Ord. 0554 08-09-1988ORDINANCE NO. 554
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 PEARLAND; 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 PEARLAND, 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, 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, 1988, by reason of service
in the employment of the City of Pearland, 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 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 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, 1988, shall be credited with Updated Service Credits pursuant to,
calculated in accordance with, and subject to adjustment as set forth
in said 63.601.
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(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) 0n terms and conditions set out in Section 64.203 of
Title 110B, Revised Civil Statutes of Texas, 1925, as amended, the
City of Pearland 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, 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.
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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, 1989.
PASSED AND APPROVED on first reading this c2-.5 day of
, A.D., 1988.
Mayor
ATTEST:
City cretary
PASSED AND APPROVED on second and final reading this
day of
ATTEST:
City Se retary
A.D., 1988.
Mayor
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CERTIFICATION
THE STATE OF TEXAS X
COUNTY OF BRAZORIA X
I, Kay Krouse, City Secretary of the City of Pearland,
Texas, hereby certify that the attached is a full, true, and
correct copy of Ordinance No. 554
as the same appears of
record in my office in the City Hall at Pearland, Brazoria
County, Texas; that the same is kept and maintained in the
ordinary course of business; and that I am the lawful possessor
and custodian of said
Ordinance No. 554
WITNESS MY HAND AND SEAL of office at my office in Pearland,
Brazoria County, Texas, this the
A.D., 19 88 .
(SEAL)
9
day of
August
4, rzeize„.4._
KAY KROUSE
CITY SECRETARY