§ 74-8. Same—Authorization of updated service credits, effective January 1, 1982; increase in retirement annuities.

(a)

On the terms and conditions set out in V.T.C.A., Government Code §§ 853.401—853.403, as amended, each member of the Texas Municipal Retirement System who has current service credit or prior service credit in said system in force and effect on January 1, 1982, by reason of service in the employment of the City of Haltom City, and on such date has at least 36 months of credited service with said system, shall be and is hereby allowed "updated service credit" (as that term is defined in V.T.C.A., Government Code § 853.402(d)) in an amount that is 100 percent of the "base updated service credit" of the member (calculated as provided in V.T.C.A., Government Code § 853.402(c)). The updated service credit hereby allowed 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.

(b)

In accordance with the provisions of V.T.C.A., Government Code § 853.401(c), the deposits required to be made to the Texas Municipal Retirement System by employees of the several participating departments on account of current service shall be calculated from and after the date aforesaid on the full amount of such person's earnings as an employee of the city.

(c)

On the terms and conditions set out in V.T.C.A., Government Code § 854.203, as amended, the City of Haltom City hereby elects to allow and to provide for payment of the increases below stated in monthly benefits payable by the Texas Municipal Retirement System to retired employees and to beneficiaries of deceased employees of this city under current service annuities and prior service annuities arising from service by such employees to this city. An annuity increased under this section replaces any annuity or increased annuity previously granted to the same person.

(d)

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 percent 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.

(e)

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.

(f)

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.

(g)

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.

(Code 1973, § 15-7.1; Ord. No. 1068, §§ 1, 2, 9-17-81)