Ord 1997-052 - Laserfiche WebLink

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(b) The amount of the annuity increase under this Section is computed as the sum 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 70% 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 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 3. Dates of Allowances and Increases. The initial allowance of Updated Service Credit and increase in retirement annuities hereunder shall be effective on January 1, 1998, subject to approval by the Board of Trustees of the System. An allowance of Updated Service Credits and 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 853.404 of the TMRS Act, provided that, as to such subsequent year, the actuary for the System has made the determination set forth in subsection (d) of Section 853.404 of the TMRS Act. Section 4. That all employees of the City, who are members of the Texas Municipal Retirement System, shall make deposits to the System at the rate of 6% of their individual earnings. Section 5. All ordinances and resolutions or parts of ordinances or resolutions in conflict with this ordinance are repealed. Section 6. If any word, phrase, clause, sentence, or paragraph of this ordinance is held to be unconstitutional or invalid by a court of competent jurisdiction, the other provisions of this ordinance will continue in force if they can be given effect without the invalid portion. Section 7. The importance of this Ordinance creates an emergency and an imperative public necessity, and the provisions of the Charter requiring that ordinances be presented at three separate meetings, and that ordinances do not take effect until ten (10) days after the date of final passage are suspended, and this Ordinance will take effect upon publication of notice of its adoption in a newspaper of general circulation in the City. Section 8. Effective Date. Subject to approval by the Board of Trustees of the System, the 6% rate in Section 4 of this Ordinance will become effective October 1, 1997. Passed and approved this the 8th day of September ,19 97 Attest: Approved: !?v~ ~. ~ A. p@YOve.l: ~~. PUBLISHED IN THE SAN MARCOS DAILY RECORD, THURSDAY, SEPTEMBER 11, 1997. -2-