HomeMy WebLinkAbout77-2174 ord"BUY-BACK" ORDINA2~CE
ORDINANCE NO. 77-2174
AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF 'HE/CI~f ~fH~ TERMINATED
SUM:S SO WITHDRAWN, PLUS ANNUAL WITHDRAWAL CH~GES, AND ALLOWING AND UNDERTAKING
THE COST OF ALLOWING ANY SUCH EMPLOYEE CREDIT IN SUCH SYSTEM FOR ALL SERVICES
TO WHICH SUCH EMPLOYEE HAD BEEN PERFORMED AS AN EMPLOYEE OF THIS CITY.
WHEREAS, the actuary fort:the Texas Municipal Retirement System has
determined that the granting of the credits hereinbelow 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 i~s accounts with the System; NOW,
THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PL~LtNVIEW, TEXAS:
Section 1. Pursuant to subsection 8 of Section VI of Article 6243h,
Yernon's Texas Civil Statutes, as amended, the City of Plainview hereby
elects to allow any member of Texas MUnicipal Retirement System who is an
employee of this City on the 31st day of December, 1977, who has terminated
a previous 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from service, to deposit with the System in a lump sum the amount withdrawn,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 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 Plainview 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 Prior Service A-ccumulation
Fund. The f~ze percent (5%) per annum withdrawal 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 6f the individual account
in the Employees Saving Fund of the System.
PASSED and APPROVED this the 13th day of December, 1977.
M. L. REA, City Clerk
City of Plainview
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