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HomeMy WebLinkAbout06025ORDINANCE NO. 602.5 AN ORDINANCE AMENDING CHAPTER 2 OF TITLE II OF THE 1971 CODE OF ORDINANCES RELATING TO THE PUEBLO FIREMEN'S PENSION FUND ALLOWING AN ELECTION TO RECEIVE A JOINT AND SURVIVOR PENSION BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 Chapter 2 of Title II of the 1971 Code of Ordinances is hereby amended by the addition of the following new Section 2 -2 -18: 2 -2 -18: JOINT AND SURVIVOR PENSION �a) Notwithstanding any provision of this Chaffer to the contrary, the fire fighter may elect to receive retirement benefits as a benefit payable throughout the fire fighter's life, called a regular pension, or may elect to receive the actuarially equivalent amount.. computed as of the effective date of retirement of the regular pension in a reduced pension payable throughout the fire fi ter's life, and nominate a survivor beneficiary, in accordance with the provisions of Option A or B, as set forth below. (1) Option A. Joint and Survivor Pension. Upon the death of a retirant the fire fighter's reduced pension shall be continued through the life of, and paid to, such person having an insurable interest in the fire fighter's life, as the fire fighter shall have nominated by written designation duly executed and filed with the Colorado Fire and Pension Association Board prior to the effective date of retirement; or (2) Option B. Modified Joint and Survivor Pension. Upon the death of retira t, one -half of the reduced pension shall be continued throughout the life of, and paid to such person having an insurable interest in the fire fighter's life as the fire fighter shall have nominated by written designation duly executed and filed with the Colorado Fire and Poli Pension Association Board prior to the effective date of retirement. The election of a regular pension or one of options for survivors set forth in subsection (a) above shall be made prior to the effective date of the fire fighter's retirement After an election has been made and the fire fighter has cashed the first pension check, or sixty days from date of issuance of said check have elapsed, whichever occurs first, the election shall be irrevocable The fire fighter's beneficiary designation shall also be irrevocable at such time unless the fire fighter's marital status changes as the result of dissolution of marriage, death of a beneficiary, marriage remarriage or in the event of the death of a beneficiary In such case, the fire fighter may designate a new beneficiary W In the event of a change in beneficiary designation pursuant to subsection (b) above, the joint pension payable shall be recalculated so as to be the actuarial equivalent of the remainder of the original pension benefits based upon the member's initial beneficiary designation, if any. W Nothing contained in this Section shall affect whatever other benefits a fire fighter's surviving spouse or dependent children may be entitled to SECTION 2 This Ordinance shall become effective on November 8, 1995 if a majority of the qualified electors at the general municipal election to be held November 7, 1995 voting on the initiated ordinance amending the Pueblo Firemen's Pension Fund by the addition of Section 2 -2 -18 thereto shall vote against the initiated ordinance; provided, however, that the modifications of the Pueblo Firemen's Pension Fund set forth in Section 1 of this Ordinance shall not become effective until the first of the month following the Fire and Police Pension Association Board of Directors' decision to permit such modifications to the Pueblo Firemen's Fund pursuant to §31 -30- 1005(6) C.R.S. or January 1, 1996, whichever is later. For such purpose, on its effective date, this Ordinance shall constitute and be construed to be a request by the City to so modify the Pueblo Firemen's Pension Fund. INTRODUCED: October 10, 1995 By Charles Jones Councilperson ATTEST: APPROVED: f , City Clerk President of the City Council -2-