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HomeMy WebLinkAbout06585ORDINANCE NO. 6585 AN ORDINANCE AMENDING CHAPTER 2 OF TITLE II OF THE PUEBLO MUNICIPAL CODE RELATING TO THE PUEBLO FIREMEN'S PENSION FUND AND MODIFYING THE RATE OF ACCRUAL FOR INCREASED PENSION BENEFITS FOR YEARS OF SERVICE BEYOND NORMAL RETIREMENT ELIGIBILITY 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 -17 of Chapter 2 of Title II of the Pueblo Municipal Code, as amended, is hereby amended to read as follows: Sec. 2 -2 -17. Service beyond normal retirement date. (a) Notwithstanding any provision of this Chapter to the contrary, the retirement benefit of fifty percent (50 %) of salary upon reaching eligibility for retirement (at least age fifty [50] and at least twenty [20] years of active service) shall increase by an additional three percent (3 %) for each full year of active service after the eligibility date is reached, provided that the full year of service occurs after January 1, 1994. Additionally, for persons retiring on or after October 25, 2000, for each partial year of active service after eligibility date is reached, the retirement benefit shall increase by an additional percentage calculated by multiplying twenty-five wenty -five one hundredths of one percent (0.25 %) times the number of full months of active service rendered after eli ig bility date is reached during such uch partial year active service after eligibility date is reached. In no case shall the total benefit exceed eighty percent (80 %) of salary. (b) The rank escalation benefit for retired firefighters shall be calculated using the percentage of salary due at retirement as determined by Subsection (a) above. (c) Nothing contained in this Chapter shall allow a firefighter to receive pension benefits in excess of those allowed by the Internal Revenue Code for qualified pension plans. SECTION 2 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 (a) unless approved by sixty -five percent of the active members of the Pueblo Firemen's Pension Fund and (b) until the day after the date when the Board of Directors of the Fire and Pension Association established pursuant to Section 31- 31- 201(1), C.R.S. (Vol. 9, 1999) shall decide to permit such modifications to the Pueblo Firemen's Fund pursuant to §31 -30.5- 210(2), C.R.S. (Vol. 9, 1999); and it is intended to apply only with respect to eligible firefighters who retire on or after October 25, 2000. 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. INTRODUCED: September 11, 2000 By Robert Schilli Councilperson ATTEST: APP VED: C ��� City erk President of the City Council Passed and Approved: September 25, 2000 -2-