1993-227j:\wpdocs\ord\tmre.o
ORDINANCE NO. Qa_~.ZZ7
NOTE: REPEALED BY ORDINANCE 94-011 WHICH REPLACES IT. A COPY IS ATTACHED.
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SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS ANNUAL WITHDRAWAL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; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Council has determined that adoption of this
ordinance is in the best interest of the City; and
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; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION I. Pursuant to Section 63.003 of Subtitle G of Title
110B, Revised Civil Statutes of Texas, 1925, as amended, the City
of Denton hereby elects to allow any member of Texas Municipal
Retirement System who is an employee of this City on the 21st day
of December, 1993, 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sum the amount withdrawn, plus a withdrawal charge of five per cent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 had 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 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 II. This ordinance shall become effective on the 21st
day of December, 1993, which is a date on or after the date set
forth in Section 1, above.
PASSED AND APPROVED this the 71-; day of
19 9,3 .
BOB CASTLEBERRY,
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: APPROVED AS TO LEGAL FORM:
DEBRA A. DRAYOVITCH, CITY ATTORNEY
BY: -&A
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j:\wpdocs\ord\tmrs.o
ORDINANCE NO.
AN ORDINANCE REPEALING ORDINANCE NO. 93-227 AND SUBSTITUTING
THEREFOR 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; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Texas Municipal Retirement System has requested
the City repeal ordinance No. 93-227 and adopt a revised ordinance
as hereinafter described;
WHEREAS, the City Council has determined that adoption of this
ordinance is in the best interest of the City; and
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; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION I. That Ordinance No. 93-227 adopted by the City of
Denton, Texas on December 7, 1993 is hereby repealed in its
entirety and is replaced with this ordinance which shall read as
follows:
Pursuant to Section 63.003 of Subtitle G of Title 110B,
Revised Civil Statutes of Texas, 1925, as amended, the City of
Denton hereby elects to allow any member of Texas Municipal
Retirement System who is an employee of this City on the 27th day
of December, 1993, 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 had 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 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 II. This ordinance shall become effective on the 18th
day of January, 1994, which is a date on or after the date set
forth in Section 1, above.
PASSED AND APPROVED this the ,Z(_ day of , 1994. OL CASTLEBERRY,
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
APb'dOVED ASK TO LEGAL FORM:
DEBRA A. DRAYOVITCH, CITY ATTORNEY
BY: & 7.Ca - 015 e
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