HomeMy WebLinkAboutOrdinance No. 2008-43 1
(Title: An ordinance electing the City to make current service and prior service
contributions to the City's account in the Municipal Accumulation Fund of the Texas
Municipal Retirement System.)
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ORDINANCE NO. 2008-43
AN ORDINANCE ELECTING FOR THE CITY TO MAKE CURRENT
SERVICE AND PRIOR SERVICE CONTRIBUTIONS TO THE CITY'S
ACCOUNT IN THE MUNICIPAL ACCUMULATION FUND OF THE
TEXAS MUNICIPAL RETIREMENT SYSTEM AT THE ACTUARIALLY
DETERMINED RATE OF TOTAL EMPLOYEE COMPENSATION.
WHEREAS, the City of Friendswood (the "City"), Is a participating municipality in the
Texas Municipal Retirement System (the "System"), and has undertaken to provide certain
retirement, death and disability benefits to Its employees pursuant to Subtitle G, Title 8,
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Government Code, (hereinafter, the "TMRS Act"); and;
WHEREAS, the City Council desires to authorize funding of such benefits as herein
provided; now therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD,
STATE OF TEXAS:
SECTION 1. Pursuant to Section 855.407(g) of the TMRS Act, the City hereby elects to
make future normal and prior service contributions to its account in the municipal accumulation
Rind of the System at such combined rate of the total compensation paid by the City to
employees who are members of the System, as the System's actuary shall annually determine as
the rate necessary to fund, within the amortization period determined as applicable to the City
under the TMRS Act,,the costs of all benefits which are or may become chargeable to or are to
be paid out of the City's account in said accumulation fund, regardless of other provisions of the
TMRS Act limiting the combined rate of City contributions.
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SECTION 2. The provisions of the ordinance shall become effective on the fifteenth
day of December, 2008.
PASSED AND APPROVED on first reading this 19t day of December, 2008.
PASSED, APPROVED, and ADOPTED on second and final reading this 15th day of
December,2008.
David J.H. 'th
Mayor
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D oris McKenzie, T � G �
City Secretary u � o
rqr� OF SEA P5
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Ord.2008443 2