HomeMy WebLinkAboutORD 95-56 ORDINANCE NO. 91--- 5"6
ENTITLED 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WITHDRAWN, PLUS ANNUAL WITHDRAWAL CHARGES,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; and,
WHEREAS, the City Council of the City of Beaumont, Texas, finds that it will be in
the public interest for the City to have its employees participate in the Texas Municipal
Retirement System as hereinafter provided;
NOW, THEREFORE, BE IT ORDAINED BY THE
THE CITY OF BEAUMONT:
Section 1.
THAT Pursuant to Section 853.004 of Subtitle G of Title 8, V.T.C.A., Government Code,
as amended, the City of Beaumont hereby elects to allow any member of the Texas
Municipal Retirement System who is an employee of this City on the 12th day of
September, 1995, 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the System in a lump sum the amount withdrawn, plus a withdrawal charge of five percent
(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 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 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 said municipality accumulation fund.
The five percent (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 employees' savings fund of the system.
Section 2.
This Ordinance shall become effective on the 12th day of September, 1995, which
is a date on or after the date set forth in Section 1, above.
PASSED BY THE CITY COUNCIL of the City of Beaumont on this the day
of c � , 1995.
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