§ 2-94. Employee buy-back.  

Latest version.
  • Pursuant to Section 853.003 of Subtitle G of Title 8, V.T.C.A., Government Code, as amended, the city hereby elects to allow any member of the Texas Municipal Retirement System who is an employee of this city on the November 10, 2003, who has terminated a previous membership in said system by withdrawal of deposits while absent from service, but who has a least twenty-four (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service as an employee of this city since resuming membership to deposit with the system in a lump sum the amount withdrawn, plus a withdrawal charge of five (5) percent of such amount for each year from date of such withdrawal to date of redeposit, and thereupon such member shall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 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 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 (5) percent 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to the credit of the city's account in said municipality accumulation fund; and the deposits of the amount previously withdrawn by the member shall be credited to his or her individual account in the employees' savings fund of the system.

(Ord. No. 2003-16, 11-10-2003)