HomeMy WebLinkAboutORD 07.27.1976 - Retirement91.
TEXAS MUNICIPAL RETIREMENT SYSTEM
"BUY-BACK" ORDINANCE
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TO DEPOSIT THE SUMS -SO WITHDRAWN, PLUS ANNUAL WITHDRAWAL CHARGES,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 SERVICES TO WHICH SUCH EM-
PLOYEE HAD BEEN ENTITLED AT DATE OF SUCH WITHDRAWAL, WITH LIKE
EFFECT AS IF ALL SUCH SERVICE HAD BEEN PERFORMED AS AN EMPLOYEE
OF THI S CITY.
WHEREAS, the actuary for the Texas Municipal Retirement System has determined
that the granting of the credits herein -below authorized and undertaken will not impair the
ability of the City to meet all present and prospective liabilities of its account in the
Municipality Prior Service Accumulation Fund with Texas Municipal Retirement System,
and will not impair the ability of the City to provide for payment of prior service annuities
or current service annuities chargeable to its accounts with the System; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS:
Sectionl. Pursuant to subsection 8 of Section VI of Article 6243h, Vernon's Texas Civil
Statutes, as amended, the City of Georgetown hereby elects to allow any member of Texas
�• Municipal Retirement System who is an employee of this City on the 27th day of July, 1976,
who has terminated a pervious membership in said System by withdrawal of deposits while
absent from service, to deposit with the System in a lump sum the amount withdrawn, plus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 member-
ship, 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 Georgetown agrees to underwrite and hereby assumes
the obligations arising out of the granting of all such credits, and agrees that all such obli-
gations and reserves required to provide such credits shall be charged to this City's account
in the Municipality Prior Service Accumulation Fund. The five per cent (5%) per annum with-
drawal charge paid by the member shall be deposited to the credit of the City's account in
said Municipality Prior Service Accumulation Fund; and the deposits of the amount previously
withdrawn by the member shall be credited to his individual account i n the Employees Saving
Fund of the System.
Passed and approved this the 27th day of July, 1976.
)��L_ G. Q
John C. Doerfler, Mayor
ATTEST:
City Secretary