HomeMy WebLinkAboutOrd 1667 - increased prior and current service annuities
ORDINANCE NO. 1667
AN ORDINANCE PROVIDING FOR INCREASED PRIOR AND CURRENT
SERVICE ANNUITIES UNDER THE ACT GOVERNING THE TEXAS
MUNICIPAL RETIREMENT OF THE CITY OF WEST UNIVERSTIY PLACE,
AND ESTABLISHING AN EFFECTIVE DATE FOR THE ORDINANCE.
Increase In Retirement Annuities
(a) On the terms and conditiol1S set out in Sections 854.203 of Subtitle G of Title 8,
Government Code, as amended (hereinafter referred to as the "TMRS ACT"), tIle City hereby
elects to allow and to provide for paynlent of the increases below stated in montll1y benefits
. payable by the System to retired employees and to beneficiaries of deceased employees of tIle City
under current service annuities and prior service alUluities arising from service by such employees
to the City. An annuity increased under tllis section replaces any aruluity or increased allliuity
previously granted to the same person.
(b) The amount of the alU1uity increase ul1der this section is cOlnpllted as the sum of the
prior service 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 Decelnber of the year immediately preceding the
effective date of the person's retirelnent to the December that is 13 mOl1tlls before the effective d.ate
of the increase under this Section.
(c) An increase in an annuity that was reduced because of an option selectiol1 is
reducible ill the same proportion and in the same manner that the original annuity was redllced.
(d) If a computation l1ereunder does not result ill all increase in the amount of the
mmuity, the amount of the annuity will not be changed l1ereunder.
(e) The amount by whicl1 an increase under this Sectioll exceeds all previously gral1ted
increases to an annuitant is an obligation of the City atld of its aCCOllllt ill tIle Mlmicipality
accumulation fund of tIle System.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
WEST UNIVERSITY PLACE, TEXAS:
Section 1. The matters and facts set out in tIle preamble of this ordinance are
found and determined to be true and correct and are hereby approved and adopted by the
City CounciL
Section 2. All ordinances aJ.ld parts of ordinances in conflict l1erewith are hereby
repealed to the extent of the conflict only.
Section 3. If any word, phrase, clause, sentence, paragraph, section or otller part
of this ordinance or the application thereof to any person or CirCUlTIstance, shall ever be
held to be invalid or unconstitutional by any court of competent jurisdiction, l1either tIle
remainder of this ordinance, nor the application of such word, phrase, clause, sentence,
paragraph, section, or other part of this ordinance to any other persons or circumstances,
shall be affected thereby.
Section 4. The City Council officially finds, determines and declares that a
sufficient written notice of the d.ate, hour, place and subject of each meetil1g at wl1ich tllis
ordinance was discussed, considered, or acted upon was given ill the manner required .by
the Open Meetings Act, Chapter 551, Texas Local Government Code, as amel1ded, al1d
that each such meeting has been open to tile public as required by law at all times dllfil1g
such discussion, consideration and action. The City Council ratifies, approves and
confinns such 110tices and the contents and posting thereof.
Section 5~ This ordinance sllall become effective upon adoption and sig.nature~
Pi ~/~
PASSED AND APPROVED ON FIRST READING, this;?1 day Of~4t/-/~
2000.
Voting Aye:
Voting Nay:
Absent:
PASSED AND APPROVED ON SECOND READING, thisi~ay ofA.c:.-i4>-;~~
2000. /
Voting Aye:
Voting Nay:
Absent:
Signed:
ATTEST:
APPROVED AS TO FORM:
..~~~
I(ayIYIID Holloway
City Secretary
(SEAL)
Jim DOllgllerty
City Attorney