HomeMy WebLinkAbout0071_Ordinances, Resolutions, Minutes, Deeds & Easements_1980(TMRS-H)
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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WITHDRAWN, PLUS ANNUAL WITHDRAWAL CHARGES, AND AL-
LOWING AND UNDERTAKING THE COST OF ALLOWING ANY SUCH
EMPLOYEE CREDIT IN SUCH SYSTEM FOR ALL SERVICES 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 for the Texas Municipal Retirement
belowmauthorizedhas manddundertakenthat the gwilling of the credits herein -
the City to meet all present and prospectiveair liabilitiestheiof iof
ts
account in the Municipality Prior Service Accumulation Fund with
Texas Municipal Retirement System, and will not impair the ability
of the City to provide forpayment of prior service annuities or
current service annuities chargeable to its accounts with the
System; now, therefore,
TEXAS.* BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
Section 1. Pursuant to subsection 8 of Section VI of
Article , ernon's Texas Civil Statutes, as amended, the
City of GEORGETOWN hereby elects to allow any member of Texas
Municipal etireme�Syemwho is(ly employee of this City on
theZ day of,197 , who has terminated a pre-
vious mem ership item 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the amount withdrawn, plus a withdrawal charge of five per cent
(51) 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
is date may not be later than the effective date of
the Ordinance.
5
date of termination of the earlier membership, with like effect
as if all such service had been rendered as an employee of thi
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 annumPrior
Service
Accumulation Fund. The five per cent (5%) p
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
bedeposits
credited tothe
hisamount
individualpreviously
accountwithdrawn
the Employees member
shall loyeesSaving
Fund of the System. /
Passed and approved this the L_� day of V •
19,V
ATTEST: APPROVED:
T E >F A. Sr M U N I C I P A L R E T
R E M E N T S Y S T E M
R U Y— B A C K A P P L I C A T i 0 N
I. WILLIS L. WOOD
HEREBY CERTIFY. THAT IT
CITY NO, 005069 S.S,NO, 465-64-0925*
jS MY DESIRE 7p R
RETIREMENT SYSTEM• IN A UMp..DEPOSIT IN THE TEXAS MUNICIPAL
L SUM PAYMENT, THE AMOUNT PREVIOUSLY WITH
THE TERMINATION OF PREVIOUS MEMBERSHIP DRAWN AT
S� PLUS
PERCENT 15%) OF SUCH'AMOUNT PER ANNUM q WITHDRAWAL CHARGE'
HARGE OF FIVE.
OF REDEPOSITS FROM THE GATE OF WITHDRAWAL TO THE DATE
I SHALL THEREUPON BE ENTITLED TO CREDIT FOR p
MONTHS OF R
C ED TABLE ICE 4 ADDITIONAL
SERV :
I THE REQUIRED LUMP-
SUM PAYMENT ISI
1. THE AMOUNT OF DEPOSITS PREVIOUSLY WIT
2• THE AMOUNT OF 2A?..66 WITHDRAWN •
S WITHDRAWAL CHA
AS OF 07-31-7b RGE ACCRUED
S 166.07'
3• THE ADDITIONAL WYTHDRAWA
DATE OF L CHARGE FROM
07-31-76 70 R
f EDEPOSIT
-- MONTHS AT S
1.18 EACH
HE TOTAL WITHDRAWAL CHARGE -�► .yam`
S, TOTAL.. LUMP—
SUM PAYMENT REQUIRED
I FURTHER��7• ��
CERTIFY TO THE FO
LLOWINGi
A• I WAS AN EMPLOYEE OF
Started to Work THE CITY OF GEORGETOWN
AND for the City on 3/10/69 ON 7 2
B. HAVE AT LEAST TWENTY—FOUR (24) CONS
ECU MONTHS OF CREDITAALE SERVICE
WITH THE CITY OF GEORGE701vN
MEMBERSHIPSINCE REESTABLISHMENT OF
IN THE TEXAS MUNICIPAL RETIREMENT SYSTEM,
I UNDERSTAND THAT THE wiTHpRAwal CHARGE WILL BE CREDITED TO OR FUT THE CITY$S
ACCOUNTS AND I WILL HAVE NO PRESENT
OR ANY BENEFIT TO BE DERIVED FROM IT, URE RIGHT TO THIS WITHDRAWAL CHARGE
WITNESSED 8Yi 1
• g'' .. NEO i
2,
• DATE, ......1. ,�z".�..7
(WITNESSES NEEDED ONLY WHEN iX) ISS
U ED FOR SIGNATURE)
a
TMRS-F
(Model Ordinance)
DINA14CE PROVIDING FOR INCREASED
ANNUITY L
AN OR
CONTRIBUTIONS TO THE CURRENT TEXAS.
