86-048 ORD ALLOWING CERTAIN EMPLOYEES OF COP WHO HAVE TERMINATED PREVIOUS MEMBERSHIPS IN TX MUNICIPAL RETIREMENT SYSTEM TO DEPOSIT SUMS SO WITHDRAWN ETC

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ORDINANCE N0. $6-04$ AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY OF PARIS WHO HAVE TERMINATED PREVIOUS MEMBERSHIPS IN TEXAS MUrdICIPAL RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO WITH- DRAWN, 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 WITHDR.AWAL, WITH LIKE EFFECT AS IF ALL SUCH SERVICE HAD BEEN PERFORMED AS AN EMPLOYEE OF THIS CTTY, AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the acttzary of the Texas Municipal Retirement System has determined ttiat 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 interest of the City; NOW, THEREFORE, BE IT ORDAINED BY THE CITY CUUNCIL OF THE CITY OF PARIS: SECTIOh 1. Pursuanr to Section 63.003 of Subtitle G of Title 110B, Revised Civil Statutes of Texas, 1925, as amended, the City of Paris hereby elects to aJ_Iow any member of. Texas Municipal Retirement System who is an employee of this City on the lst daST of January, 1987, who has terminat- ed 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service as an employee of the City since resumin.g membership to deposit with the System in a lump sum the amount withdrawn, plus a withdrawal charge of five per cent (5%) of such amount for each year from date of such withdrawaJ_ to date of redeposit, and thereupon such member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 ef.fect as if all such service had been rendered as a employee of this City, whether so rendered or not. The City oi Pari.s agrees to underwrite and hereby assumes the obligations arising out of the granting of all such credits, und agrees that all such abligations and reserves required to provide such credits shall be charged to this City's account in the municipality accumulat-IL-on fund. The five per cent (5%) per annum withdrawal charge gaid by the mer.iber shall be deposited to the credit of the City's account in said municipal-ity 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; fun.d of the System. Section 2. This ordinance shall become effective on the lst day of January, 1987, which is a date on or after the date set forth in Section 1, above.