HomeMy WebLinkAbout06015SUBSTITUTED COPY
9/25/95
ORDINANCE NO. 6015
AN ORDINANCE AMENDING CHAPTER 3 OF TITLE II OF THE
1971 CODE OF ORDINANCES RELATING TO THE CITY OF
PUEBLO POLICEMEN RETIREMENT SYSTEM, MODIFYING
VESTING REQUIREMENTS, AND CHANGING THE AGE FOR
DEFERRED PENSION
WHEREAS, the City of Pueblo Policemen Retirement System (the "Police Pension Plan")
now allows retirement at age 55 with 25 years of service, and the members of the Police Pension
Plan have requested that they be eligible to retire at age 55 with 20 years of services, and
WHEREAS, the Police Pension Plan now provides that if a member separates from the
service of the City with 25 years of service but before attaining 55 years of age, his pension is
deferred until he attains the age of 60 years, and the members of the Police Pension Plan have
requested that a member with 20 years of service who terminates employment with the City before
age 55 be eligible for a deferred pension at age 55, and
WHEREAS, The Wyatt Company Consultants and Actuaries have determined as of January
1, 1994, the assets of the Police Pension Plan exceed the present value of pension benefits including
the above modification in benefits requested by the members of the Police Pension Plan and that if
all assumptions are realized, no additional contributions will be required, and
WHEREAS, continuing the current rate of contributions (eight (8) percent of compensation)
of the members of the Police Pension Plan and the City will exceed the contributions required to pay
normal cost and to amortize unfunded actuarial accrued liabilities; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: (Brackets indicate matter
deleted, underscoring indicates matter added)
SECTION 1
The City Council of Pueblo hereby finds and determines:
(a) The current assets of the City of Pueblo Policemen Retirement System (the
"Police Pension Plan") constitute adequate present cash reserves pledged irrevocably and held for
payments of any and all enhanced benefits granted by Sections 2 and 3 of this Ordinance in all future
fiscal years of the City.
(b) The continued contributions to the Police Pension Plan of eight (8) percent
of compensation by the members of the Police Pension Plan and the City are sufficient and adequate
to offset any future contributions required if actuarial assumptions are not realized.
(c) The modification to the Police Pension Plan and any enhanced benefits
granted by Sections 2 and 3 of this Ordinance do not require voter approval in advance under either
Section 20(4) of Article X of the Colorado constitution or Section 18 -5 of the Charter of the City
of Pueblo.
SECTION 2
Section 14 of Chapter 3, Title U of the 1971 Code of Ordinances is hereby amended to read:
2 -3 -14: RETIREMENT -- VOLUNTARY; AGE REQUIREMENT; APPLICATION
Any member who has attained or attains the age of fifty -five (55) years and has
twenty[ -five (25)] 20 or more years of credited service may retire, upon his written
application filed with the Board setting forth at what time, neither less than thirty (3 0) days
nor more than ninety (90) days subsequent to the execution and filing thereof, he desires to
be retired. Upon his retirement he shall be entitled to a pension provided for in Section
2- 3 -17(a) and he shall have the right to elect an option provided for in Section 2 -3 -19.
SECTION 3
Section 18 of Chapter 3, Title H of the 1971 Code of Ordinances is hereby amended to read:
2-3-18: DEFERRED SERVICE
(a) S ar i n. In the event a member who has twenty[ -five (25)] 20 or more
years of credited service separates from the service of the City prior to his attainment of the
age of fifty -five (55) years, for any reason except to become a retirant or his death, he shall
remain a member during the period of his absence from City service for the exclusive
purpose only of receiving a pension provided in Sections 2- 3 -17(a) and 2- 3- 17(b). His
pension shall begin as of the first day of the calendar month next following the month in
which he files his application for same with the Board on or after his attainment of the age
of [sixty (60)] fifty -five (55) years; provided, if such a member is employed by the City on
or after his attainment of the age of [sixty (60)] fifty -five (55 years payment of his pension
shall be suspended for the period he is so employed. In no case shall service credit be given
any such member for the time following the date he ceases to be employed by the City as
a policeman, except as is specifically provided in this Chapter. In the event such a member
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withdraws all or part of his accumulated contributions from the pension savings fund he
shall thereupon cease to be a member and he shall forfeit all his rights in and to a deferred
pension provided for in this Section.
(b) Different Classification In the event a member who has five or more years
of credited service ceases to be a policeman in the employ of the City but becomes employed
by the City in another classification, and is continuously so employed for at least five (5)
years, he shall remain a member for the exclusive purpose only of receiving a pension
provided in Section 2- 3- 17(a). Such pension shall begin as of the first day of the calendar
month next following the month in which he files his application for the same with the
Board on or after his attainment of the age of [sixty (60)] fifty -five (,55) years; provided, if
such a member continues in City employment on or after his attainment of the age of [sixty
(60)] fifty -five (55) years, payment of his pension shall be suspended for the period he is so
employed. In no case shall service credit be given any such member for time following the
date he ceases to be employed in this Chapter. In the event such a member withdraws all
or part of his accumulated contributions from the pension savings fund he shall thereupon
cease to be a member and he shall forfeit all his rights in and to a deferred pension provided
for in this Section.
SECTION 4
Section 25(c) of Chapter 3, Title II of the 1971 Code of Ordinances is hereby amended to
read:
(c) Implied Consent Effect The contributions provided for in subsection (b) of
this Section shall be made notwithstanding that Q the minimum compensation provided by
law for any member shall thereby be changed or (ii) the rate of contribution is greater than
the rate required to meet the minimum funding standards and provisions of Part 8 of Article
30, Title 31, C.R.S. or as same may be subsequently amended Every member shall be
deemed to consent and agree to the deductions made as provided for herein, and payment
of his compensation less such deduction for his contributions shall be a full and complete
discharge and acquittance of all claims and demands whatsoever for services rendered by
such member during the period covered by such payment, except as to benefits provided
under this Chapter.
SECTION 5
This Ordinance shall become effective upon final passage; provided, however, the
modification to the City of Pueblo Policemen Retirement System set forth in Sections 2, 3 and 4
of this Ordinance shall not become effective until after all such modifications are approved by sixty-
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withdraws all or part of his accumulated contributions from the pension savings fund he shall
thereupon cease to be a member and he shall forfeit all his rights in and to a deferred pension
provided for in this Section.
(b) Different Classification In the event a member who has five or more years
of credited service ceases to be a policeman in the employ of the City but becomes employed
by the City in another classification, and is continuously so employed for at least five (5)
years, he shall remain a member for the exclusive purpose only of receiving a pension
provided in Section 2- 3- 17(a). Such pension shall begin as of the first day of the calendar
month next following the month in which he files his application for the same with the Board
on or after his attainment of the age of [sixty (60)] fifty -five (55) years; provided, if such a
member continues in City employment on or after his attainment of the age of [sixty (60)]
fifty-five -five (55) years, payment of his pension shall be suspended for the period he is so
employed. In no case shall service credit be given any such member for time following the
date he ceases to be employed by the City as a policeman, except as is specifically provided
in this Chapter. In the event such a member withdraws all or part of his accumulated
contributions from the pension savings fund he shall thereupon cease to be a member and he
shall forfeit all his rights in and to a deferred pension provided for in this Section.
SECTION 4
Section 25(c) of Chapter 3, Title II of the 1971 Code of Ordinances is hereby amended to
read:
(c) Implied Consent, Effect The contributions provided for in subsection (b) of
this Section shall be made notwithstanding that 0 the minimum compensation provided by
law for any member shall thereby be changed or (ii) the rate of contribution is greater than
the rate required to meet the minimum funding standards and provisions of Part 8 of Article
30, Title 31, C.R.S. or as same may be subsequently amended Every member shall be
deemed to consent and agree to the deductions made as provided for herein, and payment of
his compensation less such deduction for his contributions shall be a full and complete
discharge and acquittance of all claims and demands whatsoever for services rendered by
such member during the period covered by such payment, except as to benefits provided
under this Chapter.
SECTION 5
This Ordinance shall become effective upon final passage; provided, however, the
modification to the City of Pueblo Policemen Retirement System set forth in Sections 2, 3 and 4 of
this Ordinance shall not become effective until after all such modifications are approved by sixty-
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five (65) percent of the active members of the City of Pueblo Policemen Retirement System and the
Board of Directors of the Fire and Police Pension Association pursuant to §31 -30- 1005(6), C.R.S.
For such purpose, the final passage of this Ordinance shall constitute and be construed to be a
request by the City to so modify the City of Pueblo Policemen Retirement System.
INTRODUCED: September 11, 1995
ATTEST:
By John Califano
Councilperson
APPROVED:
City Cler Vice President of e City Council
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