HomeMy WebLinkAbout1987-1731 - Ordinance - 11/12/19871731
AN ORDINANCE AMENDING CHAPTER 8, SECTION IO-D OF THE COLLEGE
STATION CODE OF ORDINANCES, AUTHORIZING AID ALLOt/lNG, UNDE9 THE
ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEi'I, UPDATED
SERVICE CREDITS IN SAID SYSTEF,1 FOR SERVICE PERFORMED BY
QUALIFYING MEMBERS OF SUCH SYSTEH [,/HO PRESENTLY ARE IN THE
EMPLOYMEi'IT 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
Ai'i EFFECTIVE DATE FOR SUCH ACTIONS.
BE IT ORDAINED BY THE
STATION, TEXAS:
CITY COUNCIL OF TltE CITY OF COLLEGE
I.
That, Chapter 8, Sectlon IO-D of the College Station Code of
Ordlnances is hereby attended to read as follows:
D, UPDATED SERVICE CREDITS
(1) Authorization of Updated Service Credlt$
(a) On the terms and conditlons set out In Sectlons 63.401
through 63.403 of Title 1108, Revised Clvil Statutes of Texas,
1925, as amended, each n,ember of the Texas Munlclpal Retirement
Syst~n, who has current service cre¢It or prior s~rvlco credit in
said System in force and effect on the 1st day of January, 1988,
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 sald system, shall be and is hereby allowed Updated
Servlce Credit (as thot term is defined In subsection (d) of
section 63.402 of said ti,l~) In an amount tha~ is 100 percent of
the base Updated Service Credl, of the me~.ber (calculated as
provided in subsection(c) of section 63.402 of said ti,I,). The
Updaled Service CredH hereby allowed shall replace any Updated
Service Credit, prior service credit, special prlor service
credit, or antecedent service previously authorl=ed for part of
~he same service.
(b) In accordance with the provisions of subsection (d) uf
tectlon 63.401 of said title, the deposlts required to be ~,ade by
the Texas Municipal Retirement System by employees of the several
participatln& departments on account of current service shall be
calculated from and after the date aforesald on ,he full amount
of such person's earning as an employee of the City.
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(2) Increase in Retirement ^nnulties
(a) On terms and conditions set out in Section 64.203 of
Title 110B, Revised Civll Statutes of Taxas, 1925, as amended,
the City of College Station hereby elects to allow and to provlda
for payment of th~ increase below stated in ihonthly benefit5
payable by the Texas Municipal Ret~reme,f System to retired
employees and to beneflclarles of deceased employees of this City
under current service annuities and prior service annuities
arising from service by such employees tu this Clty. An annuity
increased under this Sectlon replaces any annuity or increased
annuity previously granted to the s~me person.
(b) The amount of annuity increase under this Section is
computed as the sum of the prior and current ~ervice annuities
on ft~e effective date of retirement of the person on whose
service the annuities are based, multiplied by 70 percent of the
percentage change in Consumer Pr ice Index for All Urban
Consumers, from December of the year immediately preceding the
effective date of th~ pe~un's retlre~.ent to the December that is
13 months before the effecilve date of this ordinance.
(c) An increase in an annuity that was reduced because
of an option selection is reducible in the same proportion ~nd in
the same manner that th~ 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 thls Section
exceeds all previously granted increases to an annuitantis an
obligation of this City and of It~ account In the nlunicipality
accumulation fund of 1he Texas Municipal Retlrement Syrian,.
(3) ~
Subject to approval by tho Board of Trustees of Texas
Municipal Retirement System, the updated service credits and
increase In retirement annuities granted hereby shall be and
become effective on the 1st day of January, 1988.
Passed and approved thls the 12th day of November .1987
A'FI'EST: APPROVED:
005197