O-85-2152 - 2/14/1985ORDINANCE NO. 2152
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RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN,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 COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS
Section 1. 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 employee of this City on
the 14th day of February, 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with the System in a lump sum the amount withdrawn, plus a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 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 the
earlier membership, with like effect as if all such service had
been rendered as an employee of this City, whether so rendered or
note. The City of Round Rock 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previously withdrawn by the member shall be credited to his or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 saving fund of the
System.
(Mark through the following alternative that is not applicable)
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 rm day
of J , 19 O5
Alternative 2.
READ and APPROVED on first reading this the day of
19
•
READ, APPROVED and ADOPTED on second reading this the
day of , 19
-7/el 44.
ATTEST:
LAND, City Secretary
MIKE ROBINSON, Mayor
City of Round Rock, Texas