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HomeMy WebLinkAbout2015 Ordinance No. 029• • • BY AlITHORITY ORDINANCE No.2!/ SERIES OF 2015 COUNCIL BILL NO. 27 INTRODUCED BY COUNCIL MEMBER OLSON AN ORDINANCE AMENDING TITLE 3, CHAPTER 4, SECTION 16, SUBSECTION 3, OF THE ENGLEWOOD MUNICIPAL CODE 2000, ENTITLED "CITY OF ENGLEWOOD NONEMERGENCY EMPLOYEES RETIREMENT PLAN AND TRUST AS AMENDED AND RESTATED EFFECTIVE DECEMBER 31, 2012". WHEREAS, the City Council bas consistently updated the NonEmergency Retirement Plan (NERP) to insure it complies with Internal Revenue Service (]RS) requirements; and WHEREAS, the proposed ordinance does not substantially change the current level of pension benefits for the NonEmergency Employees Retirement Plan participants; and WHEREAS, the proposed ordinance makes changes required by the Internal Revenue Service (IRS) in order to comply with standards necessary for the m.s Letter of Determination; and WHEREAS, the NonEmergency Employees Retirement Board voted unanimously to support the amendments. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, THAT: Section I. The City Council of the City of Englewood, Colorado hereby authorizes amending Title 3, Chapter 4, Section 16, Subsection 3, of the Englewood Municipal Code 2000 to read as follows: CITY OF ENGLEWOOD NONEMERGENCY EMPLOYEES RETIREMENT PLAN AND TRUST AS AMENDED AND RESTATED EFFECTIVE DECEMBER 31, 2012* 3-4-16: Limitations. 3-4-16-3: Annual Benefit and Contribution Limits. The Plan incorporates by reference the requirements of Code Section 415 and final regulations interpreting Code Section 415, as applicable to this governmental retirement plan. The cost-of- living increase of Code Section 415(d) shall continue to apply to increase the dollar benefit limit of Code Section 415(b) after the Member1s severance from employment. The limitation on contributions of Code Section 415(c) shall apply to Member contributions that are made to the DROP account, as described in Section 3-4-7-8(1). The limitation year is the calendar year . 1 9b i Solely for pumoses of applying Code Section 4t5Cc} limits, compensation is defined as wages within • the meaning of Code Section 34QICAl, plus amounts that would be included in wages but for an election under Code Section 12sw, 132COQ}, 402Ce}C3l, 4Q2Cbl0 }£Bl, 4Q2Qcl or 45JCbl, an as described in Treas Reg. Section J 4 J 5Ccl-2 \ Section 2. Safety Clauses. The City Council hereby finds, determines, and declares that this Ordinance is promulgated under the general police power of the City of Englewood, that it is promulgated for the health, safety, and welfare of the public, and that this Ordinance is necessary for the preservation of health and safety and for the protection of public convenience and welfare. The City Council further determines that the Ordinance bears a rational relation to the proper legislative object sought to be obtained. Section 3. Severability. If any clause, sentence, paragraph, or part ofthis Ordinance or the application thereof to any person or circumstances shall for any reason be adjudged by a court of competent jurisdiction invalid, such judgment shall not affect, impair or invalidate the remainder of this Ordinance or it application to other persons or circumstances. Section 4. Inconsistent Ordinances. All other Ordinances or portions thereof inconsistent or conflicting with this Ordinance or any portion hereof are hereby repealed to the extent of such inconsistency or conflict. Section 5. Effect of repeal or modification. The repeal or modification of any provision of the Code of the City of Englewood by this Ordinance shall not release, extinguish, alter, modify, or change in whole or in part any penalty, forfeiture, or liability, either civil or criminal, which shall have been incurred under such provision, and each provision shall be treated and held as still remaining in force for the purposes of sustaining any and all proper actions, suits, proceedings, and prosecutions for the enforcement of the penalty, forfeiture, or liability, as well as for the purpose of sustaining any judgment, decree, or order which can or may be rendered, entered, or made in such actions, suits, proceedings, or prosecutions. Section 6. Penalty. The Penalty Provision of Section 1-4-1 EMC shall apply to each and every violation of this Ordinance. Introduced, read in full, and passed on first reading on the 6th day ofJuly, 2015. Published by Title as a Bill for an Ordinance in the City's official newspaper on the 9th day of July, 2015. Published as a Bill for an Ordinance on the City's official website beginning on the 8th day of July, 2015 for thirty (30) days . Read by title and passed on final reading on the 20th day of July, 2015 . Published by title in the City's official newspaper as Ordinance No~ Series of 2015 , on the 23rd day of July, 2015. Published by title on the City's official website beginning on the 22nd day of July, 2015 for thirty (30) days . 2 • • • • This Ordinance shall take effect thirty {30} days after publication following final passage . a ~z LoucrishiaA.Ell;., City Cl#6 y P . Penn, Mayor I, Loucrishia A. Ellis, City Clerk of the City of Englewood, Colorado, hereby certify that the above and foregoing is a true copy of the Ordinance passed on final reading and published by title as Ordinance N~_!/., Series of 2015. ~.cf~ 3 • COUNCIL COMMUNICATION Date: Agenda Item: Subject: July 6, 2015 9 a i Bill for an Ordinance adopting amendments to the City of Englewood NonEmergency Retirement Plan (NERP) Document Initiated By: Staff Source: City of Englewood, Finance and Administrative Eric Keck, City Manager Services Department COUNCIL GOAL AND PREVIOUS COUNCIL ACTION The City Council and staff has not discussed the changes incorporated in the attached bill for an ordinance. Council has consistently updated to the Plan to insure it complies with Internal Revenue Service (IRS) requirements. RECOMMENDED ACTION Staff recommends City Council approve a bill for an ordinance authorizing required changes to the NERP Plan Document. BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED This bill for ordinance does not substantially change the current level of pension benefits for the NERP participants. The bill for an ordinance makes changes required by the Internal Revenue Service (IRS). The Plan document is amended to comply with standards necessary for the IRS Letter of Determination. The amendment has no impact on retiree benefits. FINANCIAL IMPACT There is no financial impact to the NERP. LIST OF ATTACHMENTS Proposed Bill for Ordinance.