OR 90-491 Updated Service Credit of Texas Municipal Retirement System AN ORDINANCE OF THE CITY OF COPPELL, TEXAS
ORDINANCE NO. 90491
AN ORDINANCE OF TIlE CITY CODNCIL OF THE CITY OF COPPELL, 'rEXAS AUTfiORIZING
AND ALLOWING, b~qDER T~E ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM,
"UPDATE} SERVICE CREDITS" IN SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFYING
MEMBERS OF SUCH SYSTEM WHO PRESENTLY ARE IN THE EMPLOYMr OF THE CI~ OF
COPPELL; PROVIDING FOR INCREASED PRIOR~ID CUlLRENT SERVICE ANNUITIES FOR
RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE CITY; AND ESTABLISHING
AN EFFECTIVE DATE FOR SUCH ACTIONS.
BE IT ORDAINED BY THE CITY COUNCIL OF ~tE CITY OF COPPEIJ., TEXAS:
Section 1, Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 853.401 through 853.403
of Subtitle G of Title 8, V.T.C.A., Government Code, 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,
1990, by reason of service in the employment of the City of Coppell, 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 853.402 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
853.402 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 853.601 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
municipality or municipalities by reason of previous service, and was a contributing
Updated Service Credit Ordinance (continued) Page 2
member of January 1, 1990, shall be credited with Updated Service Credits
pursuant to, calculated in accordance with, and subject to adjustment as set
forth in said 853.601.
(c) In accordance with the provisions of subsection {d) of Section
853.401 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 n-~d after the date aforesaid
on the full amount of such person's earnings as an employee of the City.
Section 2, Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 854.203 of Subtitle G of
Title 8, V.T.C.A., Government Code, as amended, the City of Coppell 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.
Updated Service Credit Ordinance (continued) Page 3
(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 3, Effective Date.
Subject 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 1st day of January, 1991.
DULY PASSED by the City Council of the City of Coppell, Texas this the :.~7~
APPROVED:
ATTEST:
CITY SECRETARY
APPROVED AS TO FORM:
CITY ATTO~