HomeMy WebLinkAboutOrdinances (O-01-1305)-09/11/2001
ORDINANCE 0-01-1305
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 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.
WHEREAS, The City of Colleyville has determined to provide the Updated Service
Credit and Annuity Increase to its employees and retirees.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec. 1.
THAT authorization of Updated Service Credit 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 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.
(a) 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 on 1 st day of
January of the calendar year preceding such allowance, shall be
credited with Updated Service Credits pursuant to, calculated in
Sec. 2
Ordinance 0-01-1305
Page 2 of 3
accordance with, and subject to adjustment as set forth in said
853.601.
(b) 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.
THAT increase in retirement annuities 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 granted to the same
person.
(a) 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.
(b) 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.
(c) 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.
(d) 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.
Ordinance 0-01-1305
Page 3 of 3
Sec. 3.
THAT 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 1 st day of January 2002.
AND IT IS SO ORDERED.
The first reading and public hearing being conducted on the ~'II, day of)( - !_J..,
2001. I~
The second reading and public hearing being conducted on the /1/& day of
,2001.
ATTEST:
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Cynthia Singleton, TRMC
City Secretary
CITY OF COLLEYVILLE:
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Mayor
APPROVED AS TO FORM AND LEGALITY:
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City Attorney