1989-182860L
ORDINANCE NO 7
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 ANNUITIFS FOR
RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE CITY, AND
ESTABLISHING AN EFFECTIVE DATE
THE COUNCIL OF THE CITY OF DENTON 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 1st day of January, 1989,
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) On the terms and conditions set out in Section 63 601 of
said title, any member of the Texas Municipal Retirement System
who is eligible for Updated Service Credits on the basis of
service with this City, and who has unforfeited credit for prior
service and/or current service with another participating munici-
pality or municipalities by reason of previous service, and was a
contributing member on January 1, 1989, shall be credited with
Updated Service Credits pursuant to, calculated in accordance
with, and subject to adjustment as set forth in said 63 601
(c) In accordance with the provisions of subsection (d) of
Section 63 401 of said 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
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 pay-
ment 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
SECTION III Subject to approval by the Board of Trustees of
Texas Mun c pa Retirement System, the updated service credits
and increases in retirement annuities granted hereby shall be and
become effective on the 1st day of January, 1990
Passed and approved this the J_4,4'_, day of December, 1989
RAY S ENS, AYOR
ATTEST
JENNIFER WALTERS, CITY SECRETARY
n
AW)ROVED'AS TO LEGAL FORM
DEBRA ADAMI DRAYOVITCH, CITY ATTORNEY
BY
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