ORD 1992-18 - Retirement Sys. "Updated Service Credit" 09-15-1992ORDINANCE NO. 92- 18
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
HUNTSVILLE, TEXAS, AUTHORIZING AND ALLOWING UNDER THE
ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM,
"UPDATED SERVICE CREDITS" IN THE SYSTEM ON AN ANNUAL BASIS
FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH
SYSTEM WHO AT THE EFFECTIVE DATE OF THE ALLOWANCE ARE
IN THE EMPLOYMENT OF THE CITY OF HUNTSVILLE; PROVIDING
FOR INCREASED PRIOR AND CURRENT SERVICE ANNUITIES FOR
RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE
CITY; AND ESTABLISHING AN EFFECTIVE DATE FOR THE
ORDINANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE,
TEXAS, that:
SECTION 1: Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 853.401 through 853.404 of Subtitle
G of Title 8, V.T.C.A., Government Code, as amended (hereinafter referred to as the
"TMRS ACT "), each member of the Texas Municipal Retirement System (hereinafter
referred to as "System ") who has current service credit or prior service credit in the
System in force and effect on the 1st day of January of the calendar year preceding
such allowance, by reason of service in the employment of the City of Huntsville
(hereinafter called the "City"), and on such date had at least 36 months of credited
service with the System, shall be and is hereby allowed "Updated Service Credit" (as
that term is defined in subsection (d) of Section 853.402 of the TMRS Act).
(b) On the terms and conditions set out in Section 853.601 of the TMRS Act, any
member of the System who is eligible for Updated Service Credits on the basis of
service with this City, 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 contribution member on January 1, 1992, shall be credited with
Updated Service Credits pursuant to, calculated in accordance with, and subject to
adjustment as set forth in Section 853.601, both as to the initial grant hereunder and
all future grants under this ordinance.
(c) The Updated Service Credit hereby allowed and provided for shall be 100% of the
"base Updated Service Credit" of the member (calculated as provided in subsection
(c) of Section 853.402 of the TMRS Act).
(d) Each Updated Service Credit allowed hereunder shall replace any Updated Service
Credit, prior service credit, special prior service credit, or antecedent service credit
previously authorized for part of the same service.
(e) In accordance with the provisions of subsection (d) of Section 853.401 of the TMRS
Act, the deposits required to be made to the System by employees of the several
participating departments on account of current service shall be calculated from and
after the effective date of this ordinance on the full amount of such person's
compensation as an employee of the City.
SECTION 2: Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 854.203 of the TMRS Act, the City
hereby elects to allow and to provide for payment of the increases below stated in
monthly benefits payable by the System to retired employees and to beneficiaries of
deceased employees of the City under current service annuities and prior service
annuities arising from service by such employees of the City. An annuity increased
under this Section replaces any annuity or increased previously granted to the same
person.
(b) The amount of the annuity increase under this Section is computed as the sum of the
prior service and current service annuities of 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 Section.
(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 hereunder.
(e) The amount by which an increase under this Section exceeds all previously granted
increases to an annuitant is an obligation of the City and of its account in the
municipality accumulation fund of the system.
SECTION 3: Dates of Allowances and Increases.
The initial allowance of Updated Service Credit and increase in retirement annuities
hereunder shall be effective on January 1, 1993, subject to approval by the Board of Trustees
of the System.
SECTION 4: Effective Date.
Subject to approval by the Board of Trustees of the System, this ordinance shall be and
become effective on the 1st day of January 1993.
PASSED AND APPROVED this the 15th day of September, 1992.
ATTEST:
THE CITY OF HUNTSVILLE
by W. H. Hodges, Mayor
gll-Il -,14111°16
Melba :yers, City Secreta
APP
VED '' TO FORM:
Sco " Boun < s, City Attorney