HomeMy WebLinkAbout1991-1929 - Ordinance - 11/20/1991ORDINANCE N0.1929
AN ORDINANCE AMENDING CHAPTER 8, SECTION 10-D OF THE COLLEGE
STATION CODE OF ORDINANCES, AUTHORIZING AND ALLOWING, UNDER
THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM,
UPDATED SERVICE CREDITS IN SAID SYSTEM ON AN ANNUAL BASIS FOR
SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO AT
THE EFFECTIVE DATE OF THE ~r~wANCE ARE IN THE EMPLOYMENT OF
THE CITY OF COLLRGE STATION~ PROVIDING FOR INCREASED PRIOR AND
CURRENT SERVICE ANNUITIES FOR RETIREES AND BENEFICIARIES OF
DECEASED RETIREES OF THE CITYI AND ESTABLISHING AN EFFECTIVE
DATE FOR SUCH ACTIONS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE
STATION, TEXAS~
That, Chapter 8, Section 10-D of the College Station Code of
Ordinances is hereby amended to read as follows~
D. UPDATED SERVICE CREDITS
(1) Authorization of updated Service Credits.
(a) On the terms and conditions set out in Sections
853.401 through 853.404 of Subtitle G of Title 8, V.T.C.A.,
GoverD~nt 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 1st day of January of the calendar
year preceding such allowance, by reason of service in the
employment of the City of College Station, 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
the TMRS Act).
(b) On the terms and conditions set out in Section
853.601 of the TMBS Act, any m~mher of the System who is
eligible for Updated Service Credits on the basis of service
with this City, 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 January 1, 1991, shall be credited with
Updated Service Credits pursuant to, calculated in accordance
with, and subject to adjustment as set forth in said Section
853.601, both as to the initial grant hereunder and all future
grants under this ordinance.
(c) The Updated Service Credit hereby allowed and
provided for shall be 100% of the "base Updated Service
Credit" of themember (calculated as provided in subsection
(c) of Section 853.402 of the TMRS Act).
(d) Each Updated Service Credit allowed hereunder 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.
(e) In accordance with the provisions of subsection (d)
of Section 853.401 of the TMRS Act, 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 effective date of Chis
ordinance on the full amount of such person's compensation as
an employee of the City.
(2) Increase in Retir~-~ut Annuities.
(a) On terms and conditions set out in Section 854.203
of the TMRS Act, 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 the 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 prior 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 Ail Urban
C~s.u.m.e. rs,.from December of the year imaediately preceding the
ez=ec=~ve sate of the person's retirement to the December that
is 13 months before 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 an annuity, the s~unt of the
annuity will not be changed hereunder.
(e) The amount by which an increase under this Section
exceeds all previously granted increases to an annuitant is an
obligation of the City and of its account in the municipality
accumulation fund of the System.
(3) Dates of Allowances and Increases
The initial allowance of Updated Service Credit and
increase in retirement annuities hereunder shall be effective
on January 1, 1992, subject to approval by the Board of
Trustees of the System. An allowance of Updated Service
Credits and an increase in retirement annuities shall be made
hereunder on January i of each subsequent year until this
ordinance ceases to be in effect under subsection (e) of
Section 853.404 of the TMRS Act, provided that, as to such
subsequent year, the actuary for the System has made a
determination set forth in subsection (d) of Section 853.404
of the TMRS Act.
(4) Effective Date
Subject to the approval by the Board of Trustees of the
System, this ordinance shall be and become effective on the
1st day of January 1992.
Passed and approved this the 20thday of
1991.
November
ATTEST: ~
Connie Kooks, City Secretary
APPROVED~