HomeMy WebLinkAboutOrdinance 1702
ORDINANCE NO. 1702
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
NORTH RICHLAND HILLS; 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 NORTH RICHLAND
HILLS, 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 North Richland
Hills, 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 number (calculated as provided in
subsection (c) of Section 853.402 of said title). The 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 member on 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 and after the date aforesaid on the full amount of
such person's earnings as an employee of the City.
Updated Service Credit Ordinance (continued)
Page 2
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 North Richland Hills 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 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.
Subject to approval by the Board of
Municipal Retirement System, the updated
increases in retirement annuities granted
become effective on the 1st day of January,
Trustees of Texas
service credits and
hereby shall be and
1991.
Updated Service Credit Ordinance (continued)
Page 3
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Passed and approved this the /C day of ~[~¿~~~/
, 19q¿0.
ATTEST:
APPROVED:
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~~y Secretary or Clark
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C1\ I cDìCJf{)'})ctlIT
Mayor '-
APPROVED AS TO FORM AND LEGALITY: