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Home My WebLink About1979 Ordinance No. 009I t • BY AUTHORITY 1 c • ORDINANCE NO. 9 SERIES OF 1979 COUNCIL BILL NO. 8 SERIES OF 1979 INTRODUCED BY COUNCILMAN SMITH AN ORDINANCE AMENDING CHAPTER 9, TITLE V, OF THE 1969 ENGLEWOOD MUNICIPAL CODE RELATING TO RETIREMENT. BE IT ORDAINED BY THE CITY COU NCIL OF THE CITY OF ENGLEWOOD, COLORADO, as follows: Section 1. That Sections 1, 3(u), 3 (w), 11, 18, 19(f), 30, 31, and 64 of Chapter 9, Titl e V of '69 E.M .C. are h e r eby amended to read as follows: 5-9-1: RETIREMENT AGE (a) All full-time, permanent e mployees of th e city, whose employment ±s ~everned hy the pfovis ion s or the Eareer Sefviee System shal± be retired ttpen reaefiin~ the a~e or sixty-five ~65t years~ provided however, that ttpen reqttest there~er rrem any stteh empioyee 7 anrl hy reason or spee~ai er ttn±qtle eonditions of speeial qttali£±ea- tions7 the Eity Manager may extend tke retirement date 0£ aHy Stteh employee, £rem t~me to t~me1 prov i ded tnat no s~n~ie extension theree£ shall be longer than Ofte ~it year, and provided £ttrther that no Stteh extension shall be grttnted te any employee who has reaehed seventy ~~et years 0£ a~e· MAY RETIRE AT ANY TIME AFTER REACHING THEIR NORMAL RETIREMENT DATES, BUT IF THEY REQU EST DEFERR ED RET IREMENT, THEY SHALL BE RETIRED UPON REACHING •rHE AGE OF SE\IENTY (70) YEARS. (b) The ef fe c ive date of reti rement under the provis ion s of Subsec tion (a) hereof shall be the first day of the first month follow- ing the month in which such employee reaehes the a~e er sixty-£ive ~65t years 7 er ift the ease e£ any extens~ens er retirement a~e7 the date en whieh the extensien expires~ ACTUALLY RETIRES FROM THE EMPLOYMENT OF THE CITY. 5-9-3: DEFINITIONS (u) "Actuarial Equivalent" shall mean a befte£it ef e~ttiva%eftt va%tte wheft eempttted at the rate e£ interest and en the basis er mertality and ether tables %ast ade~ted 8y the RetireMeftt BeardT EQUALITY IN VALUE OF THE AGGREGATE AMOUNTS EXPECTED TO BE RECEIVED UNDER DIFFERENT FORMS OF PAYMENT, BASED ON INTEREST RATE AND MORTALITY ASSUMPTIONS IN EFFECT ON THE DETERMINATION DATE, DETERMINED AS FOLLOWS: A. INTEREST RATE ASSUMPTION -EFFECTIVE JANUARY 1, 1979, THE INTEREST RATE ASSUMPTION USED FOR PURPOSES OF COMPUTING OPTIONAL FORMS OF PAYMENT, AS PROVIDED IN SECTION 5-9-25, SHALL BE BASED ON THE PRIME INTEREST RATE OF THE FIRST NATIONAL BANK OF ENGLEWOOD, AND SH/\LL DE DETERMINED AS FOLLOWS: 1. UNTIL JANUARY 1, 1980, FOR PURPOSES OF COMPUTING OPTIONAL FORMS OF PAYMENT PAYABLE IN OTHER THAN A SINGLE sqM, TH E INTEREST RATE ASSUMPTION SHALL BE SIX PERCENT (6%) PER ANNUM. ON JANUARY 1, 1980, AND AS OF THE JANUARY l OF EACH FIFTH CALENDAR YEAR THEREAFTER, THE INTEREST RATE ASSUMP- TION SHALL BE CHANGED TO 75% OF SAID PRIME INTEREST RATE (ROUNDED TO THE NEARER ONE-HALF PERCENT) , PROVIDED THAT NO CHANGE WILL BE MADE UNTIL IT INCREASES OR DECREASES THE PREVIOUS ASSUMPTION BY AT LEAST ONE PERCENTAGE POINT. • -2- • • , • 5-9-3: 2. UNTIL JANUARY 1, 1980, FOR PURPOSES OF COMPUTING SINGLE SUMS, THE INTF.n EST RATE ASSUMPTION SHALL BE SIX P ERCENT (6%) PER ANNUM. EFFEC- TIVE .JANUARY 1, 1980, THE INTEREST RATE ASSUMPTION SHALL BE SAID PRIME INTEREST RATE (ROUNDED TO THE NEARER ONE-HALF PERCENT) AS OF THE BEGINNING OF THE CALENDAR QUARTER IN WHICH SUCH SINGLE-SUM PAYMENT IS MADE. B. MORTALITY ASSUMPTION -AS OF JANUARY 1, 1979, THE MORTALITY ASSUMPTION USED FOR PURPOSES OF COMPUTING OPTIONAL FORMS OF PAYMENT SHALL BE THE 1971 GROUP ANNUITY MORTALITY TABLE, PIOJECTED BY SCALED TO 1975, ACCORDI N<; TO THE SEX OF THE PAYEE. HOWEVER, FOR ANY . TSABILITY PENSION, SAID MORTALITY ASSUMPTION SHALL BE THE UL'l'IMATE MORTALITY RATES OF THE 1965 RAILROAD RETIREMENT BOARD TOTALLY DISABLED ANNUITANTS MORTALITY TABLE. SAID MORTALITY ASSUMPTIONS SHALL BE USED UNTIL CHANGED BY PLAN AMENDMENT, PROVIDED THAT IF A UNISEX MORTALITY ASSUMPTION BECOMES MANDATED BY FEDERAL OR STATE LAW, SAID UNISEX MORTALITY ASSUMPTION WILL BE THAT THEN IN USE FOR MALE PAYEES. (w) "Final average monthly compensation" shall mean the average monthly compensation received by the member during the last sixty (60) consecutive calendar months OF CREDITED SERVICE OR DURING HIS TOTAL PERIOD OF CON- SECUTIVE CREDITED SERVICE, IP LESS THAN SIX'rY (60) MONTHS. 