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10-29-22-Ordinance-Texas Municipal Retirement System Cost of Living Retirees-10/03/2022CITY OF SANGER, TEXAS ORDINANCE 10-29-22 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SANGER, DENTON COUNTY, TEXAS, PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE ANNUITIES UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL RETIREMENT SYSTEM FOR RETIREES AND BENEFICIARIES OF DECEASED RETIREES OF THE CITY OF SANGER, AND ESTABLISHING AN EFFECTIVE DATE FOR THE ORDINANCE.; PROVIDING FOR THE REPEAL OF ALL ORDINANCES IN CONFLICT; PROVIDING A CUMULATIVE CLAUSE; PROVIDING FOR A SEVERABILITY CLAUSE; PROVIDING A SAVINGS CLAUSE; AND ESTABLISHING AN EFFECTIVE DATE. WHEREAS, the City of Sanger (the "City") is a home rule municipality regulated by state law and Charter; and WHEREAS, the City Council discussed the funding of aCost-of-Living increase for City of Sanger retirees during a budget work session on July 18, 2022; and WHEREAS, the City Council approved Ordinance 09-23-22 approving the 2022-2023 Fiscal Year Budget on September 19, 2022 funding a Cost of Living for retirees; and WHEREAS, the City Council finds that the passage of this Ordinance is in the best interest A the citizens of Sanger. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SANGER, TEXAS: SECTION 1. Increase in Retirement Annuities. (a) On the terms and conons set out in Section 854.203 of Subtitle G %J Title 8, Government Code, as amended (hereinafter referred to as the "TMRS Act"), the City 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 City under current service annuities 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. (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 70% 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. Ordinance — TMRS Retiree Cost of Living increase Page 1 of 2 (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 City and of its account in the Benefit Accumulation Fund of the System. SECTION 2. Effective Date. Subject to approval by the Board of Trustees of the System, this ordinance shall be and become effective on the 1 st day of January 2023. SECTION 3. That all matters stated in the preamble are found to be true and correct and are incorporated herein as if copied in their entirety. SECTION 4. It is hereby declared to be the intention of the City Council that the sections, paragraphs, sentences, clauses, phrases, and words of this Ordinance are severable and, if any word, phrase, clause, sentence, paragraph, or section of this Ordinance shall be declared unconstitutional by the valid judgment or decree of any court of competent jurisdiction, such unconstitutionality shall not affect any of the remaining portions of this Ordinance, since the same would have been enacted by the City Council without the incorporation in this Ordinance of any such unconstitutional word, phrase, clause, sentence, paragraph, or section. SECTION 5. That this Ordinance shall be cumulative of all other City Ordinances and all other provisions of other Ordinances adopted by the City which are inconsistent with the terms or provisions of this Ordinance are hereby repealed. SECTION 6. This ordinance will take effect immediately from and after its passage and the publication of the caption, as the law and Charter in such case provides. PASSED AND APPROVED by, the City Council of the City of Sanger, Texas, on this 3rd day of October 2022. ATTEST: TEXPS���. IOC City Secretary Ordinance — TMRS Retiree Cost of Living increase APPROVED: i Thomas E. Muir, Mayor Attorney Page 2 of 2