HomeMy WebLinkAboutORD 2009-58 - COLA Adjustment/RetirementORDINANCE NO, L0005
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 MEMBERS OF THE CITY OF GEORGETOWN;
PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE ANNUITIES FOR
RETIREES AND BENEFICLIRIES OF DECEASED RETIREES OF THE CITY;
PROVIDING FOR PARTICIPATION OF THE CITY IN THE SUPPLEMENTAL DEATH
BENEFITS FUND OF THE TEXAS MUNICIPAL RETIREMENT SYSTEM, TO PROVIDE
CERTAIN IN-SERVICE DEATH BENEFITS FOR EMPLOYEES, AND DEATH BENEFITS
FOR ANNUITANTS WHOSE LAST EMPLOYMENT BEFORE RETIREMENT WAS WITH
THE CITY OF GEORGETOWN, AND ESTABLISHING AN EFFECTIVE DATE FOR
SUCH ACTIONS,
WHEREAS, Chapters 853 and 854 ofthe Texas Government Code, as amended (hereinafter
referred to as the TMRS Act) identifies the benefits and authorizes cities to grail additional rights
coneeming retirement eligibility to City employees participating N tlteTexas Municipal Retirement system;
and — —
WHEREAS, the caption of this ordinance was printed in the ITilliamson Comity Sun in compliance
with the City Charter of me City of Georgetown.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, THAT,
Section 1, AuthorindonofUpdatedServiceCredits,
(a) On the terms and conditions set out in Sections 853.401 through 853 403 of Subtitle G of
Title 8, Government Cade, as amended (hereinafter referred to as the "TMRS Act"), each member of the
Texas Municipal Retirement System (hereinafter referred N as the "System") who has current service credit
or prior service credit in the System in force and effect on the Ist day of January of the calendar year
preceding such allowance, by reason of service in the employment of the City, and on such date had 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 89.402 of said title) in an amount that is IN%of the "base
Updated Service Credit' of the member (calculated as provided in subsection (c) of Section 8J3.402 of said
i tic)The Updated Scrvice Credit hereby allowed shall replace any Updated Service Credit, prior service
credit special prior service credit, or antecedent service credit previously authorized for pact of the same
service as it only pertains to service credits while employed at the City of Georgetown
(b) In accordance With the provisions of subsection (d) of Section 853.401 of said title, the
dtposits required to be made to the Sysem 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 as employee of the City ofGeorgetmvn.
Section 2. Increase m Refirement Annuities.
(a) On forms and conditions set out he 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 the Citv under current service annuities and prior service annuities arising from service by such employees
to this City An annuity increased wader this Section replaces any annuity or increased annuity previously
granted to the same person
Ord �aooa•SB
(b) The amount of the annuity increase under this Section is computed as the sum of fie prior
service and current son ice annuities on the effective date of retirement of the person on whose service the
annuities are based, multiplied by 30% 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 Section.
(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 inctease 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
Studios 3. Dates ofAllowances and Bmreases, The initial allowance of Updated Seryice Credit and
increase in retirement annuities hereunder shall be effctive on January 1, 3010, subject to approval by the
Board of Trustees of the System. An allowance of Updated Service Credits and an increase in retirement
annuities shall he made hereunder on January I of each subsequent year until this ordinance ceases to be in
effect under subsection (e) of Section 853.404 of the TMRS Act provided that, as to such subsequent year,
the aowary for the System has made the determination set forth in subsection (d) of Section 853404 of the
TMRSAct.— — — — — — —
Section 4. 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 System, and for the purpose of providing post•
retirement death benefits for annuitants whose last covered emplovment was as an employee of the ON. in
the amounts and on the terms provided for in Sections 852.004, 854.601 through 854605, 8SS3131 855.3141
855408, and 855,502 of Title 8 Subtitle G, Texas Government Code, as amended,
Secdoa5. 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 6. Participation of the above mentioned employees and annuitants in the Supplemental Death
Benefits Fund shall be effective on the first day ofJsouary2010,
PASSED AND APPROVED on First Reading on the 11 day of 2009 at a regular
meeting of the City Council of the City of Georgetown, Texas,
i
PASSED AND APPROVED on Second Reading on the day ofLJLO� 2009 at a regular
meeting of line City Council of the City ofGeorgctown, Texas.
Marksokolow
City Attorney
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CITY OF GEDRGET00
George Garver, Mayor