HomeMy WebLinkAboutO-1984-1399
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TMRS-H
(Rev. 8/82)
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Ordinance No. 1399
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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SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS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the System in a lump sum the amount withdrawn, plus a withdrawal charge of five per cent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
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TMRS-H (Continued)
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.. Section 2.
., Februarv
Section 1, above.
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Page 2
This ordinance shall become effective on the 15th day of
19 84 , which is a date on or after the date set forth in
Passed and approved this the /:i'a day of c:R-~
ATTEST:
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City. Secretary or Clerk
, 19 <itf
APPROVED:
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