HomeMy WebLinkAboutOrdinance 1647
ORDINANCE NO. 1647
AN ORDINANCE AUTHORIZING AND ALLCWrNG, UNDER THE Acr GOVERNING THE TEXAS MUNICIPAL
RETIREMENT SYSTEM, "UPDA'IED SERVICE CREDITS" IN SAID SYSTEM FOR SERVICE PERFORMED
BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO PRESENTLY ARE IN THE EMPLOYMENT OF THE
CITY OF NORI'H RICHLAND HILLS i PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE
ANNUITIES FOR RETIREES OF THE CITY i AND ESTABLISHING AN EFFæTIVE DATE FOR sum
AcrIONS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORI'H RICHLAND HILLS, TEXAS:
Section 1. Authorization of Updated Service Credits.
(a) On the tenns and conditions set out in Sections 63.401 through 63.403 of Title
nOB, 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, 1989, 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 tenn is defined in subsection (d) of Section 63.402 of said
title) in an ærount 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) On the tenns and conditions set out in Section 63.601 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 unforfei ted 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, 1989, shall
be credited with Updated Service Credits pursuant to, calculated in accordance with, and
subject to adjustments as set forth in said 63.601.
(c) 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 fran and after the date aforesaid on the full ærount of such person's
earnings as an errployee of the City.
Section 2. Increase in Retirement Annuities.
(a) On tenns and conditions set out in Section 64.203 of Title nOB, Revised Civil
Statutes of Texas, 1925, 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 fran 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 ærount of annuity increase under this Section is canputed 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
Ordinance No. 1647
Page 2
change in Consumer Price Index for all Urban Consumers, from December of the year
inrnediately preceding the effective date of the person's retirement to the December that
is 13 rocmths 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 canputation hereunder does not result in an increase in the ærount of an
annuity, the ærount 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 becane effective on the 1st day of
January, 1990.
Passed and approved this the 13TH day of November
, 1989.
ATTEST:
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Mayor /
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2tft4 SECRETARY
APPROVED AS TO FORM AND LffiALITY:
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'ATroRNEY