HomeMy WebLinkAboutOrdinance No. 90-25 HUIa-G7-"7�J �JL'L 1.3:4L'� !ll: l I`I K 5 I CL NU:�1�-4''S-�'jl',j �159 Pb3ib4• -----°•
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ORDINANCE N0. 90--�5
T�XAS MC.JNICIPAI. RETIRE1VlENT SYSTEM
AN ORDINANC� AUTHOItI2ING AND ALLC1'0(IING, UNDER THL•" A�T
GdYERlVING THE TEXAS MUlVICIPAL 1'tE'1'I�EMENT SYS'rEM�
"UPDATED SERVICE CYtEbITS" IN SAID 5YS'i'�M �dLt S�RVIC�
P�RFORM�D �Y �UALiFY�NG M�MB�RS OF SUCH 5YST�M WHO
PR.�SRNTI.Y ARE IN THE EMPLOYMEN'f OP 'CH� CI'CY OF
F�YElVDSWOpD; ��OVIDING �O� IN��EfISED PRIdR AND
CURRLNT � S�RVIC� ANNUITI�S FOR RETIREES AND
BLNLF`tCIARI�S OF D�C�ti►S�Q R�7I12E�S O� Yt� CITY; TO
INCREASE Tt-tE RAT� OF O�P�SITS T� TH� TEXAS MUNICIpAL
YtEYI[i.EMENT SYST'�M HY TH� �MPLCaYEES OF THE CITY OF
FRIENDSWOOD; PROVIDING F4R INCR�ASED MUNiG�"A�,
CQNTRiBUTIONS TO THE CURRENT SERYICE ANNUTfY RES�RVE
AT. RETIREMENT OF THE EMPLOYEES OF TI-I� C�Y QF
�It�NpSWQOD,_TEX�►5; AND ESTABLiSHING aN EFFECTIYE DATE
FQR S(JCH ACTIiONS.
BE IT ORDAINED BY TH� CITY C4UNCII. QF TH� CITY OF FRIENDS�VOOD, T�XAS:
Sectlon i. Authorization of U ted Servloe Credits. �
a �n the terms and cdnditians set uut in Sections 853.401 through 853.4�3 0� 5ubtitIe
G of Title $, V.T.C.A., G�vernment Code, as amended, each member af the Texas Municipai
Retirement System who has current service credit or priar service credit in said System in
force and effect on the lst day of �anuary, I990, by reason af service in the employment af
the City of Friendswood, and on such date has at least 36 months of credited service wlth
said system, shalI be and is hereby allowed "Updated Service Credit" (�s that term is defined
in subsection (d) of Section 853.402 of said title) in an amount that Is l0096 of the "base
Updated Servlce Credit" of the member (calculated as pcovided in subsectian (c) af Sectinn
853.402 of said titie). The Updated Service Credit heceby allowed shall replace any Updated
5ervice Crcdit, prior service credit, special p�ior service credit, or ar►tie�edent servic� cr.edit
pceviously authorized #ar part of the same service.
(b) Ort the terms and �onditions set out in Section 853.601 of said titie, any member of
the Texas Municipal Retirement System who is cligible for Updated Service Credits on the
basis of servi�e with this City, and �vho has unfarfeited credit for pr�or secvice and/or �urrent
service with another participating municlpality ar municipalities by reason of previous
service, and was a contributing member on January i, 1990, shail be credited with Updated
Service Credits pursuant to, calcuIated in a�cordance with, and subject to adjustrnent as sEt
forth in said 8S'�.601.
(c) In accordance with the provisians of subsectlon {d) of Section 853.401 of said title,
the deposits reyuired to be made to the Texas Munic.ipal Reti�ement System by employees of
• the stverai parti�ipating departments an account of current service shall be caiCulated from
and after the date aforesaid on the ful! amount of such persan's earnings as an employee of
the City.
page 2.
Sectlori 2. Increase In Retir�m�nt Anrruities.
(a an teCms and conditions set out ir1 Section 854.203 of Subtitle G of Titie 8, V.T.C.A.,
Government Code, as amended, the City of Friendswood hereby elects ta allow and to provide
for payment of the lncreases below stated in monthly benefits payable by the Texas Mutticipa!
Retirement System to r�tired employees and to beneficiaries of deceased empiayees of thls
City under current service nnnuities and priar service annuities arising fcom service by such
employees to this Clty. an annuity increased under this Section repiaces any annuity or
incceased annuity previousiy granted to the same person.
(b) The amount of annuity increase under this Scction is computed as the sum of the
prior and current service annuities on the effective date of reticement of the person on whose
serviee the annuities are hased, multlplied by 7046 af the percentage change In Cansumer
Priee Index for AlI Urban Consumers, from Dccerriber af the year immediatcly preceding the
effective date of the person's retirement to the December that xs �3 months befoce the
effective date of this ordinance.
(c) An increase in an a�nuity that was reduced because ai an option selectian is
reducible in the same proportion and irt the same manner that the originai annuity was
reduced.
(d) If a computation hereunder does not resuit 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 pr�viousiy gcanted
increases to an �nnuttant is an obligation of this Clty and of its account in the munieipaiity
accumulation fund o�the Te�cas Municipa! Retlrement System.
BE IT FURTHER ORDAINED:
Sectian 1. That alI employees af thc City of Friendswood, who are members of the
Texas ibluni�ipa! Retirement System, shall make deposits to the System at the rate of 6% of
their ind�vidual earnings. .
r Scct�en 3. Effettive Date. Subject to approval by the �oard o� Trustees of Texas
� Municipai Retirement System, the updated service credits and Increases in reticement
annuities granted hereby shall be and become effective on the ist day of January, l991.
BE IT �UR,TH�R O�tD1lINED:
That effective January 1, i99�, for each month of current servic� thereafter rendered
by each of Its empIoyees whv are members of the Texas Municipal Retirement System, thc
City will contribute ta the current service�annuity reserve of eaeh such member at the time
of hIs or her retirement, a sum thst Is 1509b of such member's accumulated deposits for such
month of employment; and said .sum shail be contrlbuted irom the City's accouttt in the
municlpality accumulatlon fund.
PASSED•,AND APPROVED on first reading this the lOth day of September, 1990.
PASSED; APPROVED AND ADOPTED this the 24th day of Septemb r, 1990.
r
yor Paul W. S rader
ATTE
1 .
Deloris Archer, CM
City Secretary
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