OR 321 Authorizes "Updated Service Credits" ORDINANCE NO. 321
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
COPPELL; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE AN-
NUITIES 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 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 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, 1985, 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 sub-
section (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 credi. t, 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 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 2: 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 C~ty of Coppell hereby
elects to allow and to provide for pa~ent of the increases below stated in
monthly benefits payable by the Texas Municipal Retirement System to retired
employees of this City under current service annuities and prior service an-
nuities 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.
ORDINANCE NO. 321
Page 2
(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, 1985.
PASSED AND APPROVED this the 11th day of December, 1984.
A~~own, jr.~~z
ATTEST:
Dorothy Time:s, Cit~zSecretary