O-90-2449 - 1/11/1990has
ORDINANCE NO.
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RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS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
determined that all obligations charged against the City's
account in the
municipality accumulation fund, including the
a result of this ordinance, can be funded by
maximum contribution rate and .within its
obligations arising as
the City 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 ROUND ROCK,
TEXAS:
I.
Pursuant to Section 63.003 of Subtitle G of Title 110B, Revised
Civil Statutes of Texas, 1925, as amended, the City of Round Rock
hereby elects
to allow any member of Texas Municipal Retirement
System who is an
leN
of 4)/YLUZZA4/
memberdlip in said
service, but who
employee of this
System in a lump
employee of this
, 19 QC,
City on the // day
who has terminated a previous
System by withdrawal of deposits while absent from
has at least 24 months of credited service as an
City since resuming membership to deposit with the
sum the amount withdrawn, plus a withdrawal charge
of five per cent (5%) of such amount for each year from date of such
COR01110A
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 Round Rock agrees to
underwrite
and hereby
granting of all such
and reserves
this City's
per cent (5%)
deposited to
accumulation
withdrawn by
account in the
A. All
required
assumes the obligations arising out of the
credits, and agrees that all such obligations
to provide such credits shall be charged to
account in the municipality accumulation fund. The five
per annum withdrawal charge paid by the member shall be
the credit of the City's account in said municipality
fund; and the deposits of the amount previously
the member shall be credited to his or her individual
employees saving fund of the System.
II.
ordinances, parts of ordinances, or resolutions in
conflict herewith are expressly repealed.
B. The invalidity of any section or provision of this
ordinance shall not invalidate other sections or provisions thereof.
Alternative 1.
By motion duly made, seconded and passed with an affirmative
vote of all the Council members present, the requirement for reading
this ordinance on two separate days was dispensed with.
READ, PASSED, and ADOPTED on first reading this // day
n
1990.
2.
Alternative 2.
READ and APPROVED on first reading this the
day
of
1990.
READ, APPROVED and ADOPTED on second reading this the
day
of
1990.
ATTEST:
JOgE LAND, Cit Secretary
MIKE ROBINSON, Mayor
City of Round Rock, Texas
3.
DATE: January 9, 1990
SUBJECT: City Council Meeting, January 11, 1990
ITEM: 10A. Consider an ordinance providing for buy back
provision for City employees. (First Reading)
STAFF RESOURCE PERSON: Bob Bennett
STAFF RECOMMENDATION:
This ordinance will allow employees with a break in service to
buy back into the TMRS system. The cost to the City will be
minimal and can be covered in the current budget. This provision
will affect 18 current employees.