HomeMy WebLinkAbout1986-1685 - Ordinance - 10/23/1986Oi~IMAI~E HO. 1685
AN ORDINANCE AMENDING CHAPTER 8, SECTION IO-D OF THE COLLEGE
STATION CODE OF ORDINANCES, AUTHORIZING AND ALLO~INGw UNDER THE
ACT GOYERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM, UPDATED
SERVICE CREDITS IN SAID SYSTEM FOR SERVICE PERFORMED BY
QUALIFYING MEMBERS OF SUCH SYSTEM ~HO PRESENTLY ARE IN THE
EMPLOYMENT OF THE CITY OF COLLEGE STATION= PRO¥1DING FOR
INCREASED PRIOR AND CURRENT SER¥1CE ANNUITIES FOR RETIREES AND
BENEFICIARIES OF DECEASED RETIREES OF THE CITY: AND ESTABLISHING
AN EFFECTIVE DATE FOR SUCH ACTIONS.
BE IT ORDAINED BY THE
STATION, TEXAS=
CITY COUNCIL OF THE CITY OF COLLEGE
I.
That, Chapter 8, Sectlon IO-D of the College Station Code of
Ordlnances Is hereby amended to reed as follows=
D. UPI)RTED SERVI~ CREDITS
(1) Authorization of Updated Service Credlt~
(e) On the terms and conditions set out In Sections 63.401
through 63.403 of Title 110B, RevlsedCivll Statutes of Texas,
1925, as amended, each member of the Texas Munlclpal Retirement
System who has current service credit or prior servlce credit In
sald System In force and effect on the 1st day of January, 1987,
by reason of service In the employment of the Clty of College
Station, and on such date has at least 36 months of credited
service wlth said system, shall be and is hereby allowed Updated
Service Credlt (as that term Is deflned In subsection (d) of
section 63.402 of said title) In an amount that Is 100 percent of
the base Updated Service Credlt of the member (calculated as
provided In subsection(c) of section 63.402 of sald title). The
Updated Service Credit hereby allowed shall replace any Updated
Servlce Credlt, prior service credltw special prior service
credit~ or antecedent servlce previously authorlzed for part of
the same service.
(b) In accordance with the provisions of subsection (d) of
Section 63.401 of said title, the deposlts requlred to be mede by
the Texas Munlclpal Retirement System by employees of the several
partlclpatlng departments on account of current service shall be
calculated from and after the date aforesald on the full amount
of such person~s earning as an employee of the City.
(2) Increase In Retirement Annultlfl9
(a) On terms and conditions set out In Section 64.203 of
Tltle 110B, Revlsed Clvll Statutes of Texas, 1925, as amended,
the City of College Statlon hereby elects to allow and to provide
for payment of the Increase below stated In monthly benefits
payable by the Texas Hunlclpal Retirement System to retired
employees and to beneflclarles of deceased employees of this City
under current service annuities and prior service annultles
arlslng from servlce by such employees to this City. An annulty
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 servlce annultles
on the effective date of retirement of the person on whose
service the annultles are based, multiplied by 70 percent of the
percentage change In Consumer Price Index for All Urban
Consumers, from December of the year Immediately precedlng 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 annulty that was reduced because
of an option selection Is reduclble In the same proportlon 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 whlch an Increase under this Section
exceeds all previously granted Increases to an annultantls an
obllgatlon of thls Clty and of Its account In the munlclpallty
accumulatlon fund of the Texas Hunlclpal Retirement System.
(3) ~
Subject to approval by the Board of Trustees of Texas
Hunlclpal Retirement System, the updated servlce credits and
Increase in retirement annultles granted hereby shall be and
become effective on the 1st day of January, 1987.
Passed and approved this the25rd day of _D_C,_tgJLar__~1986
ATTEST: APPROVED=
Dlan Jone~,~Ity Secretary