HomeMy WebLinkAbout1990-1875 - Ordinance - 12/13/1990ORDINal'CE NO. 1875
AN OEDINANCE AI~ENDZNG CHAPT~I~ 8, SECTION 10-D OF THE COT-T-~E
STATION CODE OF OI~DINANCES, AUTHORIZTNG AND ALFa)WING,
THE ACT ~ING 'r~ TEXAS ~iUNICIPAL RETIR~IENT SYSTB~,
UPDATED SERVICE ~ITS IN SAID SYSTB~ FOR SERVICE PERFORI~
BY QUALIFYING ~ERS OF SUCH SYS'~'~ ~ PRESBk.,-.¥ ARE IN
THE ~IPLOYNENT OF THE CITY OF COr.T.~GE STATION; PROVIDING
INCREASED PRIC~ AND ~u~R~T SERVICE ANNUITIES FOR RETIREES
AND B~IEFICIARIES OF DECEASED ~rIREES OF THE CITY; AND
ESTABLISHING AN EFFECTIVE DATE FOR SUCH ACTIONS.
BE IT ORDAINED BY 'r~ CITY COUNCIL OF THE CITY OF COT.T.I~GE
STATION, TEXAS:
That, Chapter 8, Section 10-D of the College Station Code of
Ordinances is hereby a~ended to read as follovB:
D. UPDATED SERVICE CREDITS
(1) Authorization of Updated Service Credits
(a) On the terms and conditions set out in Sections
853.401 through 853.403 of Subtitle G of Title 8, V.T.C.A.,
Oovermaent code, as a~ended, each~enber of the Texas
~unicipal Retirement system who bus current service credit
or prior service credit in said Syste~ in force and effect
on the 1st day of January, 1990, by reason of service in the
employment of the City of College Station, and on ~uch date
has at least 36 months of credited service with said syste~,
shall be a~.d ~s_.her.eb~ allowed eUpdated Service Credite [es
thet terxl ls oe~xneo in sub~eation (d) of Section 853.402 of
said title) in an amount that is 100 percent of the #base
Updated Service Creditm of the ~e~ber (calculated as
provided in subsection (c) of Section 8~3.402 of said
title). The Updated Service Credit hereby allowed shall
replecu any Updated Service Credit, prior service credit,
specie1 prior service credit, or antecedent service credit
previously authorized for part of the same service.
(b) On the ter~s and conditions set out in Section
853.601 of said title, any~e~ber of the Texas Nunicipal
Retirement Syste~ who is eliqible for Updated Service
Credits on the basis of service with this City, and who has
unforfeited credit for prior service and/or current service
with eno~h~er l~.rticipatSng mmicipality or Bunicipalities
reason or previous service, and wes a contributing ~ember ~
Jan.u~.ry 1, 1990, s11all be credit.ed with Updated. Service
Credits pursuant to, calculated ~n accordance w~th, and
subject to adjustment es set forth in said 853.601.
(c) In accordance with the provisions of subsection (d) of
Section 853.401 o£ said title, the deposits required to be
~ade to the Texas l~unicipal Retirement Slmte~ by e~ployees
of the several partictpatinq departments on account of
current service shall be calculated f~m and after the date
aforesaid on the full a~ount of suc~ person's earnimls as an
e~ployee of the City.
(2) Increase in Retirement t~muities
(a) On ter~s and conditions set out in Section 854.203
of Sul~itle G of Title 8, V.T.C.A., Onverm~nt code, as
a~ended, the City of Colleqe Station hereby elects to allo~
and t opt o vide for pal~ent of the in~easesbelo~stated in
~onthlybeneflts peyablebytheTexasNunicipal Retirement
Syste~ to retired e~ployeee and to beneficiaries of deceased
e~ployeas of this City under currant service annuities and
prior service annuities arising frei service by such
e~ployees to this City. An annuity increased under this
Section replaces any annuity or increased annuitypreviously
qrantadto the sa~e person.
(b) The a~oant of annuity increase under this Section
is computed as the su~of the prior and currant service
annuities on the effective data of retire~ent of the person
un chose service the annuities ar? based, ~ultiplied by 70
percent of the percantage change in Consumer Price Index for
all Urban Consumers, fro~ December of the year imediately
preceding the effective date of the person's retirement to
the Dece~er that is 13 ~on~h~ 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 ea~e proportion
and in the sa~annerthat the original annuity was
reduced.
(d) If a cclputation hereunder does not result in an
increase in the a~ount of an annuity, the a~ount of the
annuity will not be changed hereby.
(e) The a~ount by which an increase under this Section
exceeds all previously qranted increases to an.annuitant is
an obligation of this City and of Its account in the
· unicipality accumulation fund of the Texas ~nicipel
Retirement Systse.
(3) Rffective Date
Subject t O approval by theBoard of Trustees of Texas
l~unicipal Retirement Systa, the updated service credits and
increases in retirmaent annuities granted hereby shall be
and beoo~e e£fe~cive on ~he 1st day of January, 1991.
Passed and apl~ved ~his the 13th day of
December , 1990.
A'~'~'~ST:
Connie Hooks, City Secretary