HomeMy WebLinkAboutORD 03-106 ORDINANCE NO. 03-106
ENTITLED AN ORDINANCE ELECTING FOR THE CITY TO
MAKE CURRENT SERVICE AND PRIOR SERVICE
CONTRIBUTIONS TO THE CITY'S ACCOUNT IN THE
MUNICIPAL ACCUMULATION FUND OF THE TEXAS
MUNICIPAL RETIREMENT SYSTEM AT THE ACTUARIALLY
DETERMINED RATE OF TOTAL EMPLOYEE
COMPENSATION; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Beaumont (the "City"), is a participating municipality in the
Texas Municipal Retirement System(the"System"), and has undertaken to provide certain
retirement, death and disability benefits to its employees pursuant to Subtitle G, Title 8,
Government Code, (hereinafter, the "TMRS Act"); and,
Whereas, the City Council desires to authorize funding of such benefits as herein
provided;
NOW, THEREFORE, BE IT ORDAINED
BY THE CITY OF BEAUMONT:
Section 1.
Pursuant to Section 855.407(g) of the TMRS Act, the City hereby elects to make
future normal and prior service contributions to its account in the municipal accumulation
fund of the System at such combined rate of the total compensation paid by the City to
employees who are members of the System, as the System's actuary shall annually
determine as the rate necessary to fund, within the amortization period determined as
applicable to the City under the TMRS Act, the costs of all benefits which are or may
become chargeable to or are to be paid out of the City's account in said accumulation fund,
regardless of other provisions of the TMRS Act limiting the combined rate of City
contributions.
Section 2.
The provisions of the ordinance shall become effective on the 1" day of January,
2004.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 9th day of
December, 2003.
- Mayor Evelyn—M. Lord -