Loading...
HomeMy WebLinkAbout1974 Ordinance No. 010" • • •• INTRODUCED AS A BILL BY COUNCILMAN BLESSING BY AUTHORITY ORDINANCE NO. '\.) , SERIES OF 1974 AN ORDINANCE AMENDING CHAPTER 9, TITLE V, OF THE 1969 E .M.C •. RELATING TO EARLY RETIREMENT OF VESTED MEMBERS OF THE CITY OF ENGLEWOOD RETIREMENT PLAN. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, as follows: Section 1. That Section 26, Chapter 9, Title V of the 1969 E.M.C. is hereby amended to read as follows: 5-9-26 Optional Retirement Benefit Payments Subject to such uniform rules and regulations as the Retirement Board may prescribe, a member OR VESTED MEMBER may~ in lieu of the retirement be nefit payments provided in Section 5-9-25, elect one (1) of the following forms of optional retire- ment benefits, which shall be the actuarial equivalent of the benefit to which he would otherwise be entitled . The member OR VESTED MEMBER must make any election of an optional benefit in writing, and such election must be filed with the Retire- ment Board at least ninety (90) days prior to the due date of the first payment of Retirement Benefits under the Plan. The election of an option may be changed at any time prior to ninety (90) days preceding the due date of the first payment of Retire- ment Benefits under the Plan . . , -1- .. (b) Life and Term Certain Benefit Option • A benefit which provides an adjusted monthly Retirement Benefit payment during the Retired Member's life, and upon his death after retirement within a specified term certain (SUCH TERM NOT TO EXCEED TEN (10) YEARS AS ELECTED BY THE MEMBER OR VESTED MEMBER). • e . Sect i on 2. That Section 27, Chapter 9, Title V of the 1969 E.M.C. is hereby amended to read as follows: 5-9-27 Section 3. Minimum Monthly Payments If the monthly benefit to which any member, VESTED MEMBER or beneficiary shall become entitled under the Plan shall be less than $25.00, the Retirement Board shall have the right to direct that the Actuarial Equivalent of such benefit shall be paid in a lump sum or in installments at such intervals as will result in each payment amounting to at least $25.00. That Section 28, Chapter 9, Title V of the 1969 E.M.C. is hereby amended to read as follows: 5-9-28 Beneficiary The member OR VESTED MEMBER may des - ignate as his Beneficiary, in writing, his spouse or any of his children, either natural or adopted, parents, brothers or sisters. If the designated Beneficiary dies prior to the due date of the first payment of Retirement Benefits under the Plan and no new Beneficiary has been des- ignated, Retirement Benefits shall be paid as though no optional benefit had been elected. -2- ' • • e . Section 4 . That Section 33, Chapter 9, Title V of the 1969 E.M.C. is hereby amended to read as follows: 5-9-33 Section 5. Death of a Vested Member Before NeP!Rai Retirement Date In the event that a vested member dies prior to his fteP!ll&~ retirement date, there shall be paid to the beneficiary designated by him, if living, otherwise to his estate, the amount of his accumulated contributions at the time of his death. ' That Section 37, Chapter 9, Title V of the 1969 E.M.C. is hereby amended to read as follows: 5-9-37 Five or More Years Credited Service (b) (3) IN LIEU OF RECEIVING TIIE DEFERRED RETIREMENT BENEFIT UPON THE NORMAL RETIREMENT DATE THE VESTED MEMBER MAY EIECT TO RECEIVE A REDUCED RETIREMENT BENEFIT BEGINNING ON THE FIRST DAY OF ANY MONTH SUB- SEQUENT TO HIS ATTAINMENT OF AGE 55. THE REDUCTION SHALL BE THE SAME AS PROVIDED IN 5-9-22. (4) A vested member may elect, at any time prior to his Re~ai retirement date to receive, in lieu of all other benefits, a refund of his accumulated contributions as of the date of refund. . . . . -3- • • • Section 6. (5) IN LIEU OF RECEIVING THE DEFERRED RETIREMENT BENEFIT UPON THE NORMAL RETIRE ME NT DA TE THE VESTED MEMBER MAY ELECT TO RECEIVE A REDUCED RETIREMENT BENEFIT BEGINNING ON THE FIRST DAY OF ANY MONTH SUB- SEQUENT TO HIS ATTAINMENT OF AGE 55. THE REDUCTION SHALL BE THE SAME AS PROVIDED IN 5-9-22. (6) A vested member may elect at any time prior to his RePBta~ retirement date to receive in lieu of all other benefits a refund of any accumulated contributions as of the date of refund. That all ordinances or parts of ordinances in conflict herewith are here.by expressly repealed . Introduced, re.ad in full and passed on first reading on the 18th day of March, 1974. Published as a Bill for an Ordinance on the 21st day of March, 1974. Read by title and passed on final reading on the 1st day of April, 1974. Published by title as Ordinance No. of 1974, on the 4th day of April, 1974. ATI'EST: ex officio City~S\lrer _,_ //) , Series • • I, Karl Nollenberger, 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. /6 , Series of 1974. /,jFN~ ex officio City Clerk-T~rer