ORD 2014-40TOWN OF TROPHY CLUB, TEXAS
ORDINANCE 2014-40
AN ORDINANCE OF THE TOWN OF TROPHY CLUB PROVIDING FOR
INCREASED PRIOR AND CURRENT SERVICE ANNUITIES UNDER THE ACT
GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM ("TMRS") FOR
RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE TOWN OF
TROPHY CLUB, AND ESTABLISHING AN EFFECTIVE DATE FOR THE
ORDINANCE.
WHEREAS, The Town Council has determined it appropriate to take action to adjust the
amount of annuity increase provided as a part of its employee retirement system; and
WHEREAS, having reviewed options provided under the TMRS retirement program, the
Town Council has determined it necessary and appropriate to adopt this Ordinance.
NOW THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY
CLUB, TEXAS:
Increase in Retirement Annuities.
(a) On the terms and conditions set out in Sections 854.203 and 853.404 of Subtitle G of Title
8, Government Code, as amended (hereinafter referred to as the "TMRS Act"), the Town 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 Town under
current service annuities and prior service annuities arising from service by such employees to the
Town. 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 30% 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 under 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 Town and of its account in the Benefit Accumulation
Fund of the System.
Dates of Increases.
The initial increase in retirement annuities hereunder shall be effective on January 1, 2015,
subject to approval by the Board of Trustees of the System. An increase in retirement annuities shall
be made hereunder on January 1 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, and provided further that, as to such subsequent year, the City has an
ordinance in effect that provides for a simultaneous increase in updated service credits as that term
is used in the TMRS Act.
ORD 2014-40 Page 1 of 2
EFFECTIVE DATE.
This Ordinance shall take effect on November 25, 2014, and it is accordingly so
ordained.
PASSED AND APPROVED by the Town Council of the Town of Trophy Club, Texas,
this 25th day of November, 2014.
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ATTEST:
i
T�fnmy Ard, T wn Secretary
T n of Trop y Club, Texas
C. Nick San ers, Mayor
Town of Trophy Club, Texas
APPROVED AS TO FORM:
T
Patricia A. Adams, own Attorney
Town of Trophy Club, Texas
ORD 2014-40 Page 2 of 2