HomeMy Public PortalAboutOrdinance No. 655-91 12-10-1991 OP,DIDIAP3CE 655
QV, RE iigE ~2
TMRS-H
N
J~ N
ti (Rev. 8/82)
df ~V6tM~
TEXAS MUNICIPAL RETIREMENT SYSTEM
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SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS ANNUAL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; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF RICHLAND HILLS, TEXAS:
Section 1. Pursuant to Section 63.003 of Subtitle G of Title 1108, Revised Civil
Statutes of Texas, 1925, as amended, the City of Richland Hills hereby elects to allow any
• member of Texas Municipal Retirement System who i an employee of this City on the
10th day of DECEA'IBER , 19 91 (l~, 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to deposit with the System in a lump sum the amount withdrawn, plus a withdrawal charge of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 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 al! 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 a employee of this City, whether so rendered or
not. The City of Richland Hills 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 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
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 saving fund of the System.
Section 2. This ordinance shall become effective on the 1 ~'.:h day of
DECEi1BER _ , 19 a 1 , which is a date on or after the date set forth in
Section 1, above.
Passed and approved this the 10th day of DECEMEER ~ 19 91
ATTEST: APP VED:
~ d e
• ti~ ~G ~
City ecr tary or Cl rk Mayon
1~ TL.i7C 1'1 A TA ll A V R7l1T QII T A TCD TL1 A Ri TLiII CL`CIIl~Ti~~L^ l'\ w TC nr~ Tr rr_ /\T Tiif A t rr.r