O-2283-5-04ORDINANCE NO. 2283-5-04
' AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, AUTHORIZING AND ALLOWING A BUY BACK OPTION FOR
SPECIFIC EMPLOYEES WITH TMRS (TEXAS MUNICIPAL RETIREMENT
SYSTEM); AND PROVIDING 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; and,
WHEREAS, the City Council of the City of Allen, Texas, finds that it will be in the public interest for the
City to have its employees participate in the Texas Municipal Retirement System as hereinafter provided.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, THAT:
SECTION 1. Pursuant to Section 853.003 of Subtitle G of Title 8, V.T.C.A., Government Code, as
amended, the City of Allen hereby elects to allow any member of the Texas Municipal Retirement System
who is an employee of this City on the l 1" day of May, 2004, 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amount withdrawn, plus a withdrawal charge of five percent (5%) of such amount for each year from date of
such withdrawal to 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 this City'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'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of the amount previously withdrawn by the member shall be credited to his or her individual account in the
employees' saving fund of the System.
SECTION 2. This ordinance shall become effective on the 1 I'" day of May, 2004, 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, COLLIN
COUNTY, TEXAS, ON THIS THE lira DAY OF MAY, 2004.
APPROVED:
/� L' zo
' Stephen Terrell, MAYOR
APPROVED AS TO FORM: ATTEST:
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Peter G. Smith, CTIV ATTORNEY Shelley B. George, TRMC, CITY SECRETARY