HomeMy WebLinkAbout1989-1833 - Ordinance - 12/14/1989ORDINANCE NO. 1833_
AN ORDINANCE AMENDING CAA_pTER 8, SECTION 10-D OF THE COLLEGE
STATION CODE OF ORDINANCES, AUTHORRIZING AND ALLOWING, UNDER THE
ACT GOVERNING THE TEXAS MUNICIPAL RETI_RERUIT SYSTEM, UPDATED
SERVICE CREDITS IN SAID SYSTEM FOP. SERVICE PERFORMED BY
QUALIFYING MEMBERS OF SUCH SYSMI WHO PRESENTLY ARE IN THE
BMPLOYPE T OF THE CITY OF (m.i.Fl:F: STATION: PROVIDING FOR
INCREASED PRIOR APE) CURREw SERVICE A YUITIES FOR RETIREES MID
BENEFICIAP.IES OF DECEASED RETIREES OF TEE CITY: AND ESTABLISHING
AN EFFECTIVE DATE FOR SUCH ACTIONS.
BE IT ORDAINED 13Y THE CITY COUNCIL OF THE CITY OF COLLEGE
STATION, TZwAS:
I.
That, Chapter 8, Section 10-D of the College Station Code of
Ordinances is hereby amended to read as follows:
(1) Authorization of Undated Service Credits
(a) On the terms and conditions set out in Sections 63.401
through 63.403 of Title 110B, Revised Civil 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 lst day of January, 1990,
by reason of service in the employment of the City of College
Station, and on such date has at least 36 months of credited
service with said system, shall be and is hereby allowed Updated
Service Credit (as that term is defined in subsection (d) of
section 63.402 of said title) in an amount that is 100 percent of
the base Updated Service Credit of the member (calculated as
provided in subsection(c) 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 previously authorized for part of
the same service.
(b) In accordance with the provisions of subsection (d) of
Section 63.401 of said title, the deposits required to be made by
the Texas Municipal Retirement 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 earning as an employee of the City.
(2) Increase in Retirement Annuities
(a) On terms and conditions set out in Section 64.203 of
Title 110B, Revised Civil Statutes of Texas, 1925, as amended,
the City of College Station hereby elects to allow and to provide
for payment of the increase below stated in monthly benefits
payable by the Texas Municipal Retirement 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 70 percent 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 Texas Municipal Retirement System.
(3) Effective Date
Subject to approval by the Board of Trustees of Texas
Municipal Retirement System, the updated service credits and
increase in retirement annuities granted hereby shall he and
become effective on the 1st day of January, 1990.
Passed and approved this the 14th day of December 11989
ATTEST: APPROVED:
ti
Dian Jone C'ty Secretary
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