HomeMy WebLinkAbout899 08-26-1986ORDINANCE NO. 899
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.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF EULESS, TEXAS:
Section 1. Authorization of Undated Service Credits.
(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, 1987, 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 terms 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, 1986, shall be credited with Updated Service Credits
pursuant to, calculated in accordance with, and subject to
adjustment as 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. Increase in Retirement 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 by the Board of
Trustees of Texas Municipal Retirement System, the updated
service credits and increases in retirement annuities granted
hereby shall be and become effective on the 1st day of January,
1987.
Ordinance No. 899 , Page 2 of 3
PRESENTED AND GIVEN FIRST READING at a reg lar meeting of the
Euless City Council, on the � day of lidqllsi , 1986,
by a vote of ayes, /�l nays, and 0 _ bstentions.
GIVEN SECOND READING, PASSED, AND APPROVED at a regular meeting
of the Euless City Council, on the 26th day of August >
1986, by a vote of 5 ayes, 0 nays, and 0 abstentions.
ATTEST:
L
Kay Ra' ey, City SegKe ary
APPROVED AS TO FORM:
F;1UQ*1WMwA1p
Harold D. Samuels, Mayor
Ordinance No. 899 , Page 3 of 3