Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> ORDINANCE NO. 95'044 <br /> <br /> <br /> AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY WHO HAVE <br /> TERMINATED PREVIOUS MEMBERSHIPS IN TEXAS MUNICIPAL RETIREMENT <br /> SYSTEM, TO DEPOSIT T~ AL OWING ANDIUNDERTANKING THE ANNUAL <br /> OF <br /> WITHDRAWAL CHARGES, AALLOWING ANY 5UCH EMPLOYEE CREDIT IN SUCH SYSTEM FOR ALL SERVICE <br /> TO WHICH SUCH EMPL~ EEE ~C1~ AS BEEN IF ALL I UCH SER V CE HAD EEN <br /> WITHDRAWAL, WITH LI <br /> PERFORMED AS AN EMPLOYEE OF THIS CITY. <br /> <br /> WHEREAS, the actuary of the Texas Municipal Retirement System has determined that <br /> all obligations charged against the City's account in the municipality accumulation fund, <br /> including the obligations arising as a result of this ordinance, can be funded by the City within <br /> its ma3cimum contribution rate and within its amortization period; and, <br /> WHEREAS, the City Council has determined that adoption of this ordinance is in the <br /> <br /> best interests of the City; and, <br /> WHEREAS, the City Council of the City of Paris, Paris, Texas, finds that it will be in <br /> <br /> the public interest for the City to have its employees participate in the Texas Municipal <br /> Retirement System as hereinafter provided; NOW, THEREFORE, <br /> BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS: <br /> <br /> Section 1. Pursuant to Section 853.003 of Subtitle G of Title 8, V.T.C.A., Government <br /> <br /> Code, as amended, the City of Paris hereby elects to allow any member of the Texas Municipal <br /> Retirement System (hereinafter referred to as the "System") who is an employee of this City on <br /> the 9th day of October, 1995, who has terminated a previous membership in said System by <br /> withdrawal of deposits while absent from service, but who has at least 24 months of credited <br /> service as an employee of this City since resuming membership, to deposit with the System, in <br /> a lump sum, the amount withdrawn, plus a withdrawal charge of five percent (5 of such <br /> amount, for each year from date of such withdrawal to date of redeposits and, thereupon, such <br /> member shall be allowed credit for all service to which the member had been entitled at date of <br /> termination of earlier membership, with like effect as if all such service had been rendered as <br /> an employee of this City, whether so rendered or not. The City agrees to underwrite, and <br /> hereby assumes the obligations arising out of the granting of all such credits, and agrees that all <br /> such obligations and reserves required to provide such credits shall be cum withdrawal <br /> account in the municipality accumulation fund. The five percent (5 per ann <br /> charge paid by the member shall be deposited to the credit of the City's account in said <br /> municipality accumulation fund, and the deposits of the amount previously withdrawn by the <br /> member shall be credited to his or her individual account in the employees' savings fund of the <br /> System. <br /> Section 2. The Personnel Director of the City of Paris shall be designated as the official <br /> who shall certify as to the list of employees who qualify under Section 1, above. <br /> <br /> Section 3. All ordinances or parts of ordinances in conflict herewith are hereby <br /> expressly repealed. <br /> <br /> Section 4. This ordinance shall be become effective on October 9, 1995, which is a date <br /> on or after the date set forth in Section 1, above. <br /> <br /> PASSED AND ADOPTED this 9th day of October, 1995. <br /> <br /> <br /> <br /> Eric S. Clifford, Mayor <br />