Legislation Details

File #: 24-7376    Version: 1 Name: Ordinance - TMRS COLA
Type: Agenda Item Status: Passed
File created: 9/16/2024 In control: City Council
On agenda: 10/7/2024 Final action: 10/7/2024
Title: An ordinance regarding the City's Texas Municipal Retirement System (TMRS) benefits authorizing: (1) Annually accruing updated service credits and transfer updated service credits and (2) An annuity increase, also referred to as cost of living adjustment (COLA), for retirees and their beneficiaries.
Attachments: 1. Ordinance

Title

An ordinance regarding the City’s Texas Municipal Retirement System (TMRS) benefits authorizing: (1) Annually accruing updated service credits and transfer updated service credits and (2) An annuity increase, also referred to as cost of living adjustment (COLA), for retirees and their beneficiaries.

 

Body

The City proposes to provide for payment of the increases, stated in monthly benefits payable by the Texas Municipal Retirement System (TMRS), to retired employees and to beneficiaries of deceased employees of the City.  The amount of annuity increase 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 50 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 the increase.

 

Recommended/Desired Action

Staff recommends approval of this ordinance.

 

Attachment(s)

Ordinance

 

Drafter

Nick Domovich

 

Head of Department

Libby Craven