(A) Effective October 1, 1989, and pursuant to Section 63.003 of Subtitle G of Title 110B, V.T.C.S., the city hereby elects to allow any member of Texas Municipal Retirement System who is an employee of this city on the first day of October, 1989, who has terminated a previous membership in said System, by withdrawal of deposits while absent from service, but who has at least 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service as an employee of this city since resuming membership, to deposit with the System in a lump sum the amount withdrawn, plus a withdrawal charge of 5% of such amount for each year from date of such withdrawal to date of redeposit. Thereupon, such member shall be allowed credit for all service to which the member had been entitled at date of termination of the earlier membership, with like effect as if all such service had been rendered as a employee of this city, whether so rendered or not.
(B) 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 5% 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to the credit of the city's account in said Municipality Accumulation Fund; and deposits of the amount previously withdrawn by the member shall be credited to his or her individual account in the Employees Saving Fund of the System.
(Ord. 464, passed 8-21-89)