HomeMy WebLinkAbout06189ORDINANCE NO. 6189
AN ORDINANCE AMENDING CHAPTER 3 OF TITLE II OF THE
1971 CODE OF ORDINANCES RELATING TO THE CITY OF
PUEBLO POLICEMEN RETIREMENT SYSTEM, MODIFYING
PENSION COMPUTATION
WHEREAS, pursuant to the City of Pueblo Policemen Retirement System (the "Police
Pension Plan "), upon his retirement, a member who has attained age 55 and has 20 or more years
of credited services receives a pension equal to the sum of (a) 2% of his average final compensation
multiplied by the number of years, and fraction of a year, of his credited service not to exceed 25
years, and (b) I% of his average final compensation multiplied by the number of years, and fraction
of a year, of his credited service in excess of 25 years; and
WHEREAS, the members of the Police Pension Plan have requested that the Police Pension
Plan be amended to award a pension to a member who has atta ined age 55 with 20 or more years
of credited service equal to 2% of the member's average final compensation multiplied by the
number of years, and fraction of a year, of such member's credited service; and
WHEREAS, Watson Wyatt Worldwide, Consultants and Actuaries have determined as of
January 1, 1996, the market value of the assets of the Police Pension Plan exceeds the present value
of pension benefits under the current formula including the above modification in benefits requested
by the members of the Police Pension Plan resulting in no required future City contributions, 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 Section 2 of this Ordinance in all future fiscal
years of the City.
(b) The contributions to the Police Pension Plan of eight (8) percent of
compensation by the members of the Police Pension Plan and the City shall continue in effect.
(c) The modification to the Police Pension Plan and any enhanced benefits
granted by Section 2 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 17(a) of Chapter 3, Title II of the 1971 Code of Ordinances is hereby amended to
read:
2 -3 -17: PENSION -- COMPUTATION
(a) Living Upon his retirement from service, a member who has attained age
fifty -five (55) years and has twenty (20) or more years of credited service shall receive a
service retirement pension equal to [the sum of (1)] two percent (2 %) of his average final
compensation multiplied by the number of years, and fraction of a year, of his credited
service. [not to exceed twenty -five (25) years, and (2) one percent (1 %) of his average final
compensation multiplied by the number of years, and fraction of a year, of his credited
service in excess of twenty -five (25) years.]
SECTION 3
This Ordinance shall become effective upon final passage; provided, however, the
modification to the City of Pueblo Policemen Retirement System set forth in Section 2 of this
Ordinance shall not become effective until the first of the month after the month in which such
modification is approved by both (a) sixty -five (65) percent of the active members of the City of
Pueblo Policemen Retirement System, and (b) the Board of Directors of the Fire and Police Pension
Association pursuant to §31- 30.5- 210(2) C.R.S. (1996 Cum. Supp. Vol. 12B). For such purpose,
the final passage of this Ordinance shall constitute and be construed to be a request by the City to
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so modify the City of Pueblo Policemen Retirement System.
SECTION 4
Subject to the approvals required by Section 3 of this Ordinance, the modification to the City
of Pueblo Policemen Retirement System set forth in Section 2 of this Ordinance shall apply to
members of the City of Pueblo Policemen Retirement System who retire on or after January 1, 1997.
INTRODUCED: April 14, 1997
ATTEST:
City ClerkF7,
By Al Gurgle
Councilperson
APPROVED:
President of th City ouncil
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