OR 262 "Updated Service Credits"
ORDINANCE N0. 262
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 IN
THE EMPLOYMENT OF THE CITY OF COPPELL
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.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF C0PPELL, TEXAS:
Section 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 63.t~01 through G3.~03 of
Title 1105, Revised Civil Statutes of Texas, 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 3anuary, 19 83 , by reason oI service in the employment
of the City of Coppel 1 , 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./~02 of said title) in an amount that is 100 %
oi the "base Updated Service Credit" of' the member (calculated as provided in subsetion
c of Section G3.q02 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 oI the same service.
(b) In accordance with the provisions of subsection d of Section 63.~01 ol said
Title 1105, the deposits required to be made to the Texas Municipal Retirement System
by employees of the several participating departments on account oI current servlce shall
be calculated from and after the date aforesaid on the full amount ol such person's earnings
as an employee of the City.
S~tion 2. Increase in Retirement Annuities.
(a) On the terms and conditions set out in Section 6q.203 of Title I10B, Revised
Civil Statutes of Texas~ as amended, the City ol C0ppell hereby elects to
allow and to provide Ior payment oI 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 96 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. 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 3anuary, 19 83.
PASSED AND APPROVED this the 13thday of July , 1982.
APPROVED:
Mayor ~
ATTEST:
City Secr~Clerk