Ord 1982-060 - Laserfiche WebLink

Home Browse Search

SECTION 3. That Section 2-44 of the Code of Ordinances, City of San Marcos, Texas, is hereby amended to read as follows: Section 2-44. Increase in Retirement Annuities. (a) On terms and conditions set out in Section 64.203 of Title 110B, Revised Civil Statutes of Texas, 1925, as amended, the City of San Marcos hereby elects to allow and to provide for pay- ment of the increases below stated in monthly benefits payable by the Texas Municipal Retire- ment System to retired employees and to bene- ficiaries of deceased employees of this City under current service annuities and prior ser- vice annuities arising from service by such em- ployees 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% of the percentage change in Consumer Price Index for All Urban Con- sumers, 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 re- duced because of an option selection is re- ducible 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 mu- nicipality accumulation fund of the Texas Municipal Retirement System. SECTION 4. That Section 2-45 of the Code of Ordinances, City of San Marcos, Texas, is hereby amended to read as follows: Section 2-45. Approval by Board of Trustees of Texas Municipal Retirement System. The updated service credits and increases in retirement annuities granted hereby are subject to approval by the Board of Trus- tees of the Texas Municipal Retirement System.