Ord 1991-075 - Laserfiche WebLink

Home Browse Search

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 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 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 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, 1992, 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 Section 2-46 of the San Marcos Code of Ordinances is hereby amended to read as follows: Sec. 2-46. City contribution. Effective January 1, 1992, for each month of current service thereafter rendered by each of its employees who are members of the Texas Municipal Retirement System, the City will contribute to the current service annuity reserve of each such member at the time of his or her retirement, a sum that is 200% of such member's accumulated deposits for such month of employment; and said sum shall be contributed from the City's account in the municipality accumulation fund. SECTION 5. That all ordinances and resolutions or parts of ordinances or resolutions in conflict herewith are hereby repealed. SECTION 6. 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 become effective on the 1st day of January, 1992, and this ordinance shall be published in a newspaper of general circulation in the area as required by the Charter of the City of San Marcos, Texas. PASSED AND APPROVED on first reading November 25, 1991. PASSED AND APPROVED on second reading December 9, 1991. PASSED, APPROVED AND ADOPTED December 16, 1991. ~~o~ .11A~