HomeMy WebLinkAboutOrd 1608 - increased service annuities TMRS
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ORDINANCE NUMBER 1608
AN ORDINANCE PROVIDING FOR INCREASED PRIOR AND
CURRENT SERVICE ANNUITIES UNDER THE ACT GOVERNING THE
TEXAS MUNICIPAL RETIREMENT SYSTEM FOR RETIREES AND
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.
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(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 of the annuity will not be changed hereunder.
( 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.
Effective Date. Subject to approval of the Board of Trustees of the System, this ordinance
shall be and become effective on the 18t day of January 1999.
Section 2. If any, work, 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, the remainder of this
ordinance and the application of such work, phrase, clause, sentence, paragraph, section or
other part of this ordinance to any other persons or circumstance shall not be affected thereby.
Section 3. All ordinance and parts of ordinances in conflict herewith are hereby
repealed to the extent of the conflict only.
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ii ,~~A~SED AND APPROVED ON FIRST READING, 1his" day of
Ii ~, 1998.
II VotingAye~~/~~~#~ ~~
, I Voting Nay: >1"'----
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I Absent: Lu/ff/~ LJ~
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Section 4. 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 Law, 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.
Section 5.
signature.
This ordinance shall become effective immediately upon adoption and
~ASSED AND APPROVED ON SECOND READING, this ";?3~ay of
~__1998.
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VotingAye~~/~K~ ~~&c/~
Voting Nay: ~h-c-C...-
Absent: ~~#/~
Signed:
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eresa Fogler
Mayor
ATTEST:
34RM
James L. Dougherty, Jr.
City Attorney
ylynn Holloway
City Secretary
(SEAL)
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