HomeMy WebLinkAbout1983-1465 - Ordinance - 10/27/1983ORDINANCE NO. 1465
A~ 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 FOR SERVICE PERFORMED
BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO PRESENTLY ARE IN TH~- EMPLOYMENT OF
THE CiTY OF COLLEGE STATION; PROViHING FOR iNCREASED PRIOR AND CURRENT SERVICE
ANNUITIES FOR RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE CITY; AND
ESTABLISHING AN EPFECTIVE DATE FOR SUCH ACTIONS.
Bm IT ORDAINED BY THE CITY COUNCIL OF THE CiTY OF COLLEGE STATION, TEXAS:
I.
That, Chapter 8, Section 10-D. of the College Station Code of Ordinances is
hereuy amended to read as follows:
"J). UPDATED SERViCh CReDiTS
(1) Authorization of Updated Servmce Credits.
(a) On the terms and conditions set out in Sections 63.401 through 63.403
o£ Title llOB, Revised Civmi Statutes of Texas, 1925, as amended, each
member of the Texas Municipal Retirement System who has current service
credit or prior service credit in said System in force and effect on the
1st day of January, 1984, by reason of service mn the employment of the
City of College Station, and on such date has at least 36 mouths of
credited service with said system, shall be and is hereby allowed
"Updatsd Service Credit" (as that term is defined in subsection (d) of
Section 63.402 of said title) in an amount that is 100% of the "base
Updated Service Credit" of the member (calculated as provided in
subsection kc) of Section 63.402 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 couditmons set out in Section b3.b01 of said title,
any member of the Texas }~niczpal Retirement System who is eligible for
Updated Service Credits on the basis of service with this City, and who
has unforfeited credit for prier service and/or current service with
another participating municipality or municipalities by reason of previous
service, and was a contributing member on January l. 1983, shall be
0 t0; 0
Ordinance No. 1465 Page 2
(2)
credited with Updated Service Credits pursuant to, calculated in
accordance with, and subject to adjustment as set forth in said 63.b01.
(c) in accordance with the provisions of subsection (d) of Section
63.401 of said tltle, the deposits required to be made to the Texas
Municipal Retirement Syste~ 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.
Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 64.203 of Title 1lOB,
Revised Civil Statutes of Texas, 1925, as amended, the City of College
Station hereby elects to allow and to provide for payment of the
increases below stated in monthly benefits payable by the Texas Municipal
Retirement System to retired employees and to benefmciaries of deceased
employees of this City under current service annuities and prior service
annuities armslng from service by such employees to this City. An annuity
increased under this Section replaces any annuity or ~ncreased 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 70% of the percentage change in Consumer Price index for
Ali 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
ts 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 ms an obligation of this City
and of its account in the municipality accumulation fund of the Texas
Municipal Retirement System.
Ordinance No. 1465 Page 3
II.
And, that 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 1st day in
January, 1984.
PASSED AND APPROVED THIS THE 27th DAY OF October , 1983.
ATTEST:
City Secretary