HomeMy WebLinkAbout1969 Ordinance No. 034284
Introduced a• a Bill by councilman Parkinaon.
BY AU'l'BORITY
All ORDIDllCB ADDIBG 'l'O 'l'llB MURICIPAL CODB OP THE CITY
OP P"CD·PllOOD A m CllAP1'BR 6A TO BS'l'ABLISB A RB'l'IRBMBllT ARD PENSION
PROGll.W POR ALL PBIUIAllBll'l' I PULL 'l'DIB BllPI.mrBBS OP THE CITY I EXCEPT
POLIC•P, PAm PIRmR AllD BLBC'1'BD OFFICIALS, PROVZDIBG POR THE
PillA9CDG OP '!BB 81-.JIB AllD CRBA'l'IllG A RB'l'IRBMBllT BOARD FOR THE
AmlDilt'MTIOB OP 'ftlB SAllB.
BB I'l' ORDAillBD BY '1'BB CITY COUllCIL OF '1'BB CITY OF
BaBrBlllDm>, COLORADO, that the Municipal Code of the City of
Bngl.uood i• hereby aaended by the addition thereto of a new Chapter
6A to read a• follow•, to-wits
•Chapter 6A
CITY' OP BRGLBllOOD RB'l'IRBllBR'l' PLAN
16A.l B•tabliahaent of the Plan and Definitions
16A.l-l B•tabliahaent of the Plan. The City of Bngle-
wood, State of COloradO, hereby eata5II'ahe• a retirement plan for
it• .-ploye .. a• deacribed herein, and which, aa it may be here-
after -nded from time to time, shall be known as the "CITY OF
BRGLB'llOCX> RftI1'BM91' PLAJI• (hereinafter referred to as the "Plan") •
16A.l-2 Definitil8. Whenever uaed in the Plan, the
following tenaa ahall havee reapective meaning• set forth below
unl••• the context c'eerly indicat~~ otherwi•es
(a) •zffective Date of the Plan" shall mean
January 1, 1970.
(b) •city• ahall -an the City of Bnqlawood, State
of Colorado.
(c) •city council• shall mean the City council of
the City of Bnqlewood, State of Colorado.
(d) •zaployee• •hall mean any person employed by
the City on a permanent, full-time basis. An
.. ployee •hall be conaidered to be employed
on a permanent, full-time basis if his custo-
.. ry employment exceed• twenty hours a week
and five month• a year. Por purposes of this
Retir ... nt Plan, polic ... n, paid firemen and
elected official• •hall not be considered
to be .. ploye ...
(e) •11.mer• ahall mean any person included in
the ..,berahip of the Plan aa provided in
16A.2 hereof.
(f) •aetiranent Board• •hall mean the board charged
with the qeneral administration of the Plan
aa aet forth in 16A.10 hereof.
(9) •coaapenaation• shall mean the reqular periodic
.coaapenaation paid to the Blllployee, reflecting
the nozmal reqular salary or hourly waqe rate,
including longevity coaapenaation, before any
payroll deduction• for income tax, Social
Security, qroup inaurance, or any other purpose,
but excluding bonuaea, extra pay, overtime
pay, contribution• by the City under this
Plan, or for Social Security, group insurance,
retainer•' fee under contract, or the like.
(h) •continuous Service• ahall mean service which
i• uninterrupted, or which i• interrupted only
by peJ:IDiaaible break• in service as provided
in 16A.3-S.
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(i) •prior Service• •hall mean the period of service
rendered by an Baployee prior to the date he
becoll• a llalber of the Plan, for which credit
ia allowed.
(j) •current Service• •hall mean the period of
aervice rendered by an .. ployee aa a Member
for Which credit i• allowed.
(k) •credited Service• ahall mean the aum of any
Prior Service and any current Service, aa further
defined in 16A.3-3 hereof.
(1) •plan Year• ahall .. an the calendar year start-
ing January 1 and ending on Decmber 31.
(•) •aetireaent Benefit• •hall aean any retirement
benefit provided for in 16.A.6 hereof.
(n) •Accmmlated contribution•• •hall aean the aum
of a ...-ber'• contribution• to this Plan to-
gather with intere•t thereon at the rate of
31-per annWD compounded annually.
(o) •aetired Jleeber• •hall aean a former Member who•• .. ployaent baa terminated by reason of
retir ... nt and who i• receiving, or ia entitled
to receive, or who•• beneficiary or estate ia
entitled to receive, benefit• under this Plan.
(p) •ve•ted llember• •hall mean a former Member who•• .. ployaent ha• tezainated and who ia
entitled to receive the deferred Retirement
Benefit• aa provided in 16.A.9 hereof.
(q) •aeneficiary• •hall .. an the per80n or persona
who are 80 de•ignated by the llellber, in the
late•t written notice Which the Mmber baa
filed with the Retirement Board, to receive
any payment to which a beneficiary may become
entitled under thi• Plan.
(r) •Truatee• •hall mean the trustee ref erred to . in 16.A.ll •
(•) •1naurance COIDpany• •hall mean the insurance
caapany referred to in 16.A.ll.
(t) •PUftd• ahall mean the Retiranent Plan fund
eatabliahed for the purpoae of providing the
benefit• under thia Plan a• apecified in
16A.ll hereof. .
(u) •Actuarial Bquivalent• ahall mean a benefit
of equivalent value when coaputed at the rate
of intere•t and on the ba•i• of mortality
and other table• la•t adopted by the Retirement
Board.
(v) 'lhe ma•culine pronoun wherever u•ed shall be
interpreted to include the feminine, and
•ingular word• to include the plural.
16A.2 llellber•hip
16.A.2-l Baplovee• Bli,ible on Bffective Date. Every
.. ployee on January l, 1970, aha 1 be iI'iglble for maaberahip in
the Plan on that date.
Bach •ployee, on January 1, 1970, may elect
to becaae a Mssiber of the Plan on that date by properly filing with
the Retir-•nt Board, on or before that date, the fora of membership
mgr•-•t furni•hed for that purpo••. Any auch Blaployee who
doe• not file the fora of m=berahip agre-.nt on or before that
date -Y thereafter file •uch amberahip agre•ent and become a
11-ber on the firat day of any aubaequent aonth r but in such event,
auch Mvther •hall not be given Credited Service for any Prior Ser-
vice, aa defined in 16.A.3-l herein, in deterainin9 said Member's
Credited Service under the Plan.
16A.2-2 l!plovee• Blifil!l• After Bffective Date. For
each Bllployee who beaaa•• auch a ter January i, 1970, membership
in the Plan •hall be a condition of .. ployment, and such Employee
ahall be required to ce11plete the form of amlberahip agreement at
the time of .. ployment. Such BaployM •hall beccme a Member on
th• date of .. ployaent.
