HomeMy WebLinkAbout1991-1930 - Ordinance - 11/20/1991ORDINANCE NO. 1930
AN ORDINANCE AMENDING ORDINANCE NO. 1786 ADOPTED ON NOVEMBER
10, 1988, AND AHENDING CHAPTER 0 OF THE COTtaGE STATION CODR
OF ORDINANCES BY ADDING A SECTION 10-F, ~T~NING CERTAIN
EHPLOYEES OF THE CITY WHO RAVE TERMINATED PI~VIOUS HEMBERSEIPS
IN TEXAS HUNICIPAL RETIREHENT SYSTEM TO DEPOSIT THE SUNS SO
WITHDRAWN, PLUS ANNUAL WITHDRAWAL CHARGES, AND ALLOWING AND
UNDERTAKING TEE COST OF ALLOWING ANY SUCH EMPLOYEE CREDIT IN
SUCH SYSTEM FOR ~?J. SERVICE TO WHICH SUCH EMPLOYEE HAD BEEN
ENTITLED AT DATE OF SUCH WITHDRAWAL, WITH LIRE EFFECT AS IF
~?J. 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
obligations arising as a result of this ordinance, can be
funded by the City within its m~ximumcontribution rate and
within its amortization periods~ and
WHEREAS, the City Council has determined that adoption of this
ordinance is in the best interest of the City~ now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COTtaGE
STATION, TEXAS~
That Chapter 8 of the College Station Code of Ordinances is
hereby amended by adding a Section 10-F to read as follows~
F. REINSTATEMENT OF TMRS SERVICE CREDITS
(1) "Buy-Back" of Creditable Service
Pursuant to Section 63.003 of Subtitle G of Title 110B,
Revised Civil Statutes of Texas, 1925, as amended, the City of
College Station hereby elects to allow any member of the Texas
Municipal Retirement System who is an employee of this City on
the 20th day of November, 1991, 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 ~m~loyee of this City since resuming
~mBership 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withdrawn, plus a withdrawal charge of five per cent (5%) of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 n~mher 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 College
Station agrees to underwrite and hereby assu~s the
obligations arising out of the granting of 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.
(2) Effective Date
This ordinance shall become effective on the 20th day of
November, 1991, which is a date on or after the date set forth
in Section 1, above.
PASSED, ADOPTED. and APPROVED this the 20th day of
November , 19 91. --
ATTEST:
C~nnte Eooks, C~ty Secretary
APPROVED: