HomeMy WebLinkAbout529 11-22-1977ORDINANCE NO. 529
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WITHDRAWN, PLUS ANNUAL WITHDRAWAL CHARGES, AND ALLOW-
ING AND UNDERTAKING THE COST OF ALLOWING ANY SUCH
EMPLOYEE CREDIT IN SUCH SYSTEM FOR ALL SERVICES 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 for the Texas Municipal Retirement
System has determined that the granting of the credits herein -
below authorized and undertaken will not impair the ability of the
City to meet all present and prospective liabilities of its account
in the Municipality Prior Service Accumulation Fund with Texas
Municipal Retirement System, and will not impair the ability of, the
City to provide for payment of prior service annuities or current
service annuities chargeable to its accounts with the System; now,
therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF EULESS,
TEXAS:
Section 1. Pursuant to subsection 8 of Section VI of
Article 6243h, Vernon's Texas Civil Statutes, 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 22nd
day of _November , 1977, who has terminated a previous membership
in said System by withdrawal of deposits while absent from service,
to deposit with the System in a lump sum the amount withdrawn, plus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 Prior Service
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 Prior Service Accumulation Fund;
and the deposits of the amount previously withdrawn by the member
shall be credited to his individual account in the Employees Saving
Fund of the System.
PRESENTED AND GIVEN FIRST READING at a regular meeting of the
Euless City Council on the sth day of November , 1977;
GIVEN SECOND READING, PASSED AND APPROVED at a regular meeting of
the Euless City Council on the 22nd day of November , 1977.
APPROVED:
Mayor
ATTEST:
City Secretary