HomeMy WebLinkAbout1973 Ordinance No. 005IITRODUCID AS A BILL BY COUNCILMAN BROWN.
BY AUTHORITY
ORDINANCE NO. ' , SIRIIS OF 1973 -
All ORDIIAJICE AMENDING TITLE V, CHAPTER 9 1 ARTICLE X, RELATING TO THE CITY OF ENGLEWOOD
RITIRDIEIT PLAI, SECTIONS 36 :.AND 37, 1969 l.M.C., BY ESTABLISHING THE TOTAL VESTING or EARIED BENEFITS AFTIR FIVE (5) YEARS OF CREDITED SIRVICI; AND REPEALING ALL ORDI-
llAJICIS AJID PARTS or ORDINANCES IN CONFLICT BBREWITH. -
IOW, THIRIFORE, Bl IT ORDAIIED BY THE CITY COUNCIL OF THI CITY OF ENGLEWOOD,
COLOBADQ, as follows:
Section l.
That Title Y, Chapter 9, Section 36, of the 1969 E.M.C. is hereby amended, as
tollow•:
'-9-36 LISS TBAJI FIVE YEARS CREDITED SERVICE
In the ••ent that a aeaber shall resi1n or be discharged from the service
ot the Cit7 prior to his Noraal Retireaent Date and less than five (5)
7ears ot credited service, the only benefit to which he shall be entitled
under this plan shall be the refund of his Accumulated Contribution.
Section 2.
That Title V, Chapter 9, Section 37, 1969 E.M.C., is hereby amended as follows:
,_,_37 YEARS or CREDITED SERVICE
(a) The tollow1n1 shall apply to any employee who has resigned or was discharged
troa the service ot the City prior to December Jl, 1972:
In the event that a aeaber shall resign or be discharged from the service
ot the City prior to his Normal Retireaent Date, and has ten (10) or more
years ot Credited Service, he aay elect either (a) to leave his Accumulated
Contribution• on deposit in the Fund and become a Vested Member, or (b) to
receiYe, in lieu ot all other benefits, a refund of his Accumulated Contri-
butions. It •uch a aeaber tails to elect either (a) or(~) within ninety days
after hie date ot teraination troa the Plan, then he shall be deemed to have
elected to leave his AccWDulated Contributions on deposit and to become a
Vested Meaber.
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A Vested Meaber shall be entitled to a deferred Retirement Benef'i t which shall \i •. ~ .. ·· ..
be the Yested portion (as shown in the table below) of the Retirement Benefit ·[1
earned to the date or the teraination ot his aembership. Such daferred ! .
Retireaent Benefit shall be payable at the Vested Member's Norm~i Retirement ~
Date, provided, however, that the amount or Retirement Benefit shall be no l
less than the benefit which his Accumulated Contributions at his Normal
Retireaent Date would provide.
Coapleted Years
of Credited Service
10
11
12
13
14 1,
16•
17
18
19
20 and over
Per Cent of Earned
Benefit Vested
50%
55
60
65
70
75
80
85
90
95
100
A Vested Meaber aay elect, at any time prior to his Normal Retirement Date, to
receiYe, in lieu of all other benefits, a refund of his Accumulated Contribu-
tions ae ot the date of refund.
(b) The tollowin1 shall apply to any employee or the City or Englewood and a Member
ot the Cit7 ot ln1lewood Retirement Plan, and who has accumulated five (5)
7eare or aore or Credited Service prior or subsequent to December Jl, 1972.
In the event that a aeaber shall resign or be discharged from the service of
the Cit7 prior to his Noraal Retirement Date and has five (5) or more years of
Credited Service, he aay elect either (a) to leave his Accumulated Contributions
on deposit in the Fund and becoae a Vested Member or (b) to receive in lieu of
all other benefits a refund ot his Accumulated Contributions. If such a member
tails to elect either (a) ir (b) within ninety (90) days after his date of
teraination troa the Plan, then he shall be deemed to have been elected to
leave his Accuaulated Contributions on deposit and become a Vested Member.
A Vested Meaber shall be entitled to a deferred Retirement Benefit which shall
be the vested portion ot the Retirement Benefit earned to the date of termina-
tion ot his aeaberahip.
A aeaber shall be credited with lOOS of earned benefit vested after five (5)
7eara ot credited service.
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Such deterred Retireaent Benefits shall be payable at the Vested
Meaber's Horaal Retireaent Date, provided, however, that the amount
ot Retireaent Benetit shall be no leas ~ban the benefit which bis accumu-
lated Contribution at hai Noraal Retirement Date would provide.
A Vested Meaber aa7 elect at an7 time prior to this Normal Retirement
Date to receive in lieu ot all other benetita a refund of any Accumulated
Contributions aa ot the date or refund.
Section ).
That all ordinances or parts or ordinances in conflict berew~tb are hereby
expresal7 repealed.
Introduced, read in tull, and passed on tirat reading on the 20th day of
Pebruar7, 197).
Published as a Bill tor an Ordinance on tba 8th day or March, 197J. ~
Read b7 title and passed on tinal readin1 on the 19th day or March, 197J.
Published b7 title as Ordinance No. ___ s_, Series or 197J, on the 22nd day of
March, 1973.
~~llh .
llayor
ATTEST:
----"'·t~.
I, larl Nollenberger, do hereb7 certify that the above and foregoing is a true,
accurate and ooaplete cop7 ot tbe Ortdinanoe, paaaed on final reading and published
b7 title as Ordinance No. ' , Series ot 1973.
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