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hereby repealed.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
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