Sec. 2-22. Authorization and updated service credit. (a) On the terms and conditions set out in V.T.C.A. Government Code, §§ 853.401--853.403 of Subtitle G of Title 8, as amended ("TMRS Act"), each member of the Texas Municipal Retirement System (the "system") having current service credit or prior service credit in the system in force and effect on the 1st day of January of the calendar year preceding such allowance, by reason of service in the employment of the city, and on such date has at least 36 months of credited service with the system, is allowed "updated service credit" (as that term is defined in subsection (d) of V.T.C.A., Government Code, § 853.402 of the TMRS Act) in an amount that is 100 percent of the "base updated service credit" of the member (calculated as provided in subsection (c) of V.T.C.A., Government Code, § 853.402 of the TMRS Act). The updated service credit allowed replaces 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 same terms and conditions set out in V.T.C.A., Government Code, § 853.601 of the TMRS Act, any member of the system who is eligible for updated service credits on the basis of service with this city, and who has unforfeited credit for prior service, current service, or both, with another participating municipality or municipalities by reason of previous service, and was a contributing member on the 1st day of January of the calendar year preceding such allowance, will be credited with updated service credits pursuant to, calculated in accordance with, and subject to adjustment as set forth in said V.T.C.A., Government Code, § 853.601, both as to the initial grant hereunder and all future grants under this ordinance. (c) In accordance with the provisions of V.T.C.A., Government Code, § 853.401(d) of the TMRS Act, the deposits required to be made to the system by employees of the several participating departments on account of current service will be calculated from and after the effective date of this ordinance on the full amount of their compensation as a city employee. (Ord. No. 451, §§ 1--3, 12-18-84; Ord. No. 514, §§ 1--3, 12-3-85; Ord. No. 577, §§ 1--3, 11-4-86; Ord. No. 616, §§ 1--4, 11-17-87; Ord. No. 647, §§ 1--3, 12-6-88; Ord. No. 684, §§ 1--3, 10-17-89; Ord. No. 731, §§ 1--3, 10-16-90; Ord. No. 782, §§ 1--4, 12-3-91; Ord. No. 1341, § 3, 12-18-01; Ord. No. 1577, § 19, 8-1-2006) Sec. 2-23. Increase in retirement annuities. (a) On terms and conditions set out in V.T.C.A., Government Code, § 854.203 of the TMRS Act, as amended, the city 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 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 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 percent 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 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. (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 system. (Ord. No. 1341, § 4, 12-18-01; Ord. No. 1577, § 19, 8-1-2006) |
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