AT RETIREMENT OF THE EMPLOYEES OF THE
RESERVE CITY OF GEORGETOWN
BE IT ORDAINED BY THE CITY COUNCIIF GEORGETOWN TEXAS:
O
January 1, 19 73 , for each month of Current Service
That effective
b each of its employees who are members of the Texas
thereafter renderedY
S stem, the City will contribute to the current service
Municipal Retirementy
of each such member at the time of his retirement, a sum
annuity reserve osits for such
that is
2 00% of such member's accumulated dep
(150% or 20051)
month of employment; ent• and said sum shall be contributed from the City's
Municipality Current Service Accumulation Fund.
account in the
Passed and approved this the
day of 19
APPROVED:
ATTEST:
Mayor
City Secretary or Clerk
4vµ Ili,p4f'
?ig
A'
TMRS- I
(Model Ordinance, Combined
Antecedent Service and
Special Prior Service Credit).
AN ORDINANCE UNDERTAKING TO PROVIDE FOR, AND GRANTING
"ANTECEDENT SERVICE CREDIT" AND "SPECIAL PRIOR SERVICE
CREDIT" AT THE RATES HEREIN SPECIFIED, TO QUALIFYING
EMPLOYEES OF THE CITY OF GEORGETOWN , TEXAS
BE IT ORDAINED BY THE CITY COUNCIL OF GEORGETOWN
TEXAS:
Section 1.
Each person who is an employee of the City of _ Georgetown
on the 31st day of December, 19 72 (-')and who is at that date a
member of the Texas Municipal Retirement System shall be allowed,
and, upon the terms and conditions prescribed by Sec. XVI of Article
6243h, Vernon's Texas Civil Statutes, as amended by Chapter 371, Acts
-Regular Session. 61st Legislature, is hereby granted, effective on
the date last above mentioned, "antecedent service credit" (as that
term is defined in said Act) calculated on the basis of one hundred
per cent(2) 0000 of each current service deposit actually made by
such person with the Texas Municipal Retirement
System during each
month of current service performed for this city prior to the 31st
day of — December 1972 . (3 )
Section 2.
Each person who is an employee of the City of Georgetown
on the 31st day of December, 19-7�(1)
and who at said date is a
member of the Texas Municipal Retirement System and who holds in
said System an effective prior service certificate granted by reason
of service performed for this City prior to its participation in
said System, shall be allowed and is hereby granted (upon the terms
and conditions prescribed by Sec. XV of Article 6243h, Vernons
Texas Civil Statutes as amended by Chapter 371, Acts of the Regular
Session, 61st Legislature) a "Special Prior Service Credit" in an
amount equivalent to the accumulation at interest, as provided in
said Act, of a series of monthly payments of five
per cent (4) ( 5 %) of the member's "average
prior service compensation"
Page 2
TMRS-I
for the number of months of prior service certified to in such credit
memberThe special prior service
s prior service certificate. ,.,,
herein provided for shall be in addition to the prior service credit
heretofore allowed such member.
Any person who was employed by the City of Georgetown
(1) whose membership in Texas Muni -
prior to December 31, 19 72 ,
cipal Retirement System by reason of such service has not termi-
nated, and who on said date is absent from service in the employment
of the city, -shall be entitled to antecedent service credit and to
special prior service credit in the amount (if any) he would have
been allowed under Sections 1 and 2 hereof had he been in active
service on said date, provided such person again becomes an employee
of the city before termination of his said membership in Texas
Municipal Retirement System and within five years from the 31st day
of December, 19 ? ,(l)and provided such person thereupon continues
as an employee of a participating department of the city of
orcretown for a period of five (5) consecutive years.
Passed and approved this the day of ,.
19 .
ATTEST:
City Secretary or Clerk
APPROVED:
mayor
l This date will be the end of the calendar year in which the
ordin a is passed.
The council may choose to overmatch antecedent service
deposits either fifty per cent or one hundred per cent, and this blank
shoulcj a filled in to record the percentage selected.
13 As to cities which have theretofore undertaken overmatching
of current service deposits pursuant to Sec. XIV, this blank should
be filled in with the effective date of such undertaking. Other-
wise, this blank should be filled in with the same date as for note 1,
above
(4)The council is allowed to grant special prior service credits
calculated at either 2j%, or at 5% (but not over 5% on a cumulative
basis) of average prior service compensation. This blank should be
filled in to record the basis chosen by the council.
IS