HomeMy WebLinkAboutOrd 1523 - TMRS
ORDINANCE NO. 1523
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 AN 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 Section 854.203 and 853.404 of Subtitle G
of Title 8, Government Code, as amended (hereinafter referred to as the "TMRS Act"), the City of
West University Place, Texas (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 from 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 retirement of the person on whose
service the annuities are based, multiplied by 60% 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
Section 2. Subject to the approval by the Board of Trustees of the System, this
ordinance shall be and become effective on the I st day of January, 1996.
PASSED AND APPROVED ON FIRST READING, this ~y of d/~~1995.
Voting Aye,
Voting Nay:
Absent:
PASSED AND APPROVED ON SECOND READING, this f~y of AC~"'Lk.-yl995.
Voting Aye:
Voting Nay:
Absent:
II
S&c
B~ll Watson
Mayor
1-
1^-J'1G~L
I.
r
"
ynn Holloway
City Secretary
AP!OnRM
,,\~~ . ~~\\QS )
Jim Dougherty
City Attorney
(SEAL)