OR 334 Authorizes "updated service credits'' ORDINANCE NO. 334
AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER
THE ACT GOVERNING THE TEXAS MUNICIPAL RETIRE-
MENT SYSTEM, "UPDATED SERVICE CREDITS" IN
SAID SYSTEM FOR SERVICE PERFORMED BY QUALIFY-
ING MEMBERS OF SUCH SYSTEM WHO PRESENTLY ARE
IN THE EMPLOYMENT OF THE CITY OF COPPELL;
PROVIDING FOR INCREASED PRIOR AND CURRENT
SERVICE ANNUITIES FOR RETIREES AND BENEFI-
CIARIES OF DECEASED RETIREES OF THE CITY;
AND ESTABLISHING AN EFFECTIVE DATE FOR SUCH
ACTIONS
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COPPELL, TEXAS:
Section 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 63.401 through
63.403 of Title ll0B, 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, 1986, 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 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 (d) of Section
63.401 of said title, the deposits required to be made to the Texas
Municipal Retirement System by?mployees 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 em~mloyee of the City.
Section 2. Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 64.203 of Title
llOB, Revised Civil Statutes of Texas, 1925, 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.
(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.
(a) 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, 1986.
PASSED AND APPROVED THIS THE 13th day of August, 1985.
ATTEST:
Dorothy Timmon~, 7~gcretary