16.A.2-3 Tend.nation of ,-btrahip. •-berahip in the
Plan ahall terainate upon teJ:ainat on of the M9111ber'a employment
with the City.
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16A.3 Service
16A.3-l Prior Service. Prior Service •hall include
any period of continuoua Mi'Vlce rendered by a lleber as an Bmployee
of the City prior to becollin9 a 11..t:ier. In determining prior
••rvice, •ervic• for fractional year• •hall be allowed on the basis
of 1/12 of one year for each full calendar month of such service.
16A.3-2 current Service. current Service shall consist
of all continuou• aei'Vlce of an Baploy.. rendered between the date
on which he f irat bee•• a llwber under th• Plan, and his normal
retir ... nt date, •• hereafter defined, or the date of his termina-
tion of .-plo,..nt with the City, whichever fir•t occurs.
l&A.3-3 Credited Service. Credited Service, which has
b .. n defined in 16A. 1-2 (k) a• the •um of any Current Service and
any Prior Service of a llmber, •hall be the only service on the
baai• of which benefit• under thi• Plan •hall be determined.
'l'h• Credited Service of a Jlalber shall be determined by the
.Retir....nt Board in a non-diacriainatory manner a• provided here-
in.
16A.3-4 LilU.tationa on Credited Service. Ro period of
Credited Service •hall be d88iiedto be lncreaaed or extended by
overtime.
Credited Service •hall not include any
period of ••rvice during which the llwber i• covered under any
other retir ... nt or penaion plan, other than the Volunteer Firemen's
Penaion Pund or OASDI, to which the City aake• contributions.
Credited Service •hall not include any period
of time durift9 which the llmtber i• on an •1proved leave of absence
or interruption of Mrvice •• provided in 6A.3-5.
16A.3-5 Break• in Service. If any break or breaks shall
occur in the ••rvice of a iiiP:6er, none of hi• •ervice prior to the
laat •uch break, whether Prior Service or current Service, shall
be included in hi• Credited Service. '1'he Retir ... nt Board shall
have the power to determine when a break or break• in service
shall have occurred and auch detezaination •hall be made in a
non-diacrillinatory .. nner.
A leave of ab••nc• or interruption of service
duly approved by the City llana9er and Board of Career Service
cc taaioner• •hall not be conaidered a break in •ervice. All
auch leave• of ab•ence or interruption• of aervice •hall be approved
in a non-diacriainatory aanner and for a apecific period.
Any Baployee or any Nmbar who i• on a leave
of abaence on account of entering into the llilitary aervice of
the united Statea (includi1l9 Hrvice in the united States Merchant
Narine in time of var) shall, in the abaence of reaaonable justi-
fication for additional delay, return to the ••rvice of the City
within ninety (to) day• after th• time when a diaaha~e frcm such
llilitary ••rvice va8 firat available to auch .. ployee. In the
event that a Msnber or Baploy.. doe• not return to the aervice of
the City within the time apecified above, auch leave of absence
shall be conaidered a break in aervice.
'1'he period durin9 any leave of absence or inter-
ruption of Hrvice •hall not, however, be included in Credited
Service.
l§A.4 contribgtiop•
16.A.4-l llmber ~ntributift•· An .. ployee who is or
•hall becxm• a .... ber ahal~ durlft9• period of current Service
in th• Plan, contribute to the Plan by ••an• of payroll deductions
an 1mOunt equal to three per cent (3") of hi• monthly compensation
plua one and one-half per cmt (l'-> of that portion of such monthly
OC'lllpenaation which i• in exc••• of rive lblnclred Pifty Dollars
($550.00). '1'h• deduction for any 10D9evity pay not paid on a
llODthly ba•i•, •hall, neverthel .. a, be omputed, for the purpose
of thi• aection, a• if the ••• had been paid monthly during the
year in which earned.
llo llmber shall be required or permitted to
llake contribution• to thi• Plan durift9 any period of employment
beyond hi• llonaal Retir-.it Date or for any other period of
employment for which he i• not receiviDCJ credit for current Service.
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l&A.4-2 City Pvnt19ution•. 'fh• City will, from time
to time, at lea•t annualy,e contribution to the Trust Pund
to the extent nec•••ary to finance th• benefit• provided by the
Plan on a 80und actuarial ba•i•. '!'he City expect• to continue
•uah contribution• to th• Plan, but u•1me8 no re•ponaibility to
do 80 and r•••rv•• the riC)ht to •u•pend or to reduce contributions
at any time.
llotwithatandiDCJ any other provi•ion• hereof,
or any 111Mmdment hereto to the contrary, at no tiae •hall any assets
of the Tru•t Pund revert to, or be recoverable by, the City or be
uaed for, or diverted to, purpo••• other than for the exclusive
benefit• of llwbera, Retired llrber•, V••ted llmber• or their
Beneficiari•• under the Plan, except •uoh fund• which upon termina-
tion of the Plan are in exce•• of the 11110unt required to fully
fund the Plan and are due to erroneoua actuarial calculations.
l6A.4-3 Application 2! lorfeiture•. Any amount forfeited
becauae of the tezalnatlon of .. ployment of a llelllber prior to his
having acquired a fully veated ri9ht to Retirmaent Benefita, be-
caw of the death of any llwber, or for any other reaaon, shall
not be applied to increaae the benefit• which would otherwise be
payable to any other Maaber. '!'he amount• 80 forfeited shall be
applied a• aoon a• po••ible to reduce the contributions required
to be -de by the City.
16A.5 Retir .. 19t Date•
l&A.5-1 Retir-ent under the Plan. '!he proviaions here-
inbelow contained relate 80iely to retlr9119Dt under the Retirement
Plan herein eatabli•hed and nothiDCJ herein contained •hall be con-
•trued to repeal, ••d or modify the prori•ion• for mandatory
retir..-nt fraa .-ployment with th• City a• contained within any
other ordinance of the City. · ·
l&A.5-2 !ff'e! ltit!egt Dtte. 'fh• llozmal Retirement
Date of a -..ber aha• r•t day of the calendar month
coincident with or next aucceediDCJ hi• 65th birthday.
l&A.5-3 ~ ~r••t Mb.· A II '-er who ha•
th• av• of fifty-fi....----r!5Y9ar• aiid'""""fiii" aaapleted 20 year•
Credited Service -Y elect to retire a• of the fir•t day of
calendar month.
