Ord. 0452 01-24-83ORDINANCE NO. 452
AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE
CITY OF PEARLAND, TEXAS WHO HAVE TERMINATED
PREVIOUS MEMBERSHIPS IN TEXAS MUNICIPAL RETIRE-
MENT SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN,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 WITH-
DRAWAL, 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 CITY COUNCIL OF THE CITY
OF PEARLAND, 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
Pearland hereby elects to allow any member of Texas Municipal Retire-
ment System who is an employee of this City on the 24th day of
January, 1983, (1), 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amount withdrawn, plus a withdrawal charge of five per cent (5%) of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 re -
deposit, 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 Pearland agrees to underwrite and hereby assumes the obli-
gations 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 accumula-
tion 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.
Section 2. This Ordinance shall become effective on the 24th
day of January, 1983, which is a date on or after the date set forth
in Section 1., above.
PASSED AND APPROVED ON FIRST READING this /0 day of
A. D., 1983.
ATTEST:
City Secretary,
•
Mayor, City of Pearland, Texas
PASSED AND APPROVED ON SECOND AND FINAL READING this 2fLr
day of
Mayor, City of Pearland, Texas
ATTEST:
xv—" X C
City Secretar/