HomeMy WebLinkAboutOrdinance - 2005-O0002 - Amending Zoning Ordinance 10007, Section 5 Current And Prior Service Employee - 01/13/2005First Reading
January 13, 2005
Item No. 45
ORDINANCE NO. 2005-<>0002
Second Reading
January 27,2005
Item No. 21
AN ORDINANCE AMENDING ORDINANCE 10007, SECTION 5 AUTHORIZING
AND ALLOWING, UNDER THE ACT GOVERNING THE TEXAS MUNICIPAL
RETIREMENT SYSTEM, SO AS TO MAKE CURRENT SERVICE AND PRIOR
SERVICE CONTRIBUTIONS TO THE CITY OF LUBBOCK'S ACCOUNT IN THE
MUNICIPAL ACCUMULATION FUND OF THE TEXAS MUNICIPAL
RETIREMENT SYSTEM AT THE ACTUARlALLY DETERMINED RATE OF
TOTAL EMPLOYEE COMPENSATION.
WHEREAS, the City of Lubbock (the "City"), is a participating municipality in the
Texas Municipal Retirement System (the "System"), and has undertaken to provide
certain retirement, death and disability benefits to its employees pursuant to Subtitle G,
Title I, Government Code, (hereinafter, the "TMRS Act"); and
WHEREAS, The City Council has adopted Ordinance 10007 increasing the rate of
deposits to the Texas Municipal Retirement system by the City
WHEREAS, THE City Council desires to authorize funding of such benefits as herein
provided; now therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF LUBBOCK, TEXAS:
Ordinance No. 10007 Section 5 is hereby amended to read as follows:
Section 1. Pursuant to Section 855.407(g) of the TMRS Act, the City hereby
elects to make future normal and prior service contributions to its account in the
unicipal accumulation fund of the system at such combined rate of the total
compensation paid by the City to employees who are members of the System, as the
System's actuary shall annually determine as the rate · necessary to fund, within the
amortization period determined as applicable to the City under the TMRS Act, the costs
of all benefits which are or may become chargeable to or are to be paid out of the City's
account in said accumulation fund, regardless of other provisions of the TMRS Act
limiting the combined rate of City contributions.
Section 2. Effective Date. Subject to approval by the Board of Trustees of
e System, this ordinance shall be and become effective on the 1st day of January 2005 .
AND IT IS SO ORDERED.
Passed by the City Council on first reading this 13th day of January , 2000.
Passed by the City Council on second reading this 27th day of .Janua~, 2000.
ATTEST:
APPROVED AS TO CO/!ENT:
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Scott Snider, Director of Human Resources
APPROVED AS TO FORM:
aslocdocs/John!OrdinancesiTMRS Ordinance
December 9, 2004
UGAL,MAYOR