HomeMy WebLinkAbout06584ORDINANCE NO. 6584
AN ORDINANCE AMENDING CHAPTER 3 OF TITLE II OF THE
PUEBLO MUNICIPAL CODE RELATING TO THE PUEBLO
POLICEMEN RETIREMENT PLAN AND INCREASING BENE-
FITS THEREUNDER BY PROVIDING SERVICE RETIREMENT
PENSIONS FOR MEMBERS WITH TWENTY -FIVE YEARS OF
SERVICE REGARDLESS OF ATTAINED AGE
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 -3 -14 of Chapter 3 of Title II of the Pueblo Municipal Code, as amended, is hereby
amended to read as follows:
Sec. 2 -3 -14. Retirement; voluntary; age requirement; application.
Any member who has either 1 attained or attains the age of fifty -five (55) years and
has twenty (20) or more years of credited service or (2) after October 25, 2000, has twenty_
five 25) or more years of credited service, regardless of age, may retire, upon his or her
written application filed with the Board setting forth at what time, neither less than thirty (30)
days nor more than ninety (90) days subsequent to the execution and filing thereof, he or she
desires to be retired. Upon his or her retirement, he or she shall be entitled to a pension
provided for in Section 2- 3 -17(a) and he or she shall have the right to elect an option
provided for in Section 2 -3 -19.
SECTION 2
Section 2 -3 -17 of Chapter 3 of Title II of the Pueblo Municipal Code, as amended, is hereby
amended to read as follows:
Sec. 2 -3 -17. Pension; computation.
(a) Living.
W With respect to members retiring on or after December 15, 1995, and
prior to January 1, 1999, upon 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 or
her average final compensation multiplied by the number of years, and fraction of a
year, of his or her credited service.
With respect to members retiring on or after January 1, 1999 and prior
to October 25, 2000 upon 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 and one -half percent (2.5 %)
of his or her average final compensation multiplied by the number of years, and
fraction of a year, of his or her credited service; provided, however, that such pension
shall in no case exceed eighty -five percent (85 %) of the member's average final
compensation, regardless of the number of years of credited service.
W With respect to members retiring on or after October 25. 2000, upon
a member's retirement from service, a member who has either
a. attained age fifty-five (55) years and has twenty (20 ) or more
years of credited service, or
b. regardless of age, has twenty -five 25) years or more of
credited service,
shall receive a service retirement pension eaual to two and one -half percent (2.5%
of his or her average final compensation multiplied by the number of ,years, and
fraction of a year, of his or her credited service, provided, however, that such pension
shall in no case exceed eighty -five percent 85 %) of the member's average final
compensation, regardless of the number of years of credited service.
(b) Deceased. In the event a retirant dies before he or she has received pension
payments, provided for in Subsection (a) above, in an aggregate amount equal to his or her
accumulated contributions standing to his or her credit in the Pension Savings Fund at the
time of his or her retirement, the difference between such accumulated contributions and the
aggregate amount of pension payments received by him or her shall be paid from the Pension
Reserve Fund to such person as he or she shall have nominated by written designation duly
executed and filed with the Board. In the event there is no such designated person surviving
the retirant, then such differences, if any, shall be paid to his or her legal representative. In
no case shall any benefits be paid under this Section 2- 3 -17(b) on account of the death of a
retirant if he or she elected either Option A, B, C or D provided for in Section 2 -3 -19.
SECTION 3
This Ordinance shall become effective thirty (30) days after final passage and approval;
provided, however, that the modifications to the Pueblo Policemen's Retirement Plan set forth in
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Sections 1 and 2 of this Ordinance shall not become effective (a) unless approved by sixty -five
percent of the active members of the Pueblo Policemen's Retirement Plan and (b) until the day after
the date when the Board of Directors of the Fire and Police Pension Association established pursuant
to Section 31 -31- 201(1), C.R.S. (Vol. 9, 1999) shall decide to permit said modifications pursuant to
Section 31- 30.5- 210(2), C.R.S. (Vol. 9, 1999). 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 Policemen
Retirement Plan.
S
ATTEST:
City rk
Passed and Approved: September 25, 2000
INTRODUCED: September 11, 2000
Patrick Avalos
Councilperson
APP VED:
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President of the City Council
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