attained
of
any
l&A.5-4 Dtlafed lttir~t -.a. SVery -.aber upon
reaching hia llOzmal aet r•mt .,. --~retire under the Plan
unl••• the City reque•t• that he delay retir••t until a Delayed
Retirwent Date. If nab a Delayed a.tir••t Date i• requeated
by th• City and the llwber elect• to do ao, he -Y r-in a Member
of the Plan until •uch Delayed aetir-.at Date upon •uch terlU as
-y be arraD4Jed, but not beyond the firat day of the calendar month
coincidmt with or next aucc..U.ng hi• 70th birthday. Bi• "Delayed
Retir•ent Date• 8hall be the fint day of the month, coincident
vi th or next followiDCJ th• date of hi• actual retir-nt. Aa a
condition precedent to continuance in .-ployment beyond the &ormal
Retirwnt Date, the 11..t.r •hall file wlth the Retir ... nt Board
the written d .. ivnation of a BMeficiary, whether or not the Member
elect• one of th• optional benefit• in aaoordance with 16A7-2.
l&A.5-5 Di••ilitx aetii=e!l .DAY.· Upon written appli-
cation to the Retir-.it Board, a2Gr iilt1i' at lea•t 10 years of
Credited Service and ""° ha• beaome peEman•tly incapacitated for
the perfonaance of duty fraa any cauae •hall be 9ranted a Disability
aetir••t. 'fh• Di•ability Retir••t Date •hall be the first day
of a month coincident with or next followin9 the date upon which
the diaability i• deteaained by the .. tir ... nt Board to have occurred.
!'he aetir••t Board •hall have the 801• authority to make the
factual deteaaination of eli9ibility of a llvrber for a Disability
Retir••t, but •uch detenaination •hall be -de in a non-
diacriainatory -nner and with ccmpetent medical advice.
16A.5-6 Btttf--t Date. A ll•ber'• •aetirement Date"
•hall be hi• llOzmal Rer9119Dt Date, hi• Barly Retirmaent Date,
hi• Delayed aetir•ent Date, or hi• Di•ability Retirmaent Date,
whichever i• applicable.
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l6A,6 Retir...nt Btpefita
16.A.6-l •ormal aetir!9tnt !191fit. Upon retirement
at llormal RetirelleDt Date, eaCiii Retlr ..Ser •hall rer.eive a
110nthly Retir...nt Benefit for ten year• certain, and life there-
after, equal to one-twelfth the 8\111 of th• followings
(a)
(b)
Por Prior Services 'lh• number of years of
Prior serVlce credited to hia, multiplied by
the •ma of (1) one-half of one per cent (~)
of hi• avera9e annual COllpen•ation received
during the three year• of •ervice next prior
to January 1, 1970, and (2) one-fourth of one
per cent <'-"> of that portion of such annual
ccapenaation in exce•• of $6,600.00.
ror current ':Ittc•• (1) one per cent (1%) ol hla Ce11pen•a on during each year of
current Service credited to him, plus (2)
one-half of one per cent (~) of that portion
of •uch COllpenaation in exc••• of $6,600.00.
Por any fractional year of current Service
the benefit m10unt ec11puted hereunder shall
equal the awa of a
(i) one per cent (1") of hi• Compensation
for •uch fractional year, and
(ii) one-half of one per cent (~) of that
portion of •uch caapenaation for such
fractional year a• •hall exceed the
product of f550.00 and the number of
ec11pleted 110nth• of credited •ervice in
•uch fractional year.
16.A.6-2 ~ Betir ... pt llffit. A N.-ber retiring
prior to hi• llonaal""""""iit1r ... nt Date i& be entitled to a reduced
Retir .. ent Benefit which •hall be the Actuarial llquivalent of
hi• llormal R!tir ... nt Benefit which i• baaed on hi• credited
Service prior to the date of actual retir ... nt and which would
have b-n payable to hia at hi• llozmal aetir ... nt Date.
16.A.6-3 pelafed fftir!91pt l"'ftt• A ll!llber retiring
•ub•equent to hi• llozma aet r...nt Da • • 11 receive the same
110nthly retir ... nt benefit a• that to which h• wa• entitled at
hi• llozmal Retir...nt Date.
l6A.6-4 piaabili!I etifP.IPI 'ef'ic; A llmlber who ha• becCll• diaabled a• •tat Ii• ~-.u ha• le•• than
10 year• of Credited Service on the date on which the di•ablinq
event occur•, •hall receive a refund of hi• Aacnlllulated Contri-
butions.
A Member who becCll•• diaabled a• stated in
l6A,5-5 and ha• at lea•t 10 year• of Credited Service shall be
entitled, a• of hi• date of di•ability a• determined by the
Retir .. .at Board to the Actuarial Bquivalent of hi• Jlormal
Retir...nt Benefit which i• ba•ed on hi• Credited Service prior
to the date of hi• di•ability and which would have been payable
to hill at hi• llonaal Retir ... nt Date.
After con•iderin9 the M811b9r'• needs, the
Retir...nt Board •hall detezaine whether the Nrber is to
receive auch Actuarial Bquivalent CC11P1ted a• of the date of such
diaability, a• followaa
(a) .. a aetir .. 1nt Benefit payable monthly
for the Nwber'• life, or
(b) a• a Retir--t Benefit payable monthly
until death or the expiry of a stated
n\lllber of year•, whichever occurs first,
or
(c) a• a Retir...nt B!nefit payable in a
•tat!d number of 110nthly payments, or
(d) a• a •in9le l\lllp •wn payment, or
(•) a• one of the other form• of payments pro-
vided in 16A,7-2.
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16A.7 Payaent of l!p•fit•
16A.7-l Retir..-nt l!n•fit 9fi7nt•. Unleaa optional
Retir .. ant Benefit pa)'llenta are applic ~th• Retirmnent Benefit
a• pzovided in a6A.6-l •hall be paid in equal monthly installments
and th• f ir•t •uch in•tall.IMtnt •hall be paid on the f irat day of
the .:mth next •ucceediDCJ the mnth in 1'hich the Retirment Date
occur• and continuing at mnthly interval• for a period of 119
additional 110nth• and for the Retired Ml tier'• lifetime thereafter.
th• lut benefit payment •hall be •d• on th• fir•t day of the
month of the Retired lleber'• death, unl••• payment• have been made
for fwer than 120 month• in which event they •hall be continued
to hi• n•ed Beneficiary, cea•ing when a total of 120 monthly
payment• have been made to the Retired MM'her and hi• Beneficiary,
~ined.
l&A.7-2 oett3a1 Retirro•nt IF•fit Pavaenta. Subject
to auch unifoza rule• an r8Cj\llat on• a• th• Retir-nt Board may
pr.-cribe, a Mw'b'r -y, in lieu of the Retir•ent Benefit payments
pzovided in 16A.7-l, elect one of th• following forJU of Optional
Retir .. ent Benefit•, Which ahall be the Actuarial Bquivalent of
the benefit to which he would oth•Ni•• be entitled. 'l'he Member
au•t make any election of an optional benefit in writing, and such
election muat be filed with the Retir...at Board at leaat 90 daya
prior to the due date of the fir•t pa,._.t of Retireaent Benefits
under the Plan. t'h• election of an option •Y be changed at any
time prior to 90 day• preceding the due date of the f irat payment
of Retir ... nt Benefit• under th• Plan.
