HomeMy WebLinkAboutOrdinance No. 88-16 '� �o��s - Gc : /r���C. , A �-�d ORDINANCE Niii�BnR ��g_16' 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 ; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE ANNUITIES FOR RETIREES AND BENEFICIAAIES OF DECEASED RETIREES OF THE CITY; AND ESTABLISHING AN EFFECTIVE DATE FOR SUCH ACTION . BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD , TEXAS , STATE OF 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 1108, Revised Civil Statutes of Texas, 1925, as amended, each member of tl}e Texas Municipal Retirement System who has current service credit or prior service credit in said System in force and effect on ti�e !st day of �anuary, 1988, by reason of service In the employment of the City of Friendswood, and on such date has at Ieast 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 , 6�.402 of said title). The Updated Service Credit hereby allowed shall replace any Updated Service Credit, prior service credit, special prior service credit, or antecedeni 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 municipalities by reason of previous service, and was a contributing member on �anuary 1, 1988, shall b� credited with Updated Service Credits 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 1108, Revised Civil Statutes of Texas, 1925, as amended, the City of Friendswood hereby eiects to allow and to provide for paymePt of the increases below stated in monthly benefits payable by tt�e Texas Municipal Retirement System to retired employees and to beneficiaries of deceased employees of this City under current service an�uities and prior service annuities arisIng from service by such employees to this City. An annuity increased under this Section repiaces any ar�nuity or increased annuity previously granted to the same person. tb) '�t�� �r��uri� �# ���ui�y l�er��s@ ufl��r �Itlg �@��IOF1 I9 �9f11pilf@� aS 4M@ 91�1�1 0� tlle prior and current service annuities on the effective date of retirement of the p�rson on whose service the annulties are based, multiplied by 709�6 of the percentage ctiange in Consumer price Index fnr All Urban Consumers, from December of the year Immedlately preceding the eff�ctive date of the persoc�'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. 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 ti�e lst day of �anuary, 1989. PASSED AND APPROVED ON FIRST READING THIS THE 7TH DAY OF ; NOVEMBER , 1988 . PASSED AND APPROVED ON FINAL READING THIS THE 21ST DAY OF NOVEM$ER , 1988 . Mayor Paul W. Sehrader A T S x : �a documeat to which thia certificate i�affixed L�a full,uue and corsact copY of the o=iqinal on . !!1�and of:�oo:d in my office. Att��t: a/t�t 1 �MQe/i.��- _19� D e I o r i s M c K e n z i e M C DELORIS McKENZIE, CMC C i t y S e e r e t a r y �ity SeC�etCtxy en e T , DELORIS MCKENZIE , CITY SECRETARY OF THE CITY OF FRIENDSWOOD , DO HEREBY CERTIFY THAT ON October 31 , 1988 , PROPOSEb ORDINANCE N0 . T88-16 WAS POSTED AT THE CITY HALL AND PUBLIC LIBRARY BULLETIN BOARDS AND DISTRIBUTED TO CITY COUNCIL FOR REVIEW. bELORIS MCKENZIE , CMC CITY SECRETARX DATE : October 31 , 1988 1ST READING : 11-7-88 TIME : 5:00 p.m. 2ND AND FINAL READING : 11-21-88 ATTEST :