HomeMy WebLinkAbout2001-313ORDINANCE NO OOI - s 13
AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY WHO HAVE
TERMINATED PREVIOUS MEMBERSHIPS IN THE 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SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS ANNUAL WITHDRAWAL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, AND PROVIDING FOR AN EFFECTIVE DATE
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, and
WHEREAS, the City Council of the City of Denton, 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,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS
SECTION 1 Pursuant to Section 853 003 of Subtitle G of Title 8, V T C A ,
Government Code, as amended, the City of Denton hereby elects to allow any member of the
Texas Municipal Retirement System who is an employee of this City on the 4th day of
September, 2001, 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amount withdrawn, plus a withdrawal charge of five percent (5%) of such amount for each year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 redeposit, 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 charged to this City's account in the municipality
accumulation fund The five percent (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' savings fund of the System
SECTION 2 This ordinance shall become effective on the 1st day of January 2002,
which is a date on or after the date set forth in Section 1, above
PASSED AND APPROVED this the `7'' d day of , 2001
Z,� A-drL
EULINE BROCK, MAYOR
ATTEST
JENNIFER WALTERS, CITY SECRETARY
BY lAl 0/ J4
APPROVED AS TO LEGAL FORM
HERBERT L PROUTY, CITY ATTORNEY
BY `