(a)
(b)
(c)
(d)
Joint ~ Survi"l•fitJttion. A benefit WhlCh pzoYlde• r .on y Retirement
Benefit payment• during the.Retired Member's
life, and upon hi• death after retirement,
continue• paY119nt• in the .... or a leaser
11110unt to a deaignated Beneficiary during
the · life of •ach a.eficiaryr provided, however,
that the de•ignated llenef iciary for any joint
and aurvivor benefit -elected under this 16A.7-2
auat be the MM'ber'• •pou••·
Life and 'l'ezaJIDain !rj'fit Option. A bene-
fit ~ pro •• an a u•ted monthly Retire-
llellt Benefit payment during the Retired Member's
life, and upon hi• death after retirmnent within
a •pecified teza certain (•uch tena to be s,
15 or 20 yean a• elected by the llmber),
continu.. payment• in the •-.mount for the
balance of •uah tem certain to a de•ignated
Beneficiary.
~Security !f1:f'li Option. A benefit
piyi6Ie to the Re her 1 during hi• life-
time but with •uah payment• adjuted 80 that,
together with the llOllthly payaent of the primary
in•urance 11110unt expected to becolne payable to
hia under '1'itl• II of the Pederal Social Act
a• in force on the date of •uah request, they
will form, aa nearly a• ia practicable, a uni-
foza ••ri•• of paY118ftt•. t'h• Retired Member's
Retir ... nt Benefit under thi• option will be
adju•ted by increa.:!:f the ..aunt of each
monthly pay.mt b DCJ payable to him before
he i• expected to receive •uch Social Security
benefit• and by decrea•in9 th• maount of his
110nthly payment becoming payable to him there-
after.
Lifetime Benefit °'flf P• A benefit which pro-
Vlde• increaaed .on y Retir ... nt Benefit
payment• only during the .. tired Member's life.
16A.7-3 llillima llonthlr P~f the monthly benefit
to which any Mwber or Beneficiary 8 entitled under the
Plan •hall be le•• than f25.00, the Retir..-nt Board •hall have
th• right to direct that th! Actuarial azuivalent of auch benefit
•hall be paid in 'a lump •um or in in•tallllent• at •uch intervals
a• will re•ult in each ~yment 11110untin9 to at lea•t $25.00.
16A.7-4 ~•fiftarv· 'fh• ....,_ •Y de•ignate as his
Beneficiary, in writng,a •pou•• or any of hi• children, either
natural or adopted, parent•, brother• or •i•t•r•. If the designated
Beneficiary die• prior to the due date of the firat payment of
Retir ... nt Benefit• \Dlder the Plan and no n.w Bentficiary has been
d••iCJDated, Retir..,nt Benefit• 8hall be paid a• though no optional
benefit had been elected.
1§1.8 peath l!ft!fit•
16A,8-1 -2! a 17'lf ... r• 19i:mal R!tiranant Date. In the nent that a~.er oY eJr.nea prior to hla Bormal
Retir•mt Date, there •hall be paid to the Beneficiary designated
by hill, if •aid lleneficiary be living, otherwiae to hi• estate, the
11110ant of hi• Aoaallalated contribution• a• of th• date of his death.
16A, 8-2 PMSb 2! .a lgDer lltwl!n Joi:mal .!!!I Delayed
Rttirw•t.
~. In the event that a llmber continues
in th• City'• --~after hi• lloi:mal R!tir-nt Date, and dies
before .ataally rKlring, th•, for purpoaea of thi• Plan, he shall
be clewed to bave rKired on the f ir•t day of the calendar month in
which he cli•. If an election of an optional benefit provided for
in 16A,7-2 i• then in effect, the payment•, if any, provided by auch
optional benefit •ball be made to the Beneficiary deaignated by the
I t .. r, If no election of an optional benefit: provided for in
16A,7-2 i• then in effect, auch I zber ahall be de .. ed to have
elected the benefit provided for in Section 16A.7-l and the 120
llODthly payment• •hall be .. cte to the Beneficiary deaiqnated by the
llwber i• required in 16A,5-4,
In the ev•t: that: no cleaipat:ed Beneficiary is
living at tb• death of a • '•r while continuing in the City's employ-
.. t after hi• lloi:mal aetirw•t Date, •uoh lmher •hall be damned
t:o have elected the benefit provided for in l6A,7-l, and the 120
110nthly payment:• shall be OC!llpUt:ed at: the int:ereat: rate last adopted
by the Retirw•t: Board and paid in one .... t:o the eatate of the
lwt.r.
16A,8-3 ~ ~ a aet6ft4 ' trr· In the event that a
Retired 11 r tsr who 1ii8lieii r.cei n., .. rwent Benefit payments
under e&A. 7-1 or 16A, 7-2, option (b), di•• before he ha• received
payment of 110nthly inat:allment:• for the t:eaa certain, his Beneficiary,
if liviDCJ, ahall receive 110nthly inatallment:• of the aame amount
for th• balance of auch tera certain,
In the event: that no ltneficiary is living at
th• death of auch Retired 11 tier, the 110nthly inatallments for the
balance of th• teaa certain will be oompat:ed at th• interest rate
lut adopted by the Ret:ir-.it Board and paid in one •um to the
eat:at:e of the Retired 8-ber, If at: the death of the laat surviving
Bwficiary followiDCJ th• death of the aetired lwber, monthly
inatallllent• have not: yet been paid for the t:eaa certain, the install-
ment• for the balance of the teaa certain will be caaputed at the
int:en•t: rate laat adopted by the aetir••t: Board and paid in one
•ma to the .. tat• of the laat aurviving -ficiary.
In the event that: a aetired llmlber who has been
receiving benefit payment• under the p&'OVi•iona of 16A.7-2, option
(a), c11 .. , the Beneficiary, if living, •hall receive payment of the
aetir•1nt: Benefit: det:ezained by •uoh optional fora coaaencing on
the f ir•t: day of the 110nth following the death of the Retired Mmnber
and oontinuing during the rellaining lifetime of the Beneficiary ter-
llinatiDCJ with the laat payment due prior to the date of the death of
tbe Beneficiary, If, at the death of the a.tired 11.aber, the Bene-
ficiary i• no lonqer living, no further benefit payments will be made.
l6A,8-4 ptatb of a aettted llm:r efore Contributions
· ~·.i....•....L.J.._ ,_ ·, In the event: t1iat at et:e nat:on of Retirement Benefit
payment:• following the death of a Retired ..-ber, the total of such
payment:a made to the Retired lllltsr and hi• Beneficiary is less than
t:be _,..t: of the Accmmlat:ed cont:ribat:iona of the Retired Member
at: hi• Retirwmt: Date, the cliffermce ahall be paid in one sum to the
Beneficiary, if living, or to the eat:at:e of the laat survivor of the
Retired l111ber or hi• Beneficiary.
