Ordinance No. 7,566951109 -14
ORDINANCE NO. 7566
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BAYTOWN
ELECTING TO MAKE CURRENT SERVICE AND PRIOR SERVICE
CONTRIBUTIONS- TO THE CITY'S ACCOUNT' IN "THE "MUNICIPAL
ACCUMULATION FUND OF THE TEXAS MUNICIPAL RETIREMENT
SYSTEM AT SUCH RATE WITHIN LEGAL LIMITS, AS THE ACTUARY
ANNUALLY DETERMINES IS REQUIRED TO FUND WITHIN A PERIOD
OF TWENTY -FIVE YEARS FROM THE MOST RECENT VALUATION DATE,
THE COSTS OF EMPLOYEE BENEFITS PAYABLE FROM, OR
CHARGEABLE TO, THE CITY'S SAID ACCOUNT IN SAID FUND; AND
PROVIDING FOR THE EFFECTIVE DATE THEREOF.
WHEREAS, the City of Baytown is a participating municipality
in the Texas Municipal Retirement System, and has heretofore
undertaken to provide certain retirement, death and disability
benefits to its employees pursuant to Subtitle G, Title 8,
Government Code (hereinafter, the "TMRS Act "); and
WHEREAS, the actuary for the System has determined that the
City cannot fund the existing level of such benefits as are
chargeable to its account in the Municipal Accumulation Fund of the
System, within a period of twenty -five years from the latest
actuarial valuation date by contributions at the present maximum
rate allowed by Sections 855.407(a) and 855.501, of the TMRS Act;
and
WHEREAS, it is in the public interest that adequate provision
be made to fund such benefits as authorized by law; NOW THEREFORE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS:
Section 1: Pursuant to Section 855.407(f), of the TMRS Act,
the City of Baytown hereby elects to make future normal and prior
service contributions to its account in the municipal accumulation
fund of the System at such combined maximum rate, not exceeding
15.500 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 a period of twenty -
five years from the latest actuarial valuation date, the costs of
all benefits heretofore undertaken to be provided by the City and
which are chargeable to or are to be paid out of the City's account
in said accumulation fund.
Section 2: This ordinance shall take effect immediately from
• and -after its passage by the City Council of the City of Baytown.
951109 -14a
INTRODUCED, READ and PASSED by the affirmative vote of the
City Council of the City of Baytown this the 9th day of November,
1995.
PETE C. ALFAKO, Mayor
ATTEST:
EILEEN P. AALL, City Clerk
APPROVED AS TO FORM:
P 11-CIO RAMIREZ, SR. Cit Attorney
legWcon nc i I lnove mberl 11- 9 -95TM RS rate
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