HomeMy Public PortalAboutOrdinance No. 1128-08 10-28-2008 i
ORDINANCE NO. 1128-08
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TEXAS MUNICIPAL RETIREMENT SYSTEM
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.
WHEREAS, the City of Richland Hills (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 COUNCIL OF RICHLAND HILLS, TEXAS:
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 prove ions of the ordinance shall become effective on the first day of
200.
ATTEST: APP ED:
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