16A.8-5 Dftth of a Ve•t: ... l!fore &ormal Retirement
Date. In the event: at: aVeated rea prior to his Ror1nal
.. ar-.at Date, there •hall be paid to the Beneficiary designated
by hill, if living, otherwiae to hi• eat:at:e, the 11110unt of his
Accmmlated contribution• at: the time of hi• d-th.
16A.8-6 upifom hiaulflR'm ~ ~. The provisions of
any law of thi• Stat:• provi ~ or~ C!li£iiliiition of estates under
the Ubifom Sillultaneoua Death Act, wh• applicable, shall govern
the cliatribution of money payable under thia Plan.
16A.9 Severance ltp!fit•
16A.9-l coyeraae. Benefit• •hall be paid under this
Section for ••verance of .. ployment: of a IV'ber only for easons
other than ret:ir-nt or d-t:h.
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16A. 9-2 Lt•• tbY .ID. Im.We! srrrice. In the event
that a Maher •hall reaign or---iierme aervice of the
City prior to hi• llOmal Retir•ant Date, and ha• le•• than ten
(10) year• of Credited Service, the only benefit• to which he shall
be mtitled under thi• Plan •hall be the refund of hi• Accumulated
COntributiona.
l&A.9-3 '1'en or llore Year• =ted Service. In the event
that a 11-ber •hallrealgn'Or"'bi at.a ea fECa the •ervice of the
City prior to hi• &or.al Retir-nt Date, and ha• ten (10) or more
year• of Credited Service, he .. Y elect either (a) to leave his
AccwlUlated contribution• on depoait in the Pund and become a
Veated Mrrber, or (b) to receive, in lieu of all other benefits,
a refund of hi• Accuaulated contributiona. Jf auch a Member fails
to elect either (a) or (b) within ninety day• after hi• date of
tend.nation fran the Plan~ then he ahall be d....ct to.have elected
to leave hi• Accuaulated contribution• on depoait and to become a
v .. ted llrber.
A veated M..,,.r •hall be entitled to a deferred
Retir .. ant Benefit which •hall be the veated portion (as shown
in the table below) of the Retir•ent Benefit earned to the date of
the tend.nation of hi• llallberahip. Such deferred Retir ... nt Benefit
•hall be payable at the veated Jl=ber'• llOmal aetir-ent Date,
provided, however, that the amount ·Of Retir-.it Benefit shall be
no l .. • than the benefit which hi• AcOUllUlated contribution• at his
llomal Retir-nt Date would provide.
cc.pleted Year•
of Credited Service
Per cent of Barned
Benefit Veated
10
11
12
13
14
15
16
17
18
19
5°" 55
60
65
70
75
80
85
to
95
20 and over 100
A Veated llS'ber .. :I elect, at any time prior
to hi• llomal Retir-nt Date, to reo ve, in lieu of all other
beefita, a refund of hi• Accnaulated contribution• a• of the date
of refund.
l§A.10 Adlttniatratiop of th! Plan
16A.10-l -ri!'l!•f .lfad_. IJhere i• hereby created a
board to be known u iiet riiiiiit Board of the City of Bnglawood",
which aball be ocmpoaed of •even •wbera. .,_, auch ambers shall
be •ployw of the City who are•• bera of the Plan, who shall be
.. 1ected by a vote of all of auch •SPber• in accordance with such
procedurea u th• City •nager .. y, from time to tiae, adopt there-
for. .,_, a\ICh •• ber• •hall be elected •• ber• of City council, who
ahall be .. 1ected by a .. jority of the•• bar• of City council.
!'hr-•• bera aball be taxpaying elector• of th• City of Bnglewood,
who •hall be ••lected by a .. jority of the •rbera of City Council.
In addition, the City llan99er1 ·or hi• deaignee,
ahall aerve in an adviaory capmcity, u an a-officio, non-voting
• ber.
l&A.10-2 .!Hiii. 21 Offiqt. !be ttma of office of each
voting • • ber of the -..Ur-nt Board •hall bt for four years, pro-
viding he continue• to po••••• the qualificationa therefor set forth
in l&A.10-1 during hi• tem, provided, howevtr, that the terms of
of fic• for tho•• • her• originally elected •hall camence on December
1, 1969, and •hall be a• followa1
(a) One mploy11 •wber ahall aerve until
Pebruary 1, 1972, and one shall serve
until Pebruary 1, 1974r
(b) Both councilmen •911ber• •hall serve
until February ·1, 1974r and
(c) One elector • l•r ahall aerve until
Pebruary 1, 1974 and two elector members
•hall ••rv• until Pebruary 1, 1972.
In the event of any vacancy occurring in the •mherahip of the
Retir-nt Board, the .... •hall be filled, for the duration of
the unexpired tem only, in the •-manner aa i• provided in
16A.10-l.
l&A.10-3 Bxerciae of ~·· '!he power• and perogatives
of the Retir•mt Board -Y beexerG•ed upon -jority vote of a
quorum thereof, which quorum •hall aon•i•t of five (5) voting members
thereof. All •uch vote• •hall be recorded in the ainutes of the
Retir1•ent Board and all deci•ion• and detemination• thereof,
not incon•i•tent with the provi•ion• of thi• ordinance, shall be
binding and concluaive upon all inter••ted partie•.
16A.10-4 Po!fer• 2( Bttir'l't.rd. In addition to the
powera and obligation8 illpo8ed upon er-.it Board, as trustee,
by 16A.ll hereof, the Retir•ent Board 8hall have all powers neces-
•ary to aupervi•• the adllini•tration of the Plan, and · to control its
operation• in accordance with it• tenu, including, but not by way
of lillitation, the followings ·
(a) '1'o interpret the proviaion• of the Plan and
to detemine any que•tion• arising under
the Plan, or in connection with the adminis-
tration or operation thereof.
(b) '1'o deteraine all -tter• affecting the
eligibility of any .. ployee to be or become
a M_,,.r of the Plan.
(c) '1'o detenaine the 11110unt of the Member's
contributioD8 to be withheld by the City in
accordance with the Plan and to maintain
auch record• of AacNllulated contributions
a• are neceaaary under •aid Plan.
(d) '1'o detemine the Credited Service of any
Jleeber and to eo11pute the amount of Retire-
ment Benefit, or other ama, payable under
the Plan to any per•on.
(e) '1'o authorize and direct all disbursements
of Retir ... nt Benefit• and other sums under
the Plan.
(f) '1'o -ploy •uch coun•el and agents and to
obtain •uch clerical, -dical, legal and
actuarial ••rvic•• •• it may deem necessary
or appropriate in carrying out the provisions
of the Plan.
