§ 2-155. Increase to retirement annuities for retirees and beneficiaries of deceased city retirees effective January 1, 1999

(a)

(1)

On terms and conditions set out in V.T.C.A., Local Government Code § 854.203, the city hereby elects to allow and provide for payment of the increases set forth in this section in monthly benefits payable by the system to retired employees and beneficiaries of deceased employees of the city under current 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.

(2) 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 the 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 the ordinance from which this section is derived.

(3) An increase in an annuity that was reduced because of an option selection is reducible in the same proportion and manner that the original annuity was reduced.

(4) If a computation under this section does not result in an increase in the amount of the annuity, the amount of the annuity will not be changed by this section.

(5) The amount by which an increase under this section exceeds all previously granted increases to an annuitant is an obligation of the city and its account in the municipality accumulation fund of the system.

(b) Subject to approval by the board of trustees of the system, the increases in retirement annuities granted by this section became effective January 1, 1999.

(Ord. No. 785, § 2, 12-21-1998)