17-87 O - Accept and Approve Increase of Towns Contributions to TMRS not to Exceed 15.50%TOWN OF PROSPER, TEXAS
ORDINANCE NO. 17-87
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, INCREASING THE MAXIMUM COMBINED RATES OF THE TOWN'S
NORMAL CONTRIBUTIONS AND PRIOR SERVICE CONTRIBUTIONS TO THE
TEXAS MUNICIPAL RETIREMENT SYSTEM, PURSUANT TO SECTION
855.501 OF THE TEXAS GOVERNMENT CODE, AS AMENDED; PROVIDING
FOR REPEALING, SAVINGS AND SEVERABILITY CLAUSES; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Town Council has determined that its contributions to the Texas Municipal
Retirement System should be amended by increasing the maximum combined rates of the Town's
normal contributions and prior service contributions to the Texas Municipal Retirement System,
as set forth herein; and
WHEREAS, the Town Council has further determined that the aforementioned
amendments will benefit and enhance employee retention with the Town, and will be in the best
interests of the Town and its employees.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
The findings set forth above are incorporated into the body of this Ordinance as if fully set
forth herein.
SECTION 2
From and after the effective date of this Ordinance, pursuant to the provisions of Section
855.5016) of Subtitle G of Title 8 of the Texas Government Code, as amended, the Town of
Prosper agrees to be liable for the combined normal contribution rate and prior service
contribution rate for the Town's participation in the Texas Municipal Retirement System (the
"System"), as those rates are approved by the System's Board of Trustees from time to time under
the provisions of the Texas Municipal Retirement System Act, provided that the combined rate
does not exceed 15.50%.
SECTION 3
All provisions of any ordinance in conflict with this Ordinance are hereby repealed to the
extent they are in conflict; but such repeal shall not abate any pending prosecution for violation of
the repealed ordinance. Any remaining portion of conflicting ordinances shall remain in full force
and effect.
SECTION 4
If any section, subsection, sentence, clause or phrase of this Ordinance is for any reason
held to be unconstitutional or invalid by a court of competent jurisdiction, such decision shall not
affect the validity of the remaining portions of this Ordinance. The Town hereby declares that it
would have passed this Ordinance, and each section, subsection, clause or phrase thereof,
irrespective of the fact that any one or more sections, subsections, sentences, clauses, and
phrases be declared unconstitutional.
Ordinance No. 17-87, Page 1
SECTION 5
This Ordinance shall become effective and be in full force effective January 1, 2018, as
provided by the Revised Civil Statues of the State of Texas and the Home Rule Charter of the
Town of Prosper, Texas.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS �RtAMHI*)?eTH DAY OF DECEMBER, 2017.
O , DC7 APPROVED:
"
dop
go00 a
Ray Smith, v Mayor
ATTEST: fr v*u
Town Secreta
APPROVED AS TO FORM AND LEGALITY:
Terrence S. Welch, Town Attorney
Ordinance No. 17-87, Page 2