HomeMy WebLinkAbout1985-1622 - Ordinance - 11/14/1985ORDINANCE NO. 1622
AN ORDINANCE AMENDING CHAPTER 8, SECTION IO-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 THE EMPLOYMENT OF THE CITY OF COLLEGE
STATION; 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 COLLEGE
STATION, TEXAS:
I.
That, Chapter 8, Section IO-D of the College Station Code
of Ordinances is hereby amended to read as follows:
D. UPDATED SERVICE CREDITS
Authorization of Updated Service Credits
(al 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 1st day of January, 1986, by reason of
service in the employment of the C~ty of College Station,
and on such date has at least 36 months of credited
service with sa~d system, shall be and is hereby allowed
Updated Service Credit (as that term is defined in
subsection (d) of Section 63.402 of sa~d t~tle) ~n an
amount that is 100% of the base Updated Service Credit of
the member (calculated as provided ~n subsection (c) of
section 63.402 of sa~d t~tle). 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) In accordance with the provisions of subsection
(d) of Section 63.401 of said title, the deposits required
to be made to 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 earnings as an employee of the City.
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(2) Increase in Retirement Annuities
(al On terms and conditions set out in Section 64.203
of Title 1108, Revised Civil Statutes of Texas, 1925, as
amended, the C~ty 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
beneficiaries of deceased employees of this City under
current service annuities and prior service annuities
arising from service by such employees to th~s City. An
annuity Increased under this Section replaces any annuity
or ~nrreased annuity previously granted to the same
person.
{b) The amount of annuity increase under th~s 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 ~n 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 ~s 13 months
before the effective date of this ordinance.
(c) An ~ncrease ~n an annuity that was reduced because
of an option select,on ~s reducible ~n the same proportion
and ~n the same manner that the original annuity was
reduced.
(d) If a computation hereunder does not result in an
~ncrease ~n the amount of an annuity, the amount of the
annuity w~ll not be changed hereby.
(el The amount by which an ~ncrease under th~s Section
exceeds all previously granted ~ncreases to an annuitant
~s an obligation of this C~ty and of ~ts account ~n 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 ~ncreases in retirement annuities granted hereby shall
be and become effective on the 1st day of January, 1986.
Passed and approved this the lath day of November , 1985
ATTEST: APPROVED:
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