HomeMy WebLinkAboutOrdinance No. 04 29 TMRS Up SvcORDINANCE NO. 04/29
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 IN THE EMPLOYMENT 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 the "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 has 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)
On the terms and conditions set out in Section 853.601 of said title, any
member of the 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 the 1 st day of January of the calendar year preceding such allowance, shall
be credited with Updated Service Credits pursuant to, calculated in
accordance with, and subject to adjustment as set forth in said 853.601.
(c)
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 eamings 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
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.
(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 7% 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 System.
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 the 1 st day of January, 2005.
DULY PASSED by the City coUncil of the City of University Park, Texas, on the
22nd day of September, 2004.
f-~PPROVED AS TX)FORM/~
CITY ATTORNEY ~' '"' ~
APPROVED: