HomeMy WebLinkAboutOrdinance No. 85-29 . ' � �
ORDINANCE N0. 85-29
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 WHO
PRESENTLY ARE IN THE EMPLOYMENT OF THE CITY
OF FRIENDSWOOD; PR(7VIDING FOR INCREASED PRIOR
AND CURRENT SERVICE ANNUITIES FOR RETIREES
AND BENEFICIARIES OF DECEASED RETIREES OF THE
CITY; AND ESTABLISHING AN EFFECTIV E DATE FOR
SUCH ACTIONS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD,
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 lst day of January, 1986,
by reason of service in the employment of the City of
Friendswood, 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 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) On the terms and conditions set out in Section 63.601
of said title, any member of the Texas Municipal Retirement
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 municipalties by reason of previous service, and
was a contributing member on January 1, 1985, shall be credited
with Updated Service Creclits pursuant to, calculated in
accordance with, and subject to adjustment as set forth in said
63.601.
(c) 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 ANNUITIES.
(a) On terms and conditions set out in Section 64.203 of
Title 110B, Revised Civil Statutes of Texas, 1925, as amended,
the City of Friendswood 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 annunity
increased under this Section replaces any annuity or increased
annuity previously granted to the same person.
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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.
(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. EFFECTIV E 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, 1986 .
PASSED ON FIRST READING THIS 7m�r DAY OF (k-tohPr � 1985.
PASSED ON SECOND READING THIS 21ST DAY OF �tober , 1985.
PASSED AND APPRQVED THIS THE 4TH DAY OF November , 1985.
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� MAYOR LPH L. LOWE
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DELOR S MCRENZIE
CITY SECRETARY
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