HomeMy WebLinkAboutOrdinance No. 84-27 . ��,`�, `�� • �
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TEXAS MUNICIPAL RETIREMENT SYSTEM
ORDTNANCE 84-27
AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY VUHO HAVE
TERMINATED PREVIOUS MEMBERSHIPS IN TEXAS MUNICIPAL RETIRER�IEl�1!'
SYSTEM, TO DEPOSII' THE SUMS SO WITHDRAWN, PLUS ANNUAL
WITHDRAVf/AL 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
s!I obligations charged against the City's account in the municipality accumulation fund,
��t:luding the obligations arising as a result of this ordinance, can be funded by the City
✓ithin 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,
l3C IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD, TEXAS:
Section 1. Pursuant to Section 63.003 of Subtitle G of Title 1108, Revised Civil
S tatutes of Texas, 1925, as amended, the City of Friendswood hereby elects to allow any
rnember of Texas Municipal Retirement System who i an employee of this City on the
21st day of Janua.ry , 1985 �1�, who has terminated a previous
���c�nbership in said System by withdrawal of deposits while absent from service, but who has
:�t: (east 24 months of credited service as an employee of this City since resuming membership
e�� deposit with the System in a lump sum the amount withdrawn, plus a withdrawal charge of
>��ve per cent (5%) of such amount for each year from date of such withdrawal to date of
�E�cieposit, and thereupon such member shall be allowed credit for all service to which the
���ember had been entitled at date of termination of the earlier membership, with like effect
:�� if all such service had been rendered as a employee of this City, whether so rendered or
����t. The City of Friendswood agrees to underwrite and hereby assumes the obligations
��-ising out of the granting of all such credits, and agrees that all such obligations and
rt,serves required to provide such credits shall be charged to this City's account in the
�����nicipality accumulation fund. The five per cent (5%) per annum withdrawal charge paid by
�!;�, member shall be deposited to the credit of the City's account in said municipality
t,umulation fund; and the deposits of the amount previously withdrawn by the member shall
credited to his or her individual account in the employees saving fund of the System. .
Section 2. This ordinance shall become effective on the 21st day of
�-1� , 19�_, which is a date on or after the date set forth in
' tion l, above.
'.I�:D AND APPROVED on First Rea.ding tYiis the � 7 T,�l da.y of �CCGir�Q�,.,
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���:D AND APPROVED on Second Reading this the `JTi�! day of s AN,uA2c�
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',SED, APPROVED AI�dD ADOPTED on Third and Fanal Reading this the 21st
; of January, 1985. ,
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s� Mayor ph . Lowe
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