2005-062-ORD ELECTING FOR COP TO MAKE CURRENT SERVICE AND PRIOR SERVICE CONTRIBUTIONS TO CITY'S ACCOUNT IN MUNICIPAL ACCUMULATION FUND

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ORDINANCE NO. 2005-062 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, 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; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Paris (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 THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble to this ordinance are hereby in all things approved. Section 2. 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 3. That the provisions ofthis ordinance shall become effective on January 1,2006. PASSED AND ADOPTED this 21st day of November, 2005. \\ \ , , " ATTEST: