95-044 ORD ALLOWING CERTAIN EMPLOYEES OF COP WHO HAVE TERMINATED PREVIOUS MEMBERSHIP IN TEXAS MUNICIPAL RETIREMENT SYSTEM
ORDINANCE NO. 95'044
AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY WHO HAVE
TERMINATED PREVIOUS MEMBERSHIPS IN TEXAS MUNICIPAL RETIREMENT
SYSTEM, TO DEPOSIT T~ AL OWING ANDIUNDERTANKING THE ANNUAL
OF
WITHDRAWAL CHARGES, AALLOWING ANY 5UCH EMPLOYEE CREDIT IN SUCH SYSTEM FOR ALL SERVICE
TO WHICH SUCH EMPL~ EEE ~C1~ AS BEEN IF ALL I UCH SER V CE HAD EEN
WITHDRAWAL, WITH LI
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 ma3cimum 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; and,
WHEREAS, the City Council of the City of Paris, Paris, Texas, finds that it will be in
the public interest for the City to have its employees participate in the Texas Municipal
Retirement System as hereinafter provided; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS:
Section 1. Pursuant to Section 853.003 of Subtitle G of Title 8, V.T.C.A., Government
Code, as amended, the City of Paris hereby elects to allow any member of the Texas Municipal
Retirement System (hereinafter referred to as the "System") who is an employee of this City on
the 9th day of October, 1995, 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a lump sum, the amount withdrawn, plus a withdrawal charge of five percent (5 of such
amount, for each year from date of such withdrawal to date of redeposits and, thereupon, such
member shall be allowed credit for all service to which the member had been entitled at date of
termination of earlier membership, with like effect as if all such service had been rendered as
an employee of this City, whether so rendered or not. The City 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 cum withdrawal
account in the municipality accumulation fund. The five percent (5 per ann
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' savings fund of the
System.
Section 2. The Personnel Director of the City of Paris shall be designated as the official
who shall certify as to the list of employees who qualify under Section 1, above.
Section 3. All ordinances or parts of ordinances in conflict herewith are hereby
expressly repealed.
Section 4. This ordinance shall be become effective on October 9, 1995, which is a date
on or after the date set forth in Section 1, above.
PASSED AND ADOPTED this 9th day of October, 1995.
Eric S. Clifford, Mayor
ATTEST:
Mattie Cunningham, City Clerk
APPROVED S O FORM:
T. K. Haynes, City Attorney