O-813-9-87ORDINANCE NO. 813-9-87
AN ORDINANCE OF THE CITY OF ALLEN, TEXAS, AMENDING
CITY OF ALLEN ORDINANCE NO. 310 AND ARTICLE III, "TEXAS
MUNICIPAL RETIREMENT SYSTEM", CHAPTER 2, "ADMINISTRATION",
OF THE ALLEN CODE OF ORDINANCES SO AS TO ALLOW CERTAIN
EMPLOYEES OF THE CITY WHO HAVE TERMINATED PREVIOUS
MEMBERSHIPS IN THE TEXAS MUNICIPAL RETIREMENT SYSTEM TO
DEPOSIT THE SUMS SO WITHDRAWN, PLUS ANNUAL WITHDRAWAL
CHARGES, AND ALLOWING AND UNDERTAKING THE COST OF
ALLOWING ANY SUCH EMPLOYEE CREDIT IN SUCH SYSTEM FOR
ALL SERVICE TO WHICH SUCH EMPLOYEE HAD BEEN ENTITLED AT
THE DATE OF SUCH WITHDRAWAL WITH LIKE EFFECT AS IF ALL
SUCH SERVICE HAD BEEN PERFORMED AS AN EMPLOYEE OF THIS
CITY: AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the actuary of the Texas Municipal Retirement System has
determined that all obligations charged against the City's account in the municipality
accumulation fund, including the obligations arising as a result of this ordinance, can be
funded by the City within its maximum contribution rate and within its amortization
period; and,
WHEREAS, the City Council has determined that adoption of this ordinance is in
the best interests of the City;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF ALLEN, TEXAS:
SECTION 1. That pursuant Vernon's Ann.Civ.St. Title 110B, §63.003, the
City of Allen hereby elects to amend City of Allen Ordinance No. 310 and Article III,
"Texas Municipal Retirement System", Chapter 2, "Administration", of the Allen Code
of Ordinances so as to allow any member of the Texas Municipal Retirement System
who is an employee of the City of Allen on the 17th day of September, 1987, and 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 the City of Allen since resuming membership, to deposit with the Texas Municipal
Retirement System in a lump sum the amount withdrawn, plus a withdrawal charge of
Ordinance No. 813-9-87 - Page 1
five percent (5%) of such amount for each year from date of such withdrawal to date of
redeposit. Thereafter, 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 an employee of the City of Allen,
whether so rendered or not. The City of Allen 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 of
Allen's account in the municipality accumulation fund. The five percent (5%) per
annum withdrawal charge paid by the member shall be deposited to the credit of the
City of Allen'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 employee's saving fund of the Texas Municipal Retirement System.
SECTION 2. That this Ordinance shall become effective on the 17th day of
September, 1987, which is a date on or after the date set forth in Section 1 above.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
ALLEN, TEXAS, ON THE 17th DAY OF SEPTEMBER , 1987.
APPROVED:
Donald P. Rodefib�ug`h, Mayor
ATTEST:
Ma Hendrix, Cn City Secretary
APPROVED AS TO FORM:
A. Don Crow , y At ney
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