elects to allow and to provide for payment of the
increases below stated in monthly benefits payable by the 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
j
TMRS Ordinance No. Ff 'wN� NF
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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 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 System.
SECTION 4
All ordinances and resolutions, or parts of ordinances and resolutions, in conflict with this
Ordinance are hereby repealed, and are no longer of any force and effect.
SECTION 5
If any provision of this ordinance or application thereof to any person or circumstance,
shall be held invalid, such invalidity shall not affect the other provisions, or application thereof,
of this ordinance which can be given effect without the invalid provision or application, and to
this end the provisions of this ordinance are hereby declared to be severable.
SECTION 6
The Mayor is hereby authorized to sign this ordinance and the City Secretary to attest.
This ordinance shall become effective and be in full force and effect immediately.
PASSED AND APPROVED on First Reading on the 13th day of September., 1994.
PASSED AND APPROVED on Second Reading on the 27th day of September
1994.
TMRS Ordinance No.
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ATTEST:
Sandra Lee
City Secretary
Marianne Landers Banks
City Attorney
TMRS Ordinance No. ell -
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THE CITY OF GEORGETOWN: