1980-11-05 Regular Meeting - Laserfiche WebLink

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• Ordinance No. 1237 Page 4 • Section 4. Participation in the Supplemental Death Benefits Fund. (a) The City of La Porte hereby elects to participate in the Supplemental Death Benefits Fund of the Texas Municipal Retirement System beginning on the first day of January, 1981, following written notification to the System of the adoption of this ordinance, for the purpose of providing in-service death benefits in the amounts and on the terms provided for in Section XIX of the TMRS Act (Article 6243h, Vernon's Texas Civil Statutes as amended) for each of the City's employees who are members of said System, and for the purpose of providing post-retirement death benefits as provided in said Section XIX for annuitants whose last covered employment was as an employee of this City. • (b) The City of La Porte is hereby authorized and directed to notify the Director of the System of adoption of this ordinance, and of the participation of the City in said Fund. (c) Participation of the above mentioned employees and annui- tants in the Supplemental Death Benefits Fund shall be effective January 1, 1981. Section 5. Adoption of Provisions Allowing for "Buy-Back" o Previously Forfeited TMRS Service. (a) Pursuant to subsection 8 of Section VI of Article 6243h, Vernon's Texas Civil Statutes, as amended, the City of La Porte hereby elects to allow any member of Texas Municipal Retirement System who is an employee of this City on the 5th day of November, 1980, who has terminated a previous membership in said System by • withdrawal of deposits while absent from service, to deposit with the System in a lump sum the amount withdrawn, plus a withdrawal charge of five percent (5~) of such amrn~r=t for each year from date of such withdrawal to date of redeposit, and thereupon such member shall be allowed credit for all service to which the member has been entitled at date of termination of the earlier membership, with like effect as if all such service has been rendered as an employee of this City, whether so rendered or not. The City of La Porte agrees to underwrite and hereby assumes the obligations arising out of the granting of all such credits, and agrees that all such obligations and reserves required to provide such credits