HomeMy WebLinkAboutOrdinance - 8378-1982 - Auth./Allow. "Updated Service Credits" For Service Perform. By Members - 11/11/1982II-ll·1 r.
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DGV:cl ORDINANCE NO. 8378 l
.AN ORDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS 'I
· MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE CREDITS" IN SAID SYSTEH FOR
SERVICE PERFORMED BY QUALIFYING MEMBERS OF SUCH SYSTEM IN THE EMPLOYMENT OF THE
CITY OF LUBBOCK; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE ANNUITIES
FOR RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE CITY; AND ESTABLISH-
ING AN EFFECTIVE DATE FOR SUCH ACTIONS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 63.401 through
63.403 of Title llOB, 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, 1983, by reason of service in the employment of the City of Lubbock,
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 de-
fined in subsection (d) of Section 63.402 of said title) in an amount 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 authorize
for part of the same service.
(b) 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 Retire-
ment 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.
SECTION 2. Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 64.203 of Title 110B, Re-
vised Civil Statutes of Texas, 1925, as amended, the City of Lubbock 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 bv such
emplovees 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 retire-
ment of the person on whose service the annuities are based, multiplied. by 60%
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.
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(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 pre-
viously granted increases to an annuitant is an obligation of this City and of
its account in the municipality accumulation fund of the Texas Municipal Re-
tirement 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 January, 1983.
Passed by the City Council on first reading this _l!!hday of November ,1982.
Passed by the City Council on second reading this 18th day of November , 1982.
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ATTEST:
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APPROVED AS TO CONTENT:
Rita Harmon, Assistant City Manager
APPROVED AS TO FORM: