HomeMy WebLinkAbout06188ORDINANCE NO. 6188
AN ORDINANCE AMENDING CHAPTER 2 OF TITLE II OF THE
1971 CODE OF ORDINANCES RELATING TO THE PUEBLO
FIREMEN'S PENSION FUND AND PROVIDING FOR AN
AUTOMATIC ELECTION FOR JOINT AND SURVIVOR
PENSION BENEFITS UPON DEATH OF CERTAIN ELIGIBLE
MEMBERS
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: (brackets indicate matter
being deleted; underscoring indicates new matter being added.)
SECTION 1
Section 2 -2 -18 of Chapter 2 of Title II of the 1971 Code of Ordinances, as amended, is
hereby amended to read as follows:
2 -2 -18: JOINT AND SURVIVOR PENSION
(a) Notwithstanding any provision of this Chapter to the contrary, the firefighter
may elect to receive retirement benefits as a benefit payable throughout the firefighter'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 firefighter'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 firefighter's reduced pension shall be continued throughout the life of, and paid
to, such person having an insurable interest in the firefighter's life, as the firefighter
shall have nominated by written designation duly executed and filed with the
Colorado Fire and Police Pension Association Board prior to the effective date of
retirement; or
(2) Option B. Modified Joint and Survivor Pension Upon the death of
a retirant, one -half (1/2) of the reduced pension shall be continued throughout the life
of, and paid to, such person having an insurable interest in the firefighter's life, as the
firefighter shall have nominated by written designation duly executed and filed with
the Colorado Fire and Police Pension Association Board prior to the effective date
of his retirement.
(b) The election of a regular pension or one (1) of the options for survivors set
forth in subsection (a) above shall be made prior to the effective date of the firefighter's
retirement. After an election has been made and the firefighter has cashed the first pension
check, or sixty (60) days from date of issuance of said check have elapsed, whichever occurs
first, the election shall be irrevocable. The firefighter's beneficiary designation shall also
be irrevocable at such time unless the firefighter's marital status changes as the result of
dissolution of marriage, death of a beneficiary, marriage or remarriage or in the event of the
death of a beneficiary. In such case, the firefighter may designate a new beneficiary.
(c) 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.
(d) Effective on and after March 24, 1997, upon the death of an active firefighter
who has attained age 50 with at least twenty years of active service and has achieved full
eligibility to receive retirement benefits prior to his death but who had not so retired prior
to death, the lawful spouse of the firefighter at the time of death shall receive, for the life of
such spouse, a reduced survivor pension actuarially equivalent to the reduced pension which
would have been paid to such spouse had the firefighter retired the day before his death,
elected to receive the Option A Joint and Survivor Pension available pursuant to paragraph
(a)(1) of this section, and designated such spouse as the surviving beneficiary. This
paragraph is not intended to provide a reduced survivor benefit to any person except the
lawful surviving spouse of an eligible firefighter.
(e) Nothing contained in this section shall affect whatever other benefits a
firefighter's surviving spouse or dependent children may be entitled to.
SECTION 2
To the extent inconsistent with the provisions of this Ordinance, Ordinance No. 6181 is
hereby repealed.
SECTION 3
This Ordinance shall become effective thirty days after final passage and approval; 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
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Firemen's Fund pursuant to §31- 30.5- 210(2) C.R.S. (1996 Cum. Supp. Vol. 12B); and it is intended
to apply only with respect to eligible firefighters who die on or after March 24, 1997. 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.
ATTEST:
City Clerk
INTRODUCED: April 14, 1997
By Samuel Corsentino
Councilperson
APPROVED:
&t ,� - lel-�
President of the City ouncil
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