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4 • <br />REt~~ <br />a~ ;~^ <br />~~~~ <br />~~~ <br />Ordinance No. 1399 <br />TEXAS MUNICIPAL RETIREMENT SYSTEM <br />AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF <br />THE CITY WHO HAVE TERMINATED PREVIOUS <br />MEMBERSHIPS IN TEXAS MUNICIPAL RETIREMENT <br />SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS <br />ANNUAL WITHDRAWAL CHARGES, AND ALLOWING <br />AND UNDERTAKING THE COST OF ALLOWING ANY <br />SUCH EMPLOYEE CREDIT IN SUCH SYSTEM FOR ALL <br />SERVICE TO WHICH SUCH EMPLOYEE HAD BEEN <br />ENTITLED AT DATE OF SUCH WITHDRAWAL, WITH <br />LIKE EFFECT AS IF ALL SUCH SERVICE HAD BEEN <br />PERFORMED AS AN EMPLOYEE OF THIS CITY. <br />TMRS-H <br />(Rev. 8/82) <br />WHEREAS, the actuary of the Texas Municipal Retirement System has determined that <br />all obligations charged against the City's account in the municipality accumulation fund, <br />including the obligations arising as a result of this ordinance, can be funded by the City <br />within its maximum contribution rate and within its amortization period; and <br />WHEREAS, the City Council has determined that adoption of this ordinance is in the <br />best interests of the City; now, therefore, <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: <br />Section 1. Pursuant to Section 63.003 of Subtitle G of Title 1108, Revised Civil <br />Statutes of Texas, 1925, as amended, the City of La Porte hereby elects to allow any member <br />of Texas Municipal Retirement System who is an employee of this City on the 15th day of <br />February , 19 8 4 (~, who has terminated a previous membership in said <br />System by withdrawal of deposits while absent from service, but who has at least 24 months <br />of credited service as an employee of this City since resuming membership to deposit with <br />the System in a lump sum the amount withdrawn, plus a withdrawal charge of five per cent <br />(5~) of such amount for each year from date of such withdrawal to date of redeposit, and <br />thereupon such member shall be allowed credit for all service to which the member had been <br />entitled at date of termination of the earlier membership, with like effect as if all such <br />service had been rendered as a employee of this City, whether so rendered or not. The City <br />of La Porte agrees to underwrite and hereby assumes the obligations arising out of the <br />granting of all such credits, and agrees that all such obligations and reserves required to <br />provide such credits shall be charged to this City's account in the municipality accumulation <br />fund. The five per cent (5916) per annum withdrawal charge paid by the member shall be <br />deposited to the credit of the City's account in said municipality accumulation fund; and the <br />deposits of the amount previously withdrawn by the member shall be credited to his or her <br />individual account in the employees saving fund of the System. <br />~~ <br />(1) THIS DATE MAY NOT BE LATER THAN THE EFFECTIVE DATE OF THE ORDINANCE <br />