Ordinance 2023-56 ORDINANCE NO. 2023-56
AN ORDINANCE REGARDING THE CITY OF WYLIE'S TEXAS MUNICIPAL
RETIREMENT SYSTEM BENEFITS ALLOWING CITY EMPLOYEES WHO
HAVE CANCELED PREVIOUS MEMBERSHIPS IN THE SYSTEM TO BUY
BACK SUCH PREVIOUSLY CANCELED SERVICE.
WHEREAS, the City of Wylie, Texas ("City") elected to participate in the Texas Municipal
Retirement System(the "System" or"TMRS) pursuant to Subtitle G of Title 8, Texas Government Code,
as amended(which subtitle is referred to as the"TMRS act"); and
WHEREAS,each person who is or becomes an employee of the City on or after the effective date
of the City's participation in the System in a position that normally requires services of 1,000 hours or more
per year ("Employee") shall be a member of the System ("Member") as a condition of the employment;
and
WHEREAS, the actuary of the System has determined that all obligations charged against the
City's account in the benefit accumulation fund of the System(the"City's BAF"),including the obligations
arising from this Ordinance,can be funded by the City within its maximum contribution rate, if applicable,
and within its amortization period; and
WHEREAS, the City Council has determined that adoption of this Ordinance is in the public
interest of the City.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
WYLIE,TEXAS:
SECTION 1. As authorized by TMRS Act §853.003, the City authorizes any Member of the
System who is an Employee on the day that this Ordinance is passed and approved, and who has
withdrawn deposits from the System, to buy back credited service that was canceled by the
withdrawal. To do so, the Member must have at least 24 consecutive months of credited service as
an Employee with the City since resuming membership and must 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sum the amount withdrawn,plus a withdrawal charge of five percent(5%)of such amount for each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 the date of such withdrawal to the date of redeposit (which deposit is referred to as the
"Buyback"). Upon such Buyback, such Member shall be allowed credit for all service to which the
Member had been entitled at the date of the cancellation of the previous membership as if all such
service had been rendered as an Employee of the City.
The City agrees to underwrite and assume the obligations arising out of the granting of all service
credit resulting from the Buyback and that all such obligations and reserves required to provide
such service credit shall be charged to the City's BAF.
SECTION 2. This Ordinance shall take effect on the day that it is passed and approved.
Ordinance No.2023-56 TMRS Buy Back Pagel of 2
DULY PASSED AND APPROVED by the City Council of the City of Wylie,Texas,this 12"'day
of December, 2023.
atthew Porter,Mayor
ATTESTED AND CORRECTLY
RECORDED:
KMU
Stephanie Storm, City Secretary
Ordinance No.2023-56 TMRS Buy Back Page 2 of 2