(9) With the advice of it• actuary, to adopt,
frolD time to time, for purpoaes of the
Plan, auch 110rtality and other tables as
it may d ... neceaaary or appropriate for
the operation of the Plan.
(h) '1'o make valuation• and appraisals of the
aaaet• held in the Pund under the Plan,
and with the advice of an actuary, to deter-
aine the liabilitie• of the Plan.
· (i) '1'o create reaerv•• frolD •uch assets for
any purpo•e.
16A.10-5 oath of Office. Prior to entering upon the
performance of the dutlea-Of a M.,ber of the Retirement Board, each
amber thereof ahall take and •ub•cribe an oath that he accepts
the obligation• iapo•ed upon him by the proviaion• of this ordinance
and that he •hall faithfully perform the dutie• of •uch office.
l&A.11 Retire111eDt Plan Tru•t Pund
e&A.ll~poia~t of Tru•te· '!he Retirement Board of
the City of Bngl , an t• •iiilNr•, 8 hereby appointed and
COD8tituted Tru•tee of the Retir-nt Plan Pund• and shall hold,
aaD&CJ•, and control the aaae in accordance with the provisions here-
inbelow contained.
l&A.11-2 f!!!t Truat Pund. All City and employee contri-
butioD8 and all inveataent• thereof, tocJether with all accumulations,
accrual•, earning•, and income with reapect thereto, shall be held
by the 'l'ruatee in tru•t hereunder a• the Tru•t Pund for the exclusive
benefit of Msnber•, Retired M91bera, Ve•ted ,.._her• and their Bene-
ficiarie•. '!he Truatee •hall not be re•pon•ible, however, for the
collection of any City or employee contribution•.
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l6A.ll-3 ~•e• anf Power• of 'fru•tee. It is the purpose
and intent of the cifYD con•t tutlDCJ aiCJ appointing the Retirement
Board a• tru•tee of the 'frumt Pund herein e•tabli•hed to give and
CJZ'aDt unto •aid Retir-.it Board full and plenary powers to establish
•uah inve•t:llent or puraha•ing progr-u •aid Retirwnt Baord
.. Y d... nece••ary or appropriate to pzovide a••urance that there
•hall be an adequate •ourae for the payment of all benefits herein
provided for. '1'o thi• end, •ai~ Retir-.it Board may determine to:
(a) U•e the 'fru•t Pund for th• purcha•e of one or more
group annuity, or other, in•urance policies from one
or more in•urance aaapani•• authorized to do business
within th• State: of COlorado, whereby said insurance
aaapany agree• to pay all, or a portion, of the bene-
fit• herein provided forr or
(b) contract with a oc ercial bank, chartered under
either the •tatut•• of th• State of COlorado or the
united State• of America, and doing business within
thi• •tate, with a trumt ocmpany organized pursuant
to the •tatute• of the State of COlorado and doing
bu•ine•• within thi• •tate, or with a manber of the
Rew York Stock Bxchange or the American Stock Bxchange,
doing bu•ine•• within thi• •tate, to have such parties,
or one or 1mre of th-, inve•t the funds for and on
behalf of the Retir-.it Boardr or
(c) Directly inve•t the fund• and •••et•,held by the
Retir-ent Board in the 'fru•t Pundr or
(d) B•tabli•h a •COllbined~ progr•, partly funded by
in•urance and partly funded by inve•t:ment•.
16A.ll-4 Inveataenta. Should it detezaine to invest the
'frU•t Pund, either Wholly or partly, and either directly or by
contract with a bank, trumt caapany or •tock exchange amber, the
truat .. in it• !Ole di!Cretion, .. Y inve•t and .reinve•t the Trust
Pund, without dia·tJ.action between principal and inCOllle, in such
CCI Cl'n •tock•, preferred •tock•, bond!, note•, debenture•, mortgages,
certificate•, and other •eauritie•, inft•tllmta, real or personal
property of any kind, including purchue and leaae-back transactions,
intere•t• in oil and other depletable natural re!Ource•, investment
in autual fund• (open-end or oth•rwi••) a• it .. Y determine, without
regard to whether •uch inveatllent• -Y pzodua• current income or
whether !\ICh inve•tment i• an authorised or appropriate inve•tment
for trut .. • under th• law applicable thereto, provided, however,
that, abould the truatee detezlline to •Jce inve•tll•nt• directly,
without an inv .. tment •nag•ent oontraot with a bank, trust company,
or •tock exchange •=her, then, and in that evmt on1y, the following
lillitation• •hall apply1
(a) 'fh• aggregate of llOlli• inveated in corporate stock
of all kinda, together witb the moni•• invested in
corporate bond• oon..rtibl• to corporate stock, shall
not exceed thirty per amt (3°") of the book value of
the .. ••t• of the !'rU•t l'Und being directly invested:
and
(b) llo inv .. tment in th• •took, or convertible bonds, of
any •ingl• corporation, •hall exceed five per cent
(5") of the book val-of th• a•••t• of the '!rust
Pund being directly inve•ted, and
(a) At no tille •hall the 'fruat.. hold 110re than seven
per c•t (7") of th• out•tadin9 •tock• or bonds of
any corporation.
16A.ll-5 'frll!t .. •• Powefi• :Subject to th• provi•ion• of 116A.ll-3
and 6A.114 In It• inve• ent ·aad adllini•tration of the 'fru•t Pund,
the ftU!t .. i• authorized and .-powered with re•peat to any securities
or other property held in th• ftU!t hnd1
(a) '1'o •ell, exchange, convey, ·traufer, leaee for any
period, pledge, 110rt9a«J•, CJrant option•, contract with
re•peat to or otherwl•• enoUllber or diapose thereof
at public or private •ale for cub or upon credit or
partly for both, _and no per!OD dealing with the
'fru8t.. shall be bound to ... to the application of the
purcha•• 110ney or to inquire into the validity, expediency
or propriety of any •uah •ale or other disposition:
(b) '1'o •ue, defend, aaaprcaiM, azbitrate, compound and/or
•ettl• any debt, obli9ation or claim due to or from
it aa 'fru•t-or any other •uit or legal proceeding
involving the 'fru•t, and to reduce the rate of interest
on, to extend or otherwi•• llOdify, or to foreclose
upon default or oth•rwi•• •force any •uch debt, obli-
gation or claiar
(c) '1'o give general or •peaific proxie• or powers of
attorney with or without power of aubatitution:
(d) '1'o vote in peraop ~r by proxy on any stocks, bonds,
or other •eauriti•• for the conver•ion thereof into
other •tocks, bond•, or •ecuritie•, or to deposit
th-in any voti119 tru•t or with any protective or
like cowd.ttee, or with a truatee or depositaries
de•ignated thereby, or to exerci•• any rights to
•ub•cribe for additional •tock•, bonds, or other
aecuritiea and to make any and all necessary payments
therefore, and to join and participate in, or to
di••ent fran and oppoae, any reorganization, re-
capitalisation, con•olidation. liquidation, sale or
••rg•r of corporation• or propertie• in which it may
be intere•ted u 'l'ru•t-, upon •uch terms and condi-
tion• a• it -Y d-wi••r
(e) '1'o regi•t•r any •ecuriti•• or other property in its
own n ... ·or in then ... of it• nominee, with or with-
out the addition of word• indicating that such
aecuriti .. are held in a fiduciary capacity, or to
bold any aecuriti•• in bearer fozm, but the books and
reaorda of the 'l'ruatee •hall at all times show that
all •uch inveat•mt• are part of the Trust Fund:
(f) '1'o retain, manage. operate, repair, improve,,partition,
dedicate or otherwi•• deal with any real estate held
by itr
(9) '1'o retain uninve•ted •uch cub a• it may deem necessary,
without obligation to pay intere•t thereon:
(h) Zn general, to exerci•• all power• in the management
of the 'l'ruat Pund which any individual could exercise
in the manag-.it of property owned in his own right.
