HomeMy WebLinkAbout1983-130NO. 9,5-1,50
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING
THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS"
IN SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFYING MEMBERS OF
SUCH SYSTEM WHO PRESENTLY ARE IN THE EMPLOYMENT OF THE CITY OF
DENTON, PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE
ANNUITIES FOR RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF
THE CITY, AND ESTABLISHING AN EFFECTIVE DATE FOR SUCH ACTIONS
THE COUNCIL OF THE CITY OF DENTONr TEXAS HEREBY ORDAINS
SECTION I
Authorization of Updated Service Credits
(a) On the terms and conditions set out in Sections 63 401
through 63 403 of Title 110B, Revised Civil Statutes of Texas,
1925, as amended, each member of the Texas Municipal Retirement
System who has current service credit or prior service credit in
said System in force and effect on the Ist day of January, 1984,
by reason of service in the employment of the City of Denton,
and on such date has at least 36 months of credited service with
said system, shall be and is hereby allowed "Updated Service
Credit" (as that term is defined in subsection (d) of Section
63 402 of said title) in an amount that is 100% of the "base
Updated Service Credit" of the member (calculated as provided in
subsection (c) of Section 63 402 of said title) The Updated
Service Credit hereby allowed shall replace any Updated Service
Credit, prior service credit, special prior service credit, or
antecedent service credit previously authorized for part of the
same service
(b) In accordance with the provisions of subsection (0) of
Section 63 401 Of Bald title, the deposits required to be made
to the Texas Municipal Retirement System by employees of the
several participating departments on account of current service
shall be calculated from and after the date aforesaid on the
full amount of such person's earnings as an employee of the City
PAGE ONE
SECTION II
Increase in Retirement Annuities
(a) On terms and conditions set out in Section 64 203 of
Title 110B, Revised Civil Statutes of Texas, 1925, as amended,
the City of Denton hereby elects to allow and to provide for
payment of the increases below stated in monthly benefits
payable by the Texas Municipal Retirement System to retired
employees and to beneficiaries of deceased employees of this
City under current service annuities and prior service annuities
arising from service by such employees to this City An annuity
increased under this Section replaces any annuity or increased
annuity previously granted to the same person
(b) The amount of annuity increase under this Section is
computed as the sum of the prior 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 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 this ordinance
(c) An increase in an annuity that was reduced because of
an option selection is reducible in the same 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 hereby
(e) The amount by which an increase under this Section
exceeds all previously granted increases to an annuitant is an
obligation of this City and of its account in the municipality
accumulation fund of the Texas Municipal Retirement System
PAGE TWO
SECTION III
Effective Date
Sub3ect to approval by the Board of Trustees of Texas
Municipal Retirement System, the updated service credits and
increases in retirement annuities granted hereby shall be and
become effective on the lst day ot January, 1984
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PASSED AND APPROVED this the day of 2MeN
1983
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CRA—REUTTE-ALLEN, Cr4TYS�ECRETARYY
APPROVED AS TO LEGAL FORM
C J TAYLOR, JR , CITY ATTORNEY
CITY OF DENTON, TEXAb
BY 4 /074
PAGE THREE
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