HomeMy WebLinkAboutORD 81-44 - Retirement Updated Service Credits81-44
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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 IN
THE EMPLOYMENT OF THE CITY OF GEORGETOWN; 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
ACTION.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS:
Section 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 63.403 of
Title 110B, Revised Civil Statutes of Texas, 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, 1982, by reason of
service in the employment of the City of Georgetown, and on such date has at least
36 months of credited service with said system, shall be and is hereby allowed "up-
dated 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 hereby allowed 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.
(b) In accordance with the provisions of subsection d of
Section 63.401 of said Title 110B, 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 the terms and conditions set out in Section 64.203 of
Title 110B, Revised Civil Statutes of Texas, as amended, the City of Georgetown
hereby elects to allow and to provide for payment of the increases 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 to 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, multiplies 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.
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(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 lst day of January, 1982.
Passed and approved on first reading this 8th day of
00
December, 1981, and on second and final reading this 21st day of December,
CO
1981.
Q
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jag E. Doerfler, ayor
ATTEST:
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Jim Colbert, City Secretary
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' TMRS-C
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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 IN
THE EMPLOYMENT OF THE CITY OF To W
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 GFc)grFTOWN . TEXAS:
Section 1. Authorization of Updated 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, 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, 19 82, by reason of service in the employment
of the City of ,earg.tnwn , 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 .111D�.g�b
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 hereby allowed 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.
(b) In accordance with the provisions of subsection d of Section 63.401 of said
Title 110B, 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 the terms and conditions set out In Section 64.203 of Title 110B, Revised
Civil Statutes of Texas, as amended, the City of hereby elects allow and to provide for payment of the Increases below rstated In month! benefits payable
to
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 to this City. An annuity Increased under this Section
replaces any annuity or Increased annuity previously granted to the same person.
G�rxb», uytr�
(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 __Za_96 of the percentage change
in Consumer Price Index for Ali 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 Ist day of January, I 82 .
Passed and approved on first reading this -2- day of / A •
1981, and on second and final reading this )--r I
day of
1981.
ATTEST:
City Secretary or Clerk
TMRS -E
AN ORDINANCE PROVIDING FOR PARTICIPATION IN THE
SUPPLEMENTAL BENEFITS FUND OF THE TEXAS MUNICIPAL
RETIREMENT SYSTEM BY ALL DEPARTMENTS OF THE CITY
GOVERNMENT WHICH NOW PARTICIPATE IN THE TEXAS
MUNICIPAL RETIREMENT SYSTEM; AND PROVIDING FOR
PAYMENT OF THE CITY'S CONTRIBUTIONS ON ACCOUNT
OF SUCH PARTICIPATION.
WHEREAS, the governing body of the City of
Texas has heretofore elected to have the employees o desgnate��
(all) departments of the city government participate in the Texas
Municipal Retirement System (such departments being hereinbefore
called "participating departments"), and
WHEREAS, Chapter 312, Acts Regular Session, 56th Legislature
provides for establishment in said System of a Supplemental Benefits
Fund to provide for additional disability benefits for service con-
nected disabilities, and
WHEREAS, the governing body of the City of c
,Texas finds that it will be in the public interest etoeprovide for
participation of employees of such departments in said Supplemental
Benefits Fund; now, therefore,
OF
BE IT ORDAINED BY THE (CITY COUNCIL) (BOARD OF COMMISSIONERS)
G OR . WN TEXAS :
Section 1. The City of G�eorgeetown Texas, by its
(City Counc (Board of Commissioners here y e ects to have the
employees of all participating departments of said city (as above
defined) participate in and be covered by the Supplemental Benefits
Fund of the Texas Municipal Retirement System, as provided by
Chapter 312, Acts Regular Session, 56th Legislature; and all the
benefits and obligations of participation in said Fund are hereby
accepted by the city as to such employees.
Section 2. The (Mayor) (City Manager) is hereby directed to
notify the Board of Trustees of the Texas Municipal Retirement
System that the City of Texas, has elected to
participate and have the emp oyees of t e a ove mentioned depart-
ments participate in the Supplemental Benefits Fund of said System,
Section 3. Each person who becomes an employee of an y partici-
pating department on or after the effective date of participation of
such department in said Fund shall as a condition of his employment
be coverp# into the Supplemental Benefits Fund of said System. The
City of ,r ,J Texas, may in the future refuse to add
new departmen s or new emp�yees to said Fund, but shall never dis-
continue as to any members who are covered into the Fund.
3
SUPPLEMENTAL BENEFITS ORDINANCE (continued)
Section 4. The is
City Secretary or other proper official
hereby directed to remit monthly to the Board of Trustees of the
Texas Municipal Retirement System at its office in Austin, Texas;
as the City's contributions to the Supplemental Benefits Fund of the
Texas Municipal Retirement System, such percentage of earnings of the
above -mentioned employees of said city as may be fixed by the Board
of Trustees of the Texas Municipal Retirement System, provided that
the rate of contribution to said Fund shall not exceed one-half of
one percentum (1/2%) of the earnings of the employees of said city
who are covered under said Fund; and such official shall make for the
City such reports as the Board of Trustees of the Texas Municipal
Retirement System may prescribe.
Section 5. Participation of the above mention d employees in
the Supplemental Benefits Fund shall be effective _P doAa,H
Passed and approved this the day of L,
19_ on first reading, and on second an final reading this � day o
1981.
ATTEST:
1
0 11�
city secretary or Clerk
%�L
C.
MaVor
11
