HomeMy WebLinkAbout1027 07-24-1990ORDINANCE NO. 1027
AN ORDINANCE 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 EULESS; 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.
(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 1st day of January 1991, by reason of
service in the employment of the City of Euless, 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% 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, prior service credit, special
prior service credit, or antecedent service credit_
previously authorized for part of the same service.
(b) on the terns and conditions set out in Section 63.601
of said title, any member of the Texas Municipal
Retirement System who is eligible 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 another participating municipality or
municipalities by reason of previous service, and was a
contributing member on January 1, 1990, shall be
credited with Updated Service Credits pursuant to,
calculated in accordance with, and subject to
adjustment set forth in said 63.601.
(c) 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.
Section 2. Mncrease in Pletireumt 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 Euless 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 of 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% 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.
Section 3. Effective Date. Subject to approval
of Trustees of Texas Municipal Retirement
updated service credits and increases
annuities granted hereby shall be and become
the 1st day of January, 1991.
ORDINANCE NO. 1027, PAGE 2 OF 3
by the Board
System, the
�n retirement
effective on
Pi�5Hd1'E 0 AID GIM FIIW R' MMG at a regular meeting of
the Euless City Council, on the 10th day of
July 1990, by a vote of 5 ayes, 0
nays, and 0 abstentions.
GIVEN SEMD IODDG, PASSED, AND APFWM at a regular
meeting of the Euless City Council, on the 24th day of
July , 1990, by a vote of 5 ayes, 0
nays, and 0 abstentions.
01, ffif
Harold D. Samuels, Mayor
i
M
ORDINANCE NO. 1027, PAGE 3 OF 3