HomeMy WebLinkAboutORD 1999-154 ORDINANCE NO. 99-154
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AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE 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DEPOSIT THE SUMS SO WITHDRAWN, PLUS ANNUAL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 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; DECLARING AN EMERGENCY
AND PROVIDING AN EFFECTIVE DATE
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 of the City of Grapevine, Texas, has determined that
adoption of this ordinance is in the best interests of the City; and
WHEREAS, the City Council of the City of Grapevine, 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 THE CITY OF
GRAPEVINE, TEXAS:
Section 1. That all the above premises are true and correct and are hereby
incorporated into this Ordinance as if copied in their entirety.
Section 2. Pursuant to Section 853.004 of subtitle G of Title 8, V.T.C.A.,
Government Code, as amended, the City of Grapevine hereby elects to allow any member
of the Texas Municipal Retirement System who is an employee of this City on the 19th of
October, 1999, 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lump sum the amount withdrawn, plus a withdrawal charge of five percent (5%) of such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
y,: at date of termination of earlier membership, with like effect 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 the member shall be credited to his or her individual
account in the employees' savings fund of the System.
Section 3. This ordinance shall become effective on the 19th day of October,
1999, which is a date on or after the date set forth in Section 2, above.
Section 4. The fact that the present ordinances and regulations of the City of
Grapevine, Texas are inadequate to properly safeguard the health, safety, morals, peace
and general welfare of the public creates an emergency which requires that this Ordinance
become effective from and after the date of its passage, and it is accordingly so ordained.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 19th day of October, 1999.
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APPROVED:
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Wiiliam D. Tate
Mayor
ATTEST:
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Lin a Huff
City Secretary
ORD. NO. 99-154 2
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APPROV�D AS TO FORM:
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City Attorne,y
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ORD. NO. 99-154 3