HomeMy WebLinkAboutORD 81-44 - Retirement268
81-44
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 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
ACTION.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS:
Section 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 63.403 of
Title 110B, Revised Civil Statutes of Texas, 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, 1982, 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 "up-
dated 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) In accordance with the provisions of subsection d of
Section 63.401 of said Title 110B, 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.
Section 2. Increase in Retirement Annuities.
(a) On the terms and conditions set out in Section 64.203 of
Title 110B, Revised Civil Statutes of Texas, 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 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, multiplies 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.
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ATTEST:
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Jim Colbert, City Secretary
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(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 lst day of January, 1982.
Passed and approved on first reading this 8th day of
00
December, 1981, and on second and final reading this 21st day of December,
CO
1981.
Q
Q
jag E. Doerfler, ayor
ATTEST:
f \
Jim Colbert, City Secretary
\3R