HomeMy WebLinkAboutOrd 1701 - increased prior and current service annuities TMRS
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ORDINANCE NO. 1701
AN ORDINANCE PROVIDING FOR
INCREASED PRIOR AND CURRENT SERVICE
ANNUITIES UNDER THE ACT GOVERNING
THE TEXAS MUNICIP AL RETIREMENT
SYSTEM FOR RETIREES AND RETIREES AND
BENEFICIARIES OF DECEASED RETIREES OF
THE CITY OF WEST UNIVERSITY PLACE,
AND ESTABLISHING AN EFFECTIVE DATE
FOR THE ORDINANCE~
BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF WEST UNIVERSITY PLACE
Sectioll 1 ~ Increase in Retirement Arnl11ities~
(a) On the terms and conditions set out ill Sectio"ns 854~203 alld.
853~404 of Subtitle G of Title 8, GoverlID1ent Code, as mnellded
(hereinafter referred to as the "TMRS Act"), tIle City l1ereby elects to
allow and to provide for payment of the illcreases below stated ill
mOl1thly benefits payable "by the System to retired employees llild to
beneficiaries of deceased employees of tIle City l111der currellt service
aruluities and prior service annllities arising form service by stIch
employees to the City. An 81IDllity increased ll11der tllis secti 0 I\.
replaces any annllity or increased annuity previollsly grm1ted to the
same persoll~
(b) The amount of tl1e annuity increase Ullder tllis sectioll is C0111putecl
as the sum of tile prior service and current service al1l1l1ities all" th.e
effective date of the retirement of tIle persoll on wll0se service t11e
amluities are based, multiplied by 70% of tIle percentage cl1allge ill
COl1sumer Price Index for All Urban Consluners frorll December of tIle
year imluediately preceding tIle effective date of the :persoll's
retirement to the Decem"ber that is 13 months before tIle effective date
of the increase under this Section.
(c) An increase ill an annuity that was redu.ced" becallse of a11 option
selection is reducible in the proportion aIld in the sanle l11a1Uler tllat tIle
original annuity was reduced.
(d) If a cOlnputation llerellnd.er does 110t reSlllt :ill all il1GreaSe in tIle
amount of an arnluity, the mTIOUllt of tIle ill1l1Uity will 110t be CllaIlged
herellnder.
(e) The 81110unt by wllicl1 an increase tmder tllis Sectiol1 exceeds all
previollsly grallted illcreases to all amluitant is all o.bligatiol1 of tbe
City and of its account ill tIle Ivlunicipality aCCl1111l11ation fU~l1d of tIle
System~
Dates of Increases. Su.bject to approval of the Board of Trustees of the
System, this ordinatlCe shall be and beCOlne effective OJl tIle 1 st day
of January 2002. AIl increase ill retirelnent alll1uities shall .be l11ade
llereunder on January 1 of eacll sllbseqllel1t year ulltil tl1is
ordil1ance ceases to be in effect u.nder su.bsectioll (e) of Section
853.404 of tIle TMRS Act, provided that, as to SllC.h subsequent
year, the actuary for the SystelTI l1as made tIle deter111il1ation set
fortIl ill sllbsectioll (d) of Section 853.404 of tIle TMRS Act, and
provided further that, as to stIch sllbseqllellt year, tIle City llas an
ordil1ance ill effect tllat provides for a SilTIllltalleOlls illcreases Ul
lllJdated service credits as that terl11 is llsed ill tIle TMRS Act.
Sectio112. TIle matters 811d facts set out in the prealuble of this
ordil1ance are found at1d deternlined to be trll.e and correct and are
l1ereby approved and adopted by tIle City COUI1Cil.
Sectioll 3. All ordinances and parts of ordinances ill COl1flict 11erewitb
are l1ereby repealed to tIle extel1t of tile conflict Dilly.
Sectio114. If any word, plu.ase, clause, selltence, ~paragralJll, seetioll or
other part of this ordil1ance or tile ap.plication tllereof to lilY perSOll or
cirCllffistance, shall ever be l1eld to .be invalid. or lll1COllstitutional by
any court of competel1t jurisdiction, neitller the re111ail1der of tllis
ordinance, .llor tIle applicatiol1 of StIch word., phrase, clallse, sellte11ce~
paragraph, sectiol1, or other part of tllis ordin.at1ce to allY otller perSOJ1S
or cirCllffist811ces, sllall be affected tllere.by.
Section 5 ~ The City Council officially finds, deterluil1es and declares
that a sufficient writtel1 llotice of tIle date, 11our, place al1d sllbject of
eacll meeting at Wllicl1 tIns ordillance was discllssed, C011sid.ered, or
acted upon was giVe!l ill tIle mal1l1er required by tIle Open. Meetings
Act, Chapter 551, Texas Local Governluent Code, as all1el1ded, and
tllat eacll SU.cll Ineeting l1as been ope11 to tIle pllblic as required by la\v
at all times during such discussion, consideration alld actioll~ TIle Cit)T
COUI1Cil ratifies, approves al1d cOl1firlns SllC11 notices and tIle C011tents
and pOStil1g thereof~
PASSED AND APPROVED ON FIRST READING, this 22ntl da)J
of October 2001~
V Otillg Aye:
V oting Nay:
Absent:
PASSED AND APPROVED ON SECOND READING, this 12th
day of November 2001.
Voting Aye:
V Otillg Nay:
Absent:
SIGNED:
Lillda Lewis, Mayor
~
Ajov
aylYilll Holloway
City Secretary
(SEAL)
Jim DOllgllerty
City Attoflley