HomeMy WebLinkAboutOrdinance No. 08/49 Updating TMRS ServiceORDINANCE NO. 08/49
AN ORDINANCE OF THE CITY OF UNIVERSITY PARK, TEXAS,
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 MEMBERS OF THE
CITY OF UNIVERSITY PARK; 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.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY
PARK, TEXAS:
Section 1. Authorization of Updated Service Credits.
(a) 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 "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 had 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.
(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.'
Section 2. Increase in Retirement Annuities.
(a) 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 the 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.
(b) The amount of the 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 of the year immediately preceding
the effective date of the person's retirement to the December this is 13
months befare the effective date of this Section.
(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
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 System.
Section 3. Effective Date. Subject to approval by the Board of Trustees of the
System, this ordinance shall be and become effective on the lst day of January 2009.
Duly Passed by the City Council of the City of University Park, Texas, on the
16th day of September, 2008.
PROVED AS T F
,
CITY ATTORNEY
(rld/8-20-08/30194)
APPROVED:
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MES H. H LM III, MAYOR
TEST:
RANDY VO , CITY RETARY