HomeMy WebLinkAboutORD 85-26 - TMRS Service CreditsV
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TEXAS MUNICIPAL RETIREMENT SYSTEM
AN ORDINANCE AUTHORIZING AND ALLOWING,
UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL
RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS"
IN SAID SYSTEM FOR SERVICE PERFORMED 13Y
QUALIFYING MEMBERS OF SUCH SYSTEM WHO
PRESENTLY ARE IN THE EMPLOYMENT OF THE CITY
OF GEORGETOWN; 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.
TMRS-C/N
(Rev. 64 ")
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS:
Section I. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 63.401 through 63.403 of Title 11013,
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 Ist day of January, 1985, by reason of service in the employment of
the City of Georgetown, 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 k1unicipal 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 I, 1985, 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.
Updated Service Credit Orc' ancc (continued) Page 2.
Section 2. Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 64.203 of Title HOB, Revised Civil
Statutes of Texas, 1925, as amended, the City of Georgetown 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 ender 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 surn 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, 1986.
WHEREAS, the City of Georgetown is a municipality participating on a full -salary basis
in the several programs presently operated by the Texas Municipal Retirement System; and,
WHEREAS, the City Council is of opinion that it is to the best interest of the City that
annuitants whose last covered employment under the System was as an employee of the City
be added to the employees who currently participate in Supplemental Death Benefits,
therefore,
BE IT FURTHER ORDAINE lY THE CITY'C UNCIL OF THE ! 'Y OF GEORGETOWN:
Section 1. That the City of Georgetown hereby elects to participate in the
Supplemental Death Benefits Fund of the Texas Municipal Retirement .System for the purpose
of providing in-service death benefits for each of the City's employees who are members of
said Systern, and for the purpose of providing post-retirement death benefits for annuitants
whose last covered employment was as an employee of the City, in the amounts and on the
terms
provided for
in
Sections 62.004, 64.601
through 64.605, 65.314, 65.409, and 65.502 of
Title 1108,
Revised
Civil
Statutes of Texas, 1925,
as amended.
Section 2. The City of Georgetown is hereby authorized and directed to notify the
Director of the System of adoption of this ordinance, and of the participation of the City in
said Fund.
Section 3. Participation of the above mentioned employees and annuitants in the
Supplemental Death Benefits Fund shall be effective on the Ist day of
19
Passed and approved this the C) day of 1,� , 19 �J
ATTEST:
City Secretary or
Jerk
Mayor Pro -tem