HomeMy WebLinkAbout2006-2900 - Ordinance - 06/08/2006
ORDINANCE NO. 2900
TEXAS MUNICIPAL RETIREMENT SYSTEM
AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY WHO
HAVE TERMINATED PREVIOUS MEMBERSHIPS IN THE 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RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS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,
WHEREAS, the City Council of College Station, Texas finds that it will be in the public
interest for the City to have its employees participate in the Texas Municipal Retirement System
as hereinafter provided; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF COLLEGE STATION, TEXAS:
SECTION 1:
Pursuant to Section 853.003 of Subtitle G of Title 8, V.T.C.A., Government
Code, 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 8th day of June, 2006, 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sum the amount withdrawn, plus a withdrawal charge of five percent (5%) of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 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 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
ORDINANCE NO. 2900
Page 2
SECTION 2:
the member shall be credited to his or her individual account III the
employees' savings fund ofthe System.
This ordinance shall become effective on the 8th day of June, 2006, which is a
date on or after the date set forth in Section I, above.
PASSED, ADOPTED and APPROVED this ~day of June, 2006.
APPROVED:
ATTEST:
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RON lA, Mayor
APPROVED:
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City Attorney