HomeMy WebLinkAboutOrd 1631 - TMRS Act increase
ORDINANCE NO. 1631
. AN ORDINANCE PROVIDING FOR INCREASED PRIOR AND
CURRENT SERVICE ANNUITIES UNDER THE ACT
GOVERNING THE TEXAS MUNICIPAL RETIREMENT
SYSTEM FOR RETIREES AND BENEFICIARIES OF DECEASED
RETIREES OF THE CITY OF WEST UNIVERSITY PLACE, AND
ESTABLISHING AND EFFECTIVE DATE FOR THE
ORDINANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
WEST UNIVERSITY PLACE, TEXAS:
Section 1. Increase in Retirement Annuities.
(a) On the terms and conditions set out in Sections 854.203 and 853.404 of
Subtitle G of Title 8, Government Code, . as amended (hereinafter referred
to as the "TMRS Act"), the City hereby elects to allow and to provide for
payment of the increases below stated in monthly benefits payable by the
System to retired employees and to beneficiaries of deceased employees of
the City under current service annuities and prior service annuities arising
form service by such employees to the City. An annuity increased under
this section replaces any annuity or increased annuity previously granted
to the same person.
(b) The amount of the annuity increase under this section is computed as the
sum of the prior service and current service annuities on the effective date
of the 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 the increase under this Section.
(c) An increase in an annuity that was reduced because of an option selection
is reducible in the 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 ofthe annuity will not be changed hereunder.
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(e) The amount by which an increase under this Section exceeds all
previously granted increases to an annuitant is an obligation of the City
and of its account in the Municipality accumulation fund of the System.
I Dates of Increases. Subject to approval of the Board of Trustees of the System, this
ordinance shall be and become effective on the 1 st day of January 2000.
Section 2. The matters and facts set out in the preamble of this ordinance
are found and determined to be true and correct and are hereby approved and adopted
by the City Council.
Section 3. All ordinances and parts of ordinances in conflict herewith are
hereby repealed to the extent of the conflict only.
Section 4. If any word, phrase, clause, sentence, paragraph, section or
other part of this ordinance or the application thereof to any person or circumstance,
shall ever be held to be invalid or unconstitutional by any court of competent
jurisdiction, neither the 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 5. The City Council officially finds, determines and declares that
a sufficient written notice of the date, hour, place and subject of each meeting at
which this ordinance was discussed, considered, or acted upon was given in the
manner required by the Open Meetings Act, Chapter 551, Texas Local Government
Code, as amended, and that each such meeting has been open to the public as required
by law at all times during such discussion, consideration and action. The City
Council ratifies, approves and confirms such notices and the contents and posting
thereof.
~ AND APPROVED ON FIRST READING, this 01..) --:fay of
1999.
.
.t2 PASSED AND APPROVED ON SECOND READING, this ~daY of
~1999.
SIGNED: '
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James L. Dougherty, Jr., City Attorney
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