HomeMy Public PortalAboutOrdinance No. 626-90 10-22-1990
. ORDINANCE NO. 626
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 RICHLAND HILLS; 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
RICHLAND HILLS, TEXAS:
I.
Authorization of Updated Service Credits
a) On the terms and conditions set out in Sections
853.401 through 853.403 of Subtitle G of Title 8, V.T.C.A.,
Government Code, 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, 1990, by reason of service in the
employment of the City of Richland Hills, 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 853.402 of
said title) in an amount that is 1000 of the "base Updated
Service Credit" of the member (calculated as provided in
subsection (c) of Section 853.402 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) On the terms and conditions set out in Section
853.601 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 as set forth in said 853.601.
(c) In accordance with the provisions of subsection
(d) of Section 853.401 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.
II.
Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 854.203
of Subtitle G of Title 8, V.T.C.A., Government Code, as
amended, the City of Richland Hills, 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
employee 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, multiplied by 700
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 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.
•
III.
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, 1991.
PASSED AND APPROVED THIS THE 22nd DAY OF
OCTOBER , 1990.
APPROVE
!
_
Y
ES R. TRUITT, MAYOR
ATTEST:
•
PAULINE KEMPE, CITY ECRETARY
APPROVED AS TO FORM:
AUL F. WIENES IE, CITY ATTORNEY
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