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HomeMy WebLinkAbout06281ORDINANCE NO. 6281 AN ORDINANCE AMENDING CHAPTER 3 OF TITLE II OF THE 1971 CODE OF ORDINANCES RELATING TO THE CITY OF PUEBLO POLICEMEN RETIREMENT SYSTEM, MODIFY- ING PENSION COMPUTATION 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. With respect to members retiring on or after December 15, 1995, [U]upon [his] a member's 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 two percent (2 %) of his average final compensation multiplied by the number of years, and fraction of a year, of his credited service. SECTION 3 To the extent inconsistent with the provisions of this Ordinance, Ordinance No. 6189 is hereby repealed. SECTION 4 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 so modify the City of Pueblo Policemen Retirement System. SECTION 5 Subject to the approvals required by Section 4 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 December 15, 1995. INTRODUCED: December 8 1997 -2- By Fay B. Kastel is Councilperson ATTEST: City Cler President of t City • ouncil J: \CITY\PENSIONS \OLD - HIRE \ORDINNC3.WPD -