O-1984-1399 - Laserfiche WebLink

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f " . ~~)j '\", -to'" ~~ . TMRS-H (Rev. 8/82) J' Ordinance No. 1399 . TEXAS MUNICIPAL RETIREMENT SYSTEM AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY WHO HAVE TERMINATED PREVIOUS MEMBERSHIPS IN TEXAS MUNICIPAL RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS ANNUAL WITHDRAWAL CHARGES, AND ALLOWING AND UNDERTAKING THE COST OF ALLOWING ANY SUCH EMPLOYEE CREDIT IN SUCH SYSTEM FOR ALL ,SERVICE TO WHICH SUCH EMPLOYEE HAD BEEN ENTITLED AT DATE OF SUCH WITHDRAWAL, WITH LIKE EFFECT AS IF ALL SUCH SERVICE HAD BEEN PERFORMED AS AN EMPLOYEE OF THIS CITY. WHEREAS, the actuary of the Texas Municipal Retirement System has determined that aU obligations charged against the City's account in the municipality accumulation fund, including the obligations arising as a result of this ordinance, can be funded by the City eithin its maximum contribution rate and within its amortization period; and WHEREAS, the City Council has determined that adoption of this ordinance is in the best interests of the City; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: Section 1. Pursuant to Section 63.003 of Subtitle G of Title 110B, Revised Civil Statutes of Texas, 1925, 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 15th day of February , 19 84 OJ, who has terminated a previous membership in said System by withdrawal of deposits while absent from service, but who has at least 24 months of credited service as an employee of this City since resuming membership to deposit with the System in a lump sum the amount withdrawn, plus a withdrawal charge of five per cent (596) of such amount for each year from date of such withdrawal to date of redeposit, and thereupon such member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 had been entitled at date of termination of the earlier membership, with like effect as if all such service had been rendered as a 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 shall be charged to this City's account in the municipality accumulation Ind. The five per cent (596) per annum withdrawal charge paid by the member shall be eposited to the credit of the City's account in said municipality accumulation fund; and the eposits of the amount previously withdrawn by the member shall be credited to his or her individual account in the employees saving fund of the System. (1) THIS DATE MAY NOT 8E LATER THAN THE EFFECTIVE DATE OF THE ORDINANCE