Ordinance 1993-56
ORDINANCE NO. flJ ~-
AN ORDINANCE OF THE CITY OF WYLIE, AUTHORIZING AND ALLOWING, UNDER
THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM (TMRS)
"UPDATED SERVICE CREDITS" IN SAID SYSTEM ON AN ANNUAL BASIS FOR
SERVICE PERFORMED BY QUALIFYING"MEMBERS OF SUCH SYSTEM WHO AT THE
EFFECTIVE DATE OF THE ALLOWANCE, ARE IN THE EMPLOYMENT OF THE CITY
OF WYLIE; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE
ANNUITIES FOR RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE
CITY; TO INCREASE THE RATE OF DEPOSITS TO THE TEXAS MUNICIPAL
RETIREMENT SYSTEM BY THE EMPLOYEES OF THE CITY; AND ESTABLISHING AN
EFFECTIVE DATE FOR THE ORDINANCE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS:
Section 1. Authorization of Updated Service Credits.
(a) On the terms and conditions set out in Sections 853.401 through 853.404 of
Subtitle G of Title 8, V.T.C.A., Government Code, as amended (hereinafter
referred to as the "TMRS ACT"), each member of the Texas Municipal
Retirement System (hereinafter referred to as the "System") who has 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 had at least 36 months
of credited service with the System, shall be and is hereby allowed "Updated
Service Credit (as that term is defined in subsection (d) of Section 853.402 of the
TMRS Act).
(b) On the terms and conditions set out in Section 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, who has unforfeited credit for prior service and/or
current service 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, shall be credited with Updated
Service Credits pursuant to, calculated in accordance with, and subject to
adjustment as set forth in said Section 853.601 both as to the initial grant
hereunder and all future grants under this ordinance.
(c) The Updated Service Credit hereby allowed and provided for shall be 100% of
the "base Updated Service Credit" of the member (calculated as provided in
subsection (c) of Section 853.402 of the TMRS Act.)
(d) Each Updated Service Credit allowed hereunder shall replace any Updated Service
Credit, prior service credit, special prior service credit, or antecedent service
credit previously authorized for part of the same service.
Updated Service Credit
Annuity Increase Ord/1993
(e) In accordance with the provisions of subsection (d) of Section 853.401 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 shall be calculated
from and after the effective date of this ordinance on the full amount of such
person's compensation as an employee of the City.
Section 2. Increase in Retirement Annuities.
(a) On terms and conditions set out in Section 854.203 of the TMRS Act, the City
hereby 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 the City under current service annuities
and prior service annuities arising from service 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 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 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, 1994, subject to the 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 I 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.
Updated Service Credit
Annuity Increase Ord/1993
Section 4. Employee Deposit Rate.
All Employees of the City of Wylie, who are members of the Texas Municipal Retirement
System, shall make deposits to the System at the rate of six percent (6%) of their individual
earnmgs.
Section 5. Effective Date.
Subject to approval by the Board of Trustees of the System, this ordinance shall be and become
effective on the 1st day of January 1994.
PASSED and APPROVED this the Ill:Ldayof
;tldtk7993
ATTEST:
APPROVED:
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Mary i~~ty ecremry
Updated Service Credit
Annuity Increase Ord/1993