HomeMy WebLinkAboutORD 77-16(641
ORDINANCE NO. / q-/(�
ENTITLED AN ORDINANCE ALLOWING CERTAIN EMPLOYEES
OF THE CITY OF BEAUMONT WHO HAVE TERMINATED PRE-
VIOUS MEMBERSHIPS IN TEXAS MUNICIPAL RETIREMENT
SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS
ANNUAL WITHDRAWAL CHARGES, AND ALLOWING AND UN-
DERTAKING 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 SER-
VICE 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 hereinbelow authorized and under-
taken will not impair the ability of the City to meet all present and prospec-
tive
rospertive 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 ser-
vice 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 Texas Municipal Retirement System who is -an enr
ployee of this City on the 15th day of February, 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service, to deposit with the System in a lump sum the amount withdrawn, plus a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 (50) 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 ser-
vice 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 obliga-
tions arising out of the granting of all such credits, and agreesthat all such
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