HomeMy WebLinkAboutOrdinance 1586
ORDINANCE NO. 1586
AN ORDINANCE ALL(M[NG CERI'AIN EMPlOYEES OF THE CITY WHO HAVE
'!ERMINATED PREVIOUS MEMBERSHIPS IN TEXAS MUNICIPAL RETlREMENI'
SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS ANNUAL
WITHDRAWAL CHARGES, AND AI..la'VING AND UNDERI'AKING THE COST OF
ALL(M[NG ANY SUCH EMPlOYEE CREDIT IN SUCH SYSTEM FOR ALL
SERVICE TO WHICH SUCH EMPlOYEE HAD BEEN ENTITLED AT DATE OF
SUCH WITHDRAWAL, WITH LIKE EFFECT AS IF ALL SUCH SERVICE HAD
BEEN PERFORMED AS AN EMPlOYEE OF THIS CITY.
WHEREAS, the actuary of the Texas Municipal Retire.ment System has
determined that all obligations charged against the City's account in
the municipality accumulation fund, including the obligations arising
as a resul t of this ordinance, can be funded by the City within its
maximum contribution rate and within its amortization period; and
WHEREAS, the Ci ty Council has determined that adoption of this
ordinance is in the best interests of the City; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND
HILLS, TEXAS:
Section 1. Pursuant to Section 63.003 of Subtitle G of Title
nOB, Revised Civil Statutes of Texas, 1925, as arrended, the City of
North Richland Hills hereby elects to allow any ræmber of Texas
Municipal Retirement System who is an employee of this City on the
12th day of December, 1988, who has terminated a
previous membership in said System by wi thdrawal of deposits while
absent from service, but who has at least 24 months of credited service
as an employee of this City since resmning ræmbership 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the System in a lump sum the amount withdrawn, plus a withdrawal charge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
wi thdrawal to date of redeposi t, and thereupon such ræmber shall be
allcmed credit for all service to to which the ræmber had been entitled
at date of termination of the earlier ræmbership, with like effect as
if all such service had been rendered as a employee of this Ci ty ,
whether so rendered or not. The City of North Richland Hills 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 charged to this
City's account in the municipality accumulation fund. The five per
cent (5%) per annum withdrawal charge paid by the ræmber 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 saving fund of the System.
Section 2. This ordinance shall becane effective on the
12th day of December , 1988, which is a date on or after the
date set forth in Section 1, above.
Ordinance No. 1586
Page 2
Passed and approved this the
1988.
ATTEST:
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~.. SEæE'I'ARY ,
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APPROVED AS TO FORM AND LEGALITY:
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ATTORNEY
12th
day of
December ,
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MAYOR PRO TEM G