16A.ll-6 Diatributiona. 'lh• 'l'ru•t-• •hall pay or distri-
bute all Plan Benefit• fro11 the 'l'ru•t Pund in auch fozm, in such
amount•, at •uch time• and to •uch payee• a• -Y be authorized under
th• Plan. llO right or claia in or to the 'l'ru•t Pund or any part
thereof or intereat therein i• a••iCJD9bl• or aubjeat to garnishment,
attaclment, aecution or levy of any kind, and any attempt to transfer, ,
a••ign, or pledge .... •hall not be reaogniaed by the Trustee.
16A.ll-7 llp!nm••· 'lh• 'l'ruat .. -y .. ploy •uitable agents
and coun .. 1. 'l'h• expen••• Incurred by the 'l'ruatee in the perfozmance
of it• duti .. hereunder and all proper charge• and di8buraements of
the 'l'rUat-, including all taxe• lawfully a•••••ed upon or in respect
of th• 'l'ru•t Pund or it• inccme, •hall be charged and paid by.the
'l'ru•t-fro11 the Pund.
l&A.11-8 CClaD!D•ation. llO •IAber of the Retirement Board,
u 'l'rUat-, •hall recelve ccapenmation for hi• ••rvice• as such but
•hall be entitled to be reimbur•ed for any expen••• incurred by him
on behalf of the Tru•t Pund to the atent that •uch expenses are not
paid by the City of Bnglewood.
16A.ll-9 Record•. '!he 'l'ru•t-•hall ••• that accurate and
detailed account• of all lnveataent•, receipt• and di8bursements and
other tran•action• hereunder are kept. All account•, books and
record• relating thereto •hall be open to inapection by any person
d .. ignated by the City of Bnglwood at all reaaonable times. The
'l'rUat-8ball maintain •uch record•, -ke •uoh aoaputations and
perfoza •uch ainiaterial act• a• the City of SncJl.wood fran time to
time reque•t.
16A.ll-10 ReDort•. On or before th• l•t day of August
and the l•t day of Pebi'Uary of each year, th• 'l'ruatee •hall file a
report with the City of Bnglewood in •uah fom a• the City of Englewood
-y requ .. t. 'lhi• report •hall •how all purcbaae•, •ale•, receipts,
diabara•ant• and other tran•action• effected by th• 'l'ruatee during
the •ix-month period for which the report i• filed. Zt •hall contain
an exact de8Cription, the co•t a• 8hown on the 'l'ru•t••'• books and
the aazttet value a• of the end of •uah period of every itan then
held in the 'l'rUat Pund. 'lhe 'l'ru•t-•hall be forever relieved fran
all liability to th• City of Bnglewood, the Pund, and any Participant
or Beneficiary with re•pect to the propriety of any of it• acts or
tran•action• •hown in •uch report unl••• within ninety (90) days
after the receipt of •uch report the City of Bngl..x>d give• the
'l'rUat .. written notice of it• objection or objection• to any matter
•et forth therein.
,
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16A.ll-ll° TrUatee'• Li-Wtir. 'fhe Truatee •hall not be
liable, either a• a bOdy or lndiVl y, for the making r~tention,
or •al• of any inveatllent or reinveatllent made by it or originally
received by it a• herein provided nor for any expenae or liability
hereunder, nor for any lo•• to or diainution of the Tru•t Fund unl••• due to or· ariaing from it• own 9roaa negligence, misconduct,
cliahoneaty or lack of goc)d ·faith. th• Ti'uatM .. y consult with
counael and •hall be fully protected in acting upon the advice of
counael. 1Jnl••• otherviae advi .. ed, the !'ruatM may aaaume that the
Plan at: all time• qualifie• under Section 401(a) and that: the Trust
hereby eatabliahed i• at: all t~ tax-exvapt under Section SOl(a)
of the Internal Revenue cocte, ·aa ·•mded, or aucceaaor provi•ions.
'fhe TrUatee •hall have no re•ponaibility for the accuracy of .any
infonaation furni•hed it by t:ll• City· of ~l~. · ·
16A. ll-12 ·~l 2( ff'O)'t llothing herein •hall be
conatrued to prohibit eounc o • City of Bnglewood from
r_,ving the Ret:ir-.it Board of th• City of Bnglewood as Trustee
of the Retir .. ent Fund by appropriate lllleDdllent to thi• ordinance.
Upon r..oval of the Truatee, the City Council
•hall appoint a aucceaaor truatee or inaurace company. Upon delivery
by the rt1110ved Truatee to it• aucaeaaor truatee or inaurance company
of all property of the Pund ~ l••• •uch reaaonable amount as it shall
d ... nec•••ary to provide for it• expenae•, and any taxes or advances
chargeable or payable out of th• i'und, th• aucceaaor trustee or
inaurance CCllpaDY ahall thereupon have the power• and duties as
are conferred upon it by a truat agre...nt or group annuity contract.
llo aucceaaor truatee or inauranae company •hall have any obligation
or liability with reapect t:o the act• or oiliaaion of its predecessors. . .
16A.ll-13 Aaendaent or Tefi'ltion. In the event of the
termination of the Plan a• provlded ll e Ordinance, the Trustee
•hall diapoae of the Fund in accordance with the tems of the Plan.
At no time •hall any part: of the corpua or incoae of the Fund be used
for or diverted to purpo••• other than for the exclu•ive benefit
of Jl-+lera, Retired Mellber•, Ve•ted llellber•, or beneficiaries under
the Plan.
