File #: 23-6875    Version: 1 Name: TMRS COLA Update
Type: Agenda Item Status: Passed
File created: 10/16/2023 In control: City Council
On agenda: 12/4/2023 Final action: 12/4/2023
Title: An ordinance regarding the City's Municipal Retirement System (TMRS) benefits adopting annually accruing updated service credits and an annuity increase, also referred to as cost of living adjustments (COLAs) for retirees and their beneficiaries.
Attachments: 1. Ordinance

Title

An ordinance regarding the City’s Municipal Retirement System (TMRS) benefits adopting annually accruing updated service credits and an annuity increase, also referred to as cost of living adjustments (COLAs) 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, 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