OR 252 Authorizes "Updated Service Credits" ORDINANCE NO. 252
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 COPPELL, TEXAS:
Section 1. Authorization oi Updated Service Credits.
(a) On the terms and conditions set out in Sections 63.~0I through 63.½03 of
Title 110B~ 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 Ist day of 3anuary~ 19 8~ by reason o~ service in the employment
of the City o~ Coppell , and on such date has at least 36 months oi credited
service with said system, shall be and is hereby allowed "Updated Service Credit" (as that
term is defined in subsection d o~ Section 63A02 o~ said title) in an amount that is 100 %
o~ the "base Updated Service Credit" o~ the member (calculated as provided in subsection
c of Section 63A02 o~ 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 ~or part o~ the same service.
(b) In accordance with the provisions o~ subsection d o~ Section 63A0l of said
Title IIOB, the deposits required to be made to the Tex~ Municipal Retirement System
by employees oi the several participating departments on account o~ current service shall
be calculated from and a~ter the date aforesaid on the ~ull amount of such person's earnings
as an employ~ o~ the City.
Section 2. Increase in Retirement Annuities.
(a) On the terms and conditions set out in Section 6~.203 o~ Title II0B, Revised
Civil Statutes o~ Texas, as amended, the City o~ Coppell hereby elects to
allow and to provide ~or payment o~ the increases below stated in monthly benefits payable
by the Texas ~unicipal Retirement System to retired employees and to beneficiaries o~
deceased employees o~ this City under current service ~nnuities and prior service annuities
arising from service by such employees to this City. An annuity increased under this ~tion
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 amoun~ 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 Ist day of 3anuary, 19.82.
APPROVED:
/
/ 'zMayor/
, TT sT: "J