HomeMy WebLinkAboutOrdinances (O-82-461)-12/21/1982
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ORDINANCE 0-82~461
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 BY
QUALIFYING MEMBERS OF SUCH SYSTEM IN THE
EMPLOYMENT OF THE CITY OF COLLEYVILLE;
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.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS:
Section 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 63.401 through 63.403 of Title 110B,
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 1st day of January, 1983, by reason of service in the employment of
the City of Colleyville, 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 10096 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,
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 Amuities.
(a) On terms and conditions set out in Section 64.203 of Title 110B, Revised Civil
Statutues of Texas, 1925, as amended, the City of Colleyville 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.
Ordinance 0-82-461
Paqe 2
TMRS-C (Continued)
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(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.
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(d) If a co~put~tion hereunder .does,. not r~s~~t lit an increase in,the aijlOunt of an
annuity., the amount of :the amiui~y will not ~e change,d hereby..; l~ :_ .
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<e'> q'he amount' bY. whic~:a;) inarease under tfii~ Section exceeds all previo~ly granted
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increases.:.to~.an annuitaIlt is an'bbllgation 01 :.~his Ctty~ahd .ef its pccount in the ~nicipality
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accumulatien;fund Of theTTexas7.Muni'c4>ai R:etireme~'t SY$j:e;m. ,: - ., .~
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SeCtion :.3. Effective Date. ; .Subje<;;.t ,'to approval' Dr :_~he 'l?oa~ of Trustees'.;of Texas
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Municipat Retirement :System, ~the' updated ':service- c;:r~dH:s arn:l~jncr~ases in retirement
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annuities ~r~ted hereby--shall be andbecome.effectiN~ o~ th~lst".~ay qf January, 1993.
1st Readi:n~(~Ad Pubi i'C'Hearing to~b~ h~ld on t,h~' 16th -day '9f t'{ovember., 1982..
2nd Reading_~'f1_d PubliC. Hearing-:.December7, 1982 an93rd Head'tng and Publi...c Hearing
Passed and apprQye4 this the .-2Jst (;.dayof. December ~, , 19 82~
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Approved as to :form af.ld~'.. r~g.a 1 i ty:::;
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