HomeMy WebLinkAboutOrdinances (O-02-1363)-09/17/2002
ORDINANCE 0-02-1363
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING
THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS"
IN SAID SYSTEM ON AN ANNUAL BASIS FOR SERVICE PERFORMED BY
QUALIFYING MEMBERS OF SUCH SYSTEM WHO AT THE EFFECTIVE DATE OF
THE ALLOWANCE 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 THE ORDINANCE.
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 853.404 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 0
prior service credit in the System in force and effect on the 1 st day 0
January of the calendar year preceding such allowance, by reason 0
service in the employment of the City, and on such date has at least 3
months of credited service with the System, shall be and is hereby allowed
"Updated Service Credit" (as that term is defined in subsection (d) 0
Section 853.402 of the TMRS Act).
(a) On the terms and conditions set out in Section 853.601 of th
TMRS Act, any member of the System who is eligible for Updated
Service Credits on the basis of service with this City, and who ha
unforfeited credit for prior service and/or current service wit
another participating municipality or municipalities by reason 0
previous service, and was a contributing member on 1 st day 0
January of the calendar year preceding such allowance, shall b
credited with Updated Service Credits pursuant to, calculated i
accordance with, and subject to adjustment as set forth in sai
Section 853.601, both as to the initial grant hereunder and all futur
grants under this ordinance.
(b) The Updated Service Credit hereby allowed and provided for shall b
100% of the "base Updated Service Credit" of the member (calculate
as provided in subsection (c) of Section 853.402 of the TMRS Act).
Sec. 2.
Ordinance 0-02-1363
Page 2 of 3
(c) Each Updated Service Credit allowed hereunder 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.
(d) In accordance with the provIsions of subsection (d) of Section
853.401 of the TMRS Act, 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
effective date of this ordinance on the full amount of such person's
compensation as an employee of the City.
THAT increase in retirement annuities on terms and conditions set out in
Section 854.203 of the TMRS Act, 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 service 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 0
the year immediately preceding the effective date of the person'
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 optio
selection is reducible in the same proportion and in the sam
manner that the original annuity was reduced.
(c) If a computation hereunder does not result in an increase in (th
amount of an annuity), the amount of the annuity will not b
changed hereby.
(d) The amount by which an increase under this Section exceeds al
previously granted increases to an annuitant is an obligation of
Ordinance 0-02-1363
Page 3 of 3
this City and of its account in the municipality accumulation fund of
the System.
Sec. 3.
THAT the initial allowance of Updated Service Credit and increase in
retirement annuities hereunder shall be effective on January 1, 2003,
subject to approval by the Board of Trustees of the System. An allowance
of Updated Service Credits and an increase in retirement annuities shall
be made hereunder on January 1 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 actuary
for the System has made the determination set forth in subsection (d) of
Section 853.404 of the TMRS Act.
Sec. 4.
THAT the effective date is subject to approval by the Board of Trustees of
the System, this ordinance shall be and become effective on the 1st day of
January 2003.
AND IT IS SO ORDERED.
The first reading and public hearing being conducted on the
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The seC~ading and public hearing being conducted on the
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Cynthia Singleton, TRMC
City Secretary
CITY OF COLLEYVILLE:
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APPROVED AS TO FORM AND LEGALITY:
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City Attorney