Pursuant to V.T.C.A., Government Code § 853.004, as amended, the city hereby elects
to allow any member of the TMRS who is an employee of the city on January 20, 1997,
who has terminated a previous membership in the system by withdrawal of deposits while
absent from service, but who has at 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in a lump sum the amount withdrawn, plus a withdrawal charge of five (5) percent of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 the date of such withdrawal to the 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 the city's accounting 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 the 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fund; and the deposits of the amount previously withdrawn by the member shall be credited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. 97-019, § 1, 1-20-97)
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