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<br />, . <br /> <br />e <br /> <br />e <br /> <br />ORDINANCE NO. 2001-~S,,;J- <br /> <br />AN ORDINANCE ELECTING TO NOT PROVIDE FIVE-YEAR VESTING FOR <br />EMPLOYEES OF THE CITY OF LA PORTE WHO ARE MEMBERS OF THE TEXAS <br />MUNICIPAL RETIREMENT SYSTEM, RESERVING THE RIGHT TO REVOKE THIS <br />ELECTION, FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW, AND <br />PROVIDING AN EFFECTIVE DATE HEREOF. <br /> <br />WHEREAS, the City of La Porte has elected to participate in <br />the Texas Municipal Retirement System (the "System") pursuant to <br />the provisions of Subtitle G of the Government Code, as amended <br />(the "TMRS Act"); and <br /> <br />WHEREAS, Section 854.205 of the TMRS Act, as amended effective <br />September 1, 2001, provides that unless a participating <br />municipality's governing board files with the Board of Trustees of <br />the System before December 31, 2001, an election to not provide <br />five-year vesting for its employees who are members of the System, <br />such employees may, if they have at least five years of credited <br />service with cities that do provide five-year vesting, terminate <br />covered employment and remain eligible to retire and receive a <br />service retirement annuity when they have attained an applicable <br />retirement age as provided by law; and <br /> <br />WHEREAS, the City Council of the City of La Porte finds that <br />it will be in the public interest to elect not to provide for such <br />five-year vesting; <br /> <br />NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br />OF LA PORTEs <br /> <br />Section 1. The City Council of the City of La Porte elects <br /> <br />not to provide five-year vesting under Section 854.205 of the TMRS <br /> <br />Act, and the City Secretary of the City of La Porte is hereby <br /> <br />authorized and directed to file notice of this election with the <br /> <br />Board of Trustees of the System before December 31, 2001. <br /> <br />Section 2. Pursuant to Section 854.205 of the TMRS Act, the <br />City Council of the City of La Porte reserves the right to revoke <br />the election created by this Ordinance, by sending notice to the <br />Board of Trustees of the System to provide for five-year vesting. <br />Section 3. The City Council officially finds, determines, <br /> <br />recites, and declares that a sufficient written notice of the date, <br />