HomeMy WebLinkAbout1994-2098 - Ordinance - 12/08/1994 2098
O~DINANCE#
TEXAS MUNICIPAL RETIREMENT SYSTEM
AN ORDINANCE AUTHORIZING AND ALLOWING UNDER THE ACT GOVERNING
THE TEXAS MUNICIPAL RETIREMENT SYSTEM, TO INCREASE THE RATE OF
DEPOSITS TO THE TEXAS MUNICIPAL RETIREMENT SYSTEM BY THE
EMPLOYEES OF THE CITY, "UPDATED SERVICE CREDITS" IN SAID SYSTEM ON
AN ANNUAL BASIS FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF
SUCH SYSTEM , PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE
ANNUITIES FOR RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF
THE CITY, AND ESTABLISHING AN EFFECTIVE DATE FOR THE ORDINANCE
SE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION. TEXAS
SECTION t. Thal all employees of the City, who are members of/he Texas Municipal Retirement
System. shall make deposits to the System at the rate of $% of their individual earnings and the C~ly mil
continue ~ 2 1 matching ratio
SECTION 2. Authorization of Renewal of Updated Sewfce credits.
(al On the terms and conditions set out in Sections 853 401 through 853.404 of Subtitle G of Title 8.
Government Code, as amended (hereinafter refen'ed to as the "TMRS ACT"). each member of the
Texas Municipal Retirement System (hereinafter referred to as the "System') ,~no has current
service credit or poor service credit in the System In force and effect on the 1st day of January of the
calendar year preceding such allowance, by reason of service in the employment of the C~ty, and on
such date had at least 36 months of credlled service vath the System. shall be and is hereby allowed
"Updated Service Credit" (as that term ~s delined in subsechon (d) of Section 853 402 of the TMRS
Act)
On the terms and conditions set out m Seclmn 853 601 of the TMRS Act, any member of the System
who ~s ehg;ble for Updated Service Cred~ls on tile basis of service with this City. who has ur]fode~ted
credit for prior service aed/or current service w~lh another padlc~patmg mumc~palrty or mumc~pallt~es
by reason of prewous service, and was a contributing member on /he 1st day of January of lhe
calender year preceding such allowance, shall be credited w~lh Updated Service Credits pursuant to,
calculated ~n accordance wrth, and subject to adjustment as set forth ;n sa~d Section 853 601. bolh as
to the ~nlhal granl hereunder and all future grants under this ordinance
(c) The Updated Service Credrt hereby allowed and provided for shall be 100% of the 'base Updated
Service Cred~/" of the member (calculated as provided in subsection (c) of Section 853 402 of the
TMRS Act)
Each Updated Service Credit allowed hereunder shall replace any Updated Service Credit, prior
service cred~l, spa. cml prior service cred~l or antecedent service cred~l previously authorized for part
of the same servme
(el In accordance w~th Ihe provisions of subsection Cd) of Section 853 401 of the TMRS Act, the deposlls
required to be made 1o the System by employees of the several participating departments on
account of current service shall be calculated from and after the effechve date of Ih~5 ordinance on
the ~'uIJ amount of such person's compensatmn as an employee of the C~ty
SECTION 3. Increase in Retirement Annuities
On terms and conditions set out in Sect;on 854 203 of the TMRS Act, the City hereby elects to allow
and to provide for payment of the increases below stated in monthly benef'~ payable by the System
to ret;red employees and to beneficiaries of deceased employees of the City under cu~ent service
annulus end prior sewice annulus mlsmg from sew;ce by such employees to the City. An annuity
increased under this Section replaces any annuW or increased annuity previously granted to the
same person.
The amount of the annuity increase under this Sechon is computed as the sum of the prior ser~ioe
and onrmnt service annu~ies on the effective date of retirement of the per~on on whose sewice the
annuities am based, multiplied by 70% of the pe~centnge change In Consumer Price Index for All
Urban Consumers, from December of the year immediately pruned;ne the effechve date of the
person's retirement to the December that is 13 months before the effe~ve date of this Section.
(c) An ,ncmese in unnu~ that was reduced be(muse of an option salec~on is reducible ,n the same
pmpe~on and in the same manner that the o~ginat annuity was reduced.
(d) Ifa computation hereunder does not result in an ~ncre~sa in the amount of an annuity, the amount of
the annuity will not be changed hereunder.
(e) The amount by which an increase under this Section exceeds all previously gmntecl in,reuses to an
annuitant is an obligation of the City and of ~ account in the municipality aconmulatJon fund of the
System.
SECTION 4. Dates of Allowances and Increases. The Jmfial allowance of Updated Service Credit and
mc, reuse in retirement annmties hereunder shall be effect;ye on January 1, lg95, subject to approval by
the Board of Trustees of the System An allowance of Updated Service Credds and an increase in
rehrement annuities shall be made hereunder on January 1 of each subsequent year until this ordinance
ceases to be m effect under subsection (e) of Section 853 404 of the TMRS Act, prowdnd that, as to
su~ subsequent year, the aciuary for the System has made the determmaben set forth m subsecimn (d)
of Section 853 404 of the TMRS ACt
SECTION 6. Effective Date. SubJeCt to approval by the Board of Trustees of the System,
ordinance shall be and become effectNe on the 1 st day of January lg95
Pessed and appmvedth;s the~8tYt dayof Decembe= ,19 94
ATTE.~,'J':
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%.....' City. ~c.~mary
APPROVED: