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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 -2- i f 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- -3- 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- -3- 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 -4-