16A.ll-14 Bxpr•••ed and T~ied feir•. Rothing contained
in the Plan, either expre••ly oi'"'l;y ilcafOft, •hall be deemed to
illpo•e any powera,dutie• or reaponaibilitie• on the Truatee other
than tho•• aet forth in thi• ordinance.
16A.ll-15 Jwtgmmt• Bindim. Rec•••ary partie• to any
accounting, litigation, or other proce.di"9• ahall include only the
Truatee and the City council, and ~· aettl-nt or judgment in any
•uch ca•e in which the City ia duly aerved or cited •hall be binding
upon all llnbara, Retired Member•, veated M8"bera, or Beneficiaries
under the Plan, and upon all peraon• claiaing by, through or under
th-.
16A.12 Retir ... nt aen•fit• apd Right• Inalienable
16A.12-l Inalimabilitx. MMilbier•, Retired Members, veated
Jlcnber• and their Beneflclarlea und~r the Plan are hereby restrained
fraa .. 11ing, tran•ferring, anticipating, aaaigning, hypothecating,
or otherviae cli•po•ing of their Retir ... nt Benefit•, pro•pective
Retir .. ent Bmefita, or any other ;righta or intereat• under the Plan,
and any att-pt to anticipate, a••ign, pledge, or otherwi•e diapose
of th• .... •hall be void. Said Retir ... nt Benefit•, prospective
Retir .. ent Benefita, and right• and intere•t• of aaid Members, Retired
II l•era, V••ted M91ber• or Bmeficiari•• •hall not at any ti•• be
aubject to the claima of creditor• or liabilitie• or torts of said
JI r .. r., Retired JI I her•' V••ted Jlwlber• or Beneficiarie• I nor be
liable to attaclment, execution, or other legal proc•••· ·
l&A.12-2 Bankru~cy. If any limber, Retired Member,
V••ted Jlwt+•r or Beneflclare• •hall beccm• bankrupt or attempt
to anticipate, aaaign or pledge any benefit• under the Plan, then
auch benefit:• •hall, in the diacretion of the Retiranent Board
ceaae, and in that event the Retir ... nt Board •hall have authority
to cauae the aaae, or any part thereof, to be held or applied to or
for the benefit of •uch llalber, hi• apouae, hi• children, or other
dependent•, or any of th-, in •uch manner and in •uch proportions
a• the Retirement Board aay de .. proper.
16A.13 Modification or 'l!PN:nation of Plan
16A.13-l continuation of Plan. It i• ·the expectation of
th• City that it will continue thTi Pian and the payment of its
contribution• hereunder indefinitely, but continuance of the Plan
i• not a••Ulled a• a contractual obligation of the City.
l6A.13-2 Power to Amend or 'l'eminate Plan. The City
r•••rve• the right to alter;" .. end,~r teEIDinate the Plan or any
part thereof in •uch manner a• it .. y determine, and such altera-
tion, .. endllent or teraination •hall take_ effect ~pon notice thereof
th• City to th• 'lru•t-r provided that np •uch alteration or amendment
•hall provide that the Retir-nt Benefit payable to any Retired
Mc-her •hall be l••• than that provided by hi• Accumulated contri-
butiona or affect the right of ~Y .._ber to receive a refund of
hi• Accmaulated contributiona and provided further that no alteration
or tend.nation of the Plan or any part thereof •hall pendt any part
of the Pund to revert to or to be recoverable by the City or be used
for or diverted to ~•e• other than t~e.exclu•i~e benefits of
Mrber•, Retired 11.+era, Ve•ted llmbera.or Beneficiarie• under the
Plan, mccept •uch fund•, if any, aa .. y r ... in at termination of
th• Pund after •ati•faction of all liabiliti•• with reapect to
Naber•, Retired Kaber•, Ve•ted llmb•r• and Beneficiarie• under
the Plan and are due aolely to erroneoum actuarial calculati~ns.
16A.13-3 ApD~l 1d•1 thiq!fterpal Revenue COde.. The
Plan i• intended to ccmp)'wi t: er-rwnt• of the applicable
provi•ion• of Section 401 (a) of the Internal Revenue Code a• now
in effect or hereafter llllellded, and any llOdification or amendment
of the Plan .. y be -d• retroactive, a• neceaaary or appropriate, to
••tabli8h and .. intain •uch eo11pliance.
Jrotwith8tanding any other proviaion hereof, if
th• Internal Revenue Service fail• to 9rant initial qualification of
tbi• Plan under th• provi•ion• of Section 40l(a) of the Internal
Revenue COde, th• 'lrUat-8hall return all contribution•, together
with the pro rata •hare of income, l••• expen•••, to the Member•
who have contributed th• •-, and to the city. '!'hereupon, this
Plan •hall teaai~ate.
16A.13-4 Di800ntinuanc• of~ contribution•. The
city reaervem the riCjht at any tlile-an'i""""!Or any reaaon aatiafactory
to it to cliaaontinue penlallently all contribution• by the City
under thi• Plan. Such cli•continuance •hall be de-ed to be a canplete
tuaination of the Plan.
l6A.13-5 All~ation of Pund A• .. t• ~ 'lermination.
In the event of the eo11itete teiiiinatlon of fh.......-.ran, all assets of
the 'lruat Pund •hall be converted to ca•h and allocated to Members,
Retired •• tier•, V••ted Kwber• and Beneficiarie• on the following
ba•i•a
(a) An a110unt equal to the ·AcCUlllUlated contributions
or balance thereof, which would be payable to the
ll~r•, Retired llellber•, Ve•t•d Members or Bene-
ficiary ahould death occur on the date of the termina-
tion of the Plan.
(b) An a110unt of the r ... ining a•••t• equal to a pro
rata portion detemined on the ba•i• of the ratio
that the actuarial re••rve for hi• accrued benefits
Iii.nu• the ..ount in (a) above credited to him bears
to the total of ·auoh actuarial reaerve• minus the
total in (a).
166.13-6 ~i•tribution of Pund .A•••t• Upon 'lermination.
When the a••et• of e 'lrumt Pund-ii'aVi""li"ein allocated aa indicated
above, the di•tribution .. Y be made in th• fom of caah or non-
tranaferable annuity contract• a• detemined by the Retirement Board,
provided that any fund• r .. aining after th• •ati•f action of all
liabilitie• to llellbera, Retired MPlber•, V••ted llellbera and Bene-
ficiarie• under the Plan and due aolely to erroneous actuarial cal-
culation• .. y be withdrawn by the Ret!r ... nt Board frcm the Trust
Pund for the account of the City.
1§6.14 lli!9•llap19um •rovi•ion•
16A.14-l ~=r't of 'l'enu and condition• of Plan.
Bach Mnber •hall b9 8of-aie general proVl•lona Ol the Plan
and upon written reque•t addre••ed to the Retirmnent Board shall be
furniahed with any information requeated regarding his status, rights
and privