Ord 1990-096 - Laserfiche WebLink

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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 ordinance. (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 previously granted increases to an annuitant is an obligation of this City and of its account in the municipality accumulation fund of the Texas Municipal Retirement System. SECTION 3. ReDealer. Sections 2-43 and 2-44 of the San Marcos Code of Ordinances are hereby repealed and reserved for future use, and all other ordinances or parts of ordinances in conflict with this ordinance are hereby repealed. SECTION 4. Subject to approval by the Board of Trustees of Texas Municipal Retirement System, the updated service credits and increases in retirement annui ties granted hereby shall become effective on the 1st day of January, 1991, 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 5, 1990. PASSED AND APPROVED on second reading November 26, 1990. PASSED, APPROVED AND ADOPTED Dec bJ!:.~ th . orrl Mayor Attest: . . /~' /" , A c;J;1fr~~' ~ J is K. Womack City Secretary Approved: ~6.~ Mark B. Taylor .. .... City Attorney PUBLISHED IN THE SAN MARCOS DAILY RECORD, FRIDAY, DECEMBER 14, 1990.