86-048 ORD ALLOWING CERTAIN EMPLOYEES OF COP WHO HAVE TERMINATED PREVIOUS MEMBERSHIPS IN TX MUNICIPAL RETIREMENT SYSTEM TO DEPOSIT SUMS SO WITHDRAWN ETC
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the amount withdrawn, plus a withdrawal charge of five per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.
Passed and adopted this 8th day of Decmeber, 1986.
Bi y ur ett, Mayor
ATTEST:
Mattie Cunningham, City Clerk
APPROVED AS TO FORNi :
~
. K. Haynes, City Attorney