HomeMy WebLinkAboutORD 82-59 ORDINANCE NO.
ENTITLED AN ORDINANCE ALLOWING CERTAIN
EMPLOYEES OF THE CITY OF BEAUMONT WHO
HAVE TERMINATED PREVIOUS MEMBERSHIPS IN
TEXAS MUNICIPAL RETIREMENT SYSTEM TO
DEPOSI^1 THE SUMS SO WITHDRAWN, PLUS
ANNUAL WITHDRAWAL CHARGES, IN THE SYSTEM
TO OBTAIN CREDIT FOR PRIOR SERVICE.
WHEREAS, the actuary for the Texas Municipal Retirement
System has determined that the granting of the credits hereinbelow
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 the 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 OF BEAUMONT:
Section 1 .
THAT pursuant to Subsection 8 of Section VI of Article
6243h, Texas Revised Civil Statutes Annotated, 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
June 1, 1982, 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deposit with the System in a lump sum the amount withdrawn, plus a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 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 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 Beaumont 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 percent (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withdrawn by the member shall be credited to his individual account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.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the
day of 1982.
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