HomeMy WebLinkAboutOrdinance - 10087-1998 - Governing Texas Municipal Retirement System For Retirees - 08/13/1998I
First Reading
Item No. 51 I' August 13. 1998
Second Reading
Item No. 29
August 277 1998
ORDINANCE NO. 10087
AN ORDINANCE PROVIDING FOR INCREASE PRIOR AND CURRENT SERVICE
ANNUITIES UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL
RETIREMENT SYSTEM FOR RETIREES AND BENEFICIARIES OF DECEASED
RETIREES OF THE CITY OF LUBBOCK, AND ESTABLISHING AN EFFECTIVE
DATE FOR THE ORDINANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. INCREASE IN RETIREMENT ANNUITIES.
(a) On the terms and conditions set out in Sections 854.203 and 853.404 of
Subtitle G of Title 8, Government Code, as amended (hereinafter referred to as the
"TMRS Act"), the City hereby elects to allow and to provide for payment of the increases
below stated in monthly benefits payable by the System to retired employees and to
beneficiaries of deceased employees of the City under current service annuities and prior
service annuities arising from services by such employees to the City. An annuity
increased under this section replaces any annuity or increased annuity previously granted
to the same person.
(b) The amount of the annuity increase under this section is computed as the
swn of the prior service and current service annuities on the effective date of retirement
of the person on whose service the annuities are based, multiplied by 40% 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 the increase under this Section.
(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 hereunder.
(e) The amount by which an increase under this Section exceeds all
previously granted increases to an annuitant is an obligation of the City and of its account
in the Municipality accumulation fund of the System.
SECTION 2. DATES OF INCREASES.
The initial increase in retirement annuities hereunder shall be effective on January
1, 1999, subject to approval by the Board of Trustees of the System. An increase in
retirement annuities shall be made hereunder on January 1 of each subsequent year until
this ordinance ceases to be in effect under subsection (e) of Section determination set
forth in subsection (d) of Section 853.404 of the TMRS Act, and provided further that, as
to such subsequent year, the City has an ordinance in effect that provides for a
simultaneous increase in updated service credits as that term is used in the TMRS Act.
II SECTION 3. EFFECTIVE DATE.
Subject to approval by the Board of Trustees of the System, this ordinance shall
I be and become effective on the 1st day of January 1999.
SECTION 4.
THAT should any section, paragraph, sentence, phrase, clause or word of this
Ordinance be declared unconstitutional or invalid for any reason, the remainder of this
Ordinance shall not be affected thereby.
AND IT IS SO ORDERED.
Passed by the City Council on first reading this 13th day of August '1998.
Passed by the City Council on second reading this 27th day of August , 1998.
APPROVED AS TO CONTENT:
M~;,bector
Human Resources
APPROVED AS TO FORM:
ey
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