5-9-11: BREAKS IN SERVICE (a) If any break or breaks shall occur in the service of a member, none of his service prior to the last such break, whether prior service or curr nt service, shall be included in his credited service. The Retirement &card shall have the power to determine when a break or break~ in service shall have occurred and such determination shall be made in a nondiscrimina- tory manner. -3- • t , • (b ) A leave of absence or interruption of service duly approved by the City Manager and Beard er eareer Serviee eelNft~ssieners shall not be . considered a break in service. All such leaves of absence or interruptions of service shall be approved in a nondiscriminatory manner and for a specific period. (c) Any employee or any member who is on a leave of absence on account of entering into the military service of the United States (includ- ing service in the United States Merchant Marine in time of war) shall, in the absence of reasonable justification for additional delay, return to the service of the city within nine ty (90) days after the time when a discharge from such military service was first availabl e to such employee. In the event that a member or employee does not return to the service of the city within the time specified above, such leave of absence shall be considered a break in service. (d) The p e riod during any leave of absence or interruption of service shall not, however, be included in credited service. 5-9-18: DELAYED RETIREMENT DATE Every member upon reaching his nermar retirement date mast retire ttnder the P%an ttn%ess the eity re~ttests that he de%ay retirement ttnti% a de%ayed ret~rement date. ~f etteh a deiayed ret~rement date ~e re~tteeted by the e~ty and the member eieete te de ee7 he may remain a melftber e£ the Pian ttntii stteh deiayed ret~re ment date apen etteh terms as may be arranged7 bttt net beyend the £~rst day er the eaiendar menth eeine~dent with er next etteeeeding h~s ~0th birthday. SIXTY-FIFTH (65th) BIRTHDAY SHALL BE FULLY VESTED IN THE BENEFITS EARNED PRIOR TO SUCH DATE AND SHALL BE ELIGIBLE TO RETIRE UNDER THE PLAN. HOWEVER, ANY MEMBER ELIGIBLE FOR NORMAL RETIREMENT MAY ELECT TO DELAY HIS RETIREMENT DATE, BUT NOT BEYOND THE FIRST DAY OF THE CALENDAR MONTH COINCIDENT WITH OR NEXT SUCCEEDING HIS SEVENTIETH (70th) BIRTHDAY. His delayed retirement date shall be the first day of the month, coincident with or next following the date of his actual retirement. As a condition precedent to continuance in employment beyond -4- r • • , • the normal retirement date, the member shall file · with the Retirement Board the written designation of a beneficiary, whether or not the member elects efte ii* ef the AN OPTIONAL BENEFIT in accordance with Section 5-9-26. 5-9-19: DISABILITY RETIREMENT (f) Disability shall be considered to have ended if, prior to his normal retirement date, the member engages in any substantial gainful activity except for such employment as is found by the Board to be for the primary pur- pose of rehabilitation or not incompatible 5-9-30: with a finding of total and permanent disability; or has sufficiently recovered, in the opinion of the Board based on a medical examination by a doctor or clinic appointed by the Board, to be able to engage in re~~iar emp%eymeftt w~th the e~ty a"s ~e£~ees an e££er e£ emp%eymene ~Y the eiey ANY SUBSTANTIAL GAINFUL ACTIVITY; or ref uses to undergo any medical examination requested by the Board, provided that a medical examination shall not be required more frequently than twice in any calendar year. DEATH OF MEMBER BETWEEN NORMAL AND DELAYED RETIREMENT (a) In the event that a member continues in the city's employment after his normal retirement date, and dies before actually retiring, then, for purposes of this Plan, shall be deemed to have retired on the first day of the calendar month in which he dies. If an election of an optional benefit provided for in Section 5-9-26 is then in effect, the payments, if any, provided by such optional benefit shall be made to the beneficiary designated by the member. If no election of an optional benefit provided for in Article VIII is then in effect, such member .shall be deemed to have elected the benefit provided for in Section 5-9-25 and the one hundred t~enty (120) monthly payments shall be made to the beneficiary designated by the member as required in Section 5-9-18. -s- ( • • • (b) In the event that no designated beneficiary Is living at th e death of a member while continuing in t h 0 city's employment after his normal retiremen t: date, such member shall be deemed to have 0 l ected the benefit provided for in Section ~>-9-25, and the ACTUARIAL EQUIVALENT VALU E OF THE one hundred twenty (120) monthly pay ments shall be computed and paid in one (1) sum to the estate of the member. 5-9-31: DEATH OF A RETIRED MEMBER (a) In the event that a retired member who has been receiving retirement benefit payments under Sections 5-9-25 or 5-9-26, option (b), dies before he h n s received payment of monthly installments for ~he term certain, his bene- ficiary, if liV .i.l•lJ , shall receive monthly installments of the same amount for the balance of such term certain. (b) In the event that no beneficiary is living 5-9-64: at the death of such retired member, THE ACTUARIAL EQUIVALENT VALUE OF the monthly .installments for the balance of the term certain will be computed at the ~nterest rate last adepted by the Ret~rement Beard and paid in one (1) sum to the t o the estate of the retired member. If at the death of the last surviving beneficiary following the death of the retired member, monthly install- ments have not yet been paid for the term certain, THE ACTUARIAL EQUIVALENT VALUE OF the installments for the balance of the term certain will be computed at the ~nterest rate last adepted by the Reti~ement Beard and paid in one (1) sum t o the est ate of the last surviving beneficiary. ALLOCATION OF FUND ASSETS UPON TERMINATION In the event of A PARTIAL OR the complete termination of the Plan, all THE assets of the AFFECTED .. P.ORTIOtJ of the Trust Fund shall be converted to cash and allocated to Members, Retired Members, Vested Members and Beneficiaries on the following basis: • -6- t • Section 2. (a) An amount equal t o the Accumulated Contributions, or balance thereof, which would be payable to the Memb ers, Retired ~embers, Vested Members or Beneficiaries should death occur on the date of the termination o f the Plan. (b) An amount of the remaining assets equal to a pro rata portion determined on the basis of the ratio that the actuarial reserve for his accrued benefits minus the amount in (a) above credited to him be ars to the total of such actuarial reserves minus the total in (a). That amendments contained in this ordinance shall become effective January 1, 1979. Section 3. That all ordinances or parts of ordinances in conflict • herewith are hereby expressly repealed. , • Introduced, read in full and passed on first reading on the 5th day of February , 1979. Published as a Bill for an Ordinance on the ?th day of February , 1979. Read by title and passed on final reading on the 20th day of February, 1979. Published by title as Ordi on the 21st day of February, 1979. Attest: ~~k-Treasurer -7- 9 , Series of 1979, --- ' • • • • I, William D. James, do hereby certify that the above and foregoing is a true, accurate and complete copy of the Ordinance passed on final reading and published by title as Ordinance No. 9 , Series of 1979. ·~-ex OiCI({lerk-Treasurer -8-