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
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