HomeMy WebLinkAbout1104 01-12-1993ORDINANCE NO. 1104
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RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS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 all 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 within 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 EULESS, TEXAS:
SECTION 1
Pursuant to Section 63.003 of Subtitle G of Title 1108, Revised Civil Statutes
of Texas, 1925, as amended, the City of Euless hereby elects to allow any member
of Texas Municipal Retirement System who is an employee of this City on the 12th
day of January, 1993, 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deposit with the System in a lump sum the amount withdrawn, plus a withdrawal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 (5 %) 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 an employee of this City, whether so rendered or not. The
City of Euless 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 fund. The five per cent (5 %) per annum
withdrawal charge paid by the member shall be deposited to the credit of the
City's account in said municipality accumulation fund; and the deposits of the
amount previously withdrawn by the member shall be credited to his or her
individual account in the employee's saving fund of the System.
Effective Date. This ordinance shall become effective on the 12th day of
January, 1993, which is a date on or after the date set forth in Section 1,
above.
PRESENTED AND APPROVED on First and Final Reading at a Regular Meeting of the
Euless City Council on the 12th day of January, 1993; by a vote of 7 ayes,
n nays, and o abstentions.
Harold D. Samuels, Mayor
ATTEST:
L2LV2ed�l�
Susan Crim, CMC, City Secretary
APPROV TO FORM:
ity Attorney
ORDINANCE NO. 1104, PAGE 2 OF 2