HomeMy WebLinkAbout1988-1786 - Ordinance - 11/10/1988ORDINANCE NO. 1786
E'J 1 o M' • I M:rl'J Y• 1 :• I` • •' .I '.• F-MAZI
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BE IT 0RDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE SPATICN,
TEXAS:
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,
WHEREAS, 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 Texas Municipal
Retirement System who is an employee of this City on the loth day of
November, 1988, 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amount withdrawn, plus a withdrawal charge of five per cent (5%) of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 an employee of this City, whether so rendered or not.
The City of College Station 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 (58) 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the amount previously withdrawn by the member shall be credited to his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.
PASSED and APPRWED this 10 h day of November. 1988.
`Dian Jon*s, City Secretary
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Larry J.Q12 r,
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