HomeMy WebLinkAboutORD 1983-018 ORDIN�NCE NO. 83-18
AN ORDINANCE ALLQ6IING CERTAII�t EPIPLOYEES OF
1� CITY 4VH0 HAVE TERt�IINATE� PREVIOUS
A'��IDF.RSHIPS IN TF�S b1UNICIPAL REI'IRII�NT
SYSTII�1, TO DEPOSIT Tf� SUMS SO WI'I'�IDRAL�IN,
PLUS ANN[1AL WIT�IDRAWAL CHARGES, AND
ALLOWING AND UNDE�I'AKING Tf� COST OF
ALIAWING ANY SUCH II"IPLOYEE CREUIT IN SLTCf-I
SYSTII�I FOR ALL SERVICE TO W�-iICH SUCH
II�4PIAYEE HP,D BEEN Il�]'I'I'I'I� AT DATE OF SUCH
WI'I�IDRAtiJAL, WITH LIKE EFF'ECT AS IF AT,T,
SUCH SERVICE HAD BI�'�I PERFORt�D AS AN
Il��LOY� OF THIS CITY; PROVIDING AN
EEFEGTIVE DATE; AND DECLARILIG AN II�4ERGIIVCY
��f�REAS, the actuary of the Texas Municipal P.�tirement System has deter-
mined that all obligations charged against the City's account in the munici-
pality acctmuulation fund, including the obligations arising as a result of
this ordinance, can be funded by the City within its m�i.m�un contribution rate
and within its amortization period; and
t�If�REAS, the City Council has determ.ined that adoption of this ordinance
is in the best interests of the City.
NC1W, TF�REE'ORE, BE IT ORDABJID BY THE CITY COUNCIL OF THE CITY OF
GRAPEUINE, TEXAS:
Section 1. Pursuant to Section 63.003 of Subtitle G of Title 110B,
Revised Civil Statutes of T�as, 1925, as amended, the City of Grapevine
hereby elects to allaw any m�mber oi Texas Municipal Retireir�nt System who is
an �loyee of this City on the 19th day of April, 1983, who has terminated a
previous membership in said System by withdrawal of deposits while absent fr�n
service, but who has at least 24 months of credited sezvice as an e�loyee of
this City since resuming membership to deposit with the System in a lu� sLun
the amount withdrawn, plus a withdrawal charge of five percent (5 0) of such
amount for each year fran date of such withdrawal to date of redeposit, and
thereupon such �r shall be allawed credit for all service to which the
me.r�ber had been entitled at date of teimination of the earlier membership,
with like effect as if all such service had been rendered as an e�loyee of
this City, whether so rendered or not. The City of Grapevine agrees to
underwrite and hereby asstanes 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 munici-
pality accumulation fund. The five percent (5%) per annum withdracaal charge
paid by the member shall be deposited to the credit of the City's account in
said municipality accimlulation fund; and_ the deposits of the amount previously
withdrawn by the �mber shall be credited to his or her individual account in
tne employees saving fund of the System.
Section 2. This ordinance shall bec.� effective on the 19th day of
April, 1983, which is a date on or after the date set forth in Section 1,
above.
Section 3. The fact that the present retisement ordinances and personnel
regulations of the City of Grapevine, Texas are inadequate to properly safe-
- guard the health, safety, m�rals, peace, and general welfare of the inhabi-
tants and �loyees of the City of Grapevine, Texas creates an emergency for
the in�nediate preservation of the general caeltare of the public which requires
that this ordinance shall }�ecome effective fram and after the date of its
passage, and it is accordingly so ordained.
PASSID AND APPRCNID BY TfiE CITY COUNCIL OF 'I'I� CITY OF GFAPEVINE, TE�S
on this the 19th day of April, 1983.
APPROVED:
� �
isiayor �
ATTF',ST:
�
City Secre
APPROVED AS TO FORM:
-- !"�� ����
_,
� ----__ --__ . ��
� _�� �.;� �
r ! � �...-
City Attorney �
�: