OR 2004-1089 TMRS BuybackAN ORDINANCE OF THE CITY OF COPPELL
ORDINANCE NO. 2004-1089
AN ORDINANCE ALLOWING 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SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS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 DATE OF
SUCH WITHDAWAL, WITH LIKE EFFECT AS IF ALL SUCH
SERVICE HAD BEEN PERFORMED AS AN EMPLOYEE OF
THIS CITY.
WHEREAS, the actuary of the Texas Municipal Retirement System had
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,
WHEREAS, the City Council of the City of Coppell, 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,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF COPPELL, TEXAS:
Section 1: Pursuant to Section 853.003 of Subtitle G of Title 8, V.T.C.A., Government
Code, as amended by the City of Coppell hereby elects to allow any member of the Texas
Municipal Retirement System who is an employee of this City on the 14th day of
December, 2004, who had 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the System in a lump sum the amount withdrawn, plus a withdrawal charge of five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' savings fund of the
System.
Section 2: This ordinance shall be become effective on the 14th day of December, 2004,
which is a date on or after the date set forth in Section 1, above.
Section 3: That should any word, phrase, paragraph, section or phrase of this ordinance
be held to be unconstitutional, illegal or invalid, the same shall not affect the validity of
this ordinance as a whole, or any part or provision thereof other than the part so decided
to be unconstitutional, illegal or invalid, and shall not affect the validity of the ordinance
as a whole.
DIJLY PASSED by the City Council of the City of Coppell, Texas this the 14th day of
December, 2004
ATTEST: APPROVED:
LIBBY BALL, CITY SECRETARY
DOUGLAS N. STOVER, MAYOR
APPROVED AS TO FORM:
ROBERT E. HAGER, CITY ATTORNEY