1995-098J:\WPDOCS\0RD\TMRSORD.0RD
ORDINANCE NO. ~
AN ORDINANCE OF THE CITY OF DENTON, TEXAS ALLOWING CERTAIN
EMPLOYEES OF THE CITY WHO HAVE TERMINATED PREVIOUS MEMBERSHIPS IN
TEXAS MUNICIPAL RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO WITH-
DRAWN, PLUS ANNUAL WITHDRAWAL CHARGES, AND ALLOWING ANDUNDERTAKING
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 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 I. That 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 as of the 26th day of June,
1995, who has terminated a previous membership in said System by
withdrawal of deposits while absent from service, but who has at
least twenty-four (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a lump sum the amount withdrawn, plus a withdrawal charge of five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 with-
drawal to date of redeposit, and thereupon such member shall be
allowed credit for all service to which the member had been en-
titled 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 under-
write 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 accounting 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 pre-
viously withdrawn by the member shall be credited to his or her
individual account in the employees' savings fund of the System.
SECTION II. That this ordinance shall become effective on the
26th day of June, 1995, which is a date on or after the date set
forth in Section I, above.
PASSED AND APPROVED this the6~'"' day of _/~__, 1995.
BOB CAST~~
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
AP~VED A/TO LEGAL FORM:-
MICHAEL A. BUCEK, ACTING CITY ATTORNEY
BY:
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