HomeMy WebLinkAboutOrdinance 1274
ORDINANCE NO. 1274
AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY
WHO HAVE TERMINATED PREVIOUS MEMBERSHIPS IN TEXAS
MUNICIPAL RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO
WITHDRAWN, PLUS ANNUAL WITHDRAWAL CHARGES, AND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
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 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 maximum 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; 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 HOB,
Revised Civil Statutes of Texas, 1925, as amended, the City of North
Richland Hills hereby elects to allow any member of Texas Municipal Retirement
System who is an employee of this City on the 23rd day of
September , 1985, 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membership to deposit with the System in a lump sum the amount withdrawn,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 per cent (5%) of such amount for each year
from date of such withdrawal to date of redeposit, and thereupon such
member shall be allowed credit for all service to which the member has been
entitled at date of termination of the earlier membership, with like effect as if
all such service had been rendered as a employee of this City, 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 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 saving fund of the System.
Section 2. This ordinance shall become effective on the 26th day of
September , 1985, which is a date on or after the date set forth
in Section 1, above.
Ordinance No. 1274
Page 2
PASSED AND APPROVED this the 23rd day of September
1985.
~&M
MAYOR
ATTEST:
~ -a..~¿~' ¡¿-{.-<-.¿~~)
~ SECRETARY
,/
APPRO~S TO FORM AND LEGALITY:
" / ^---
;' ,/" "dr ¿y;....-. .
re'/' /'
, , 'l /'
!J '///t( ~A
ATT~RNEY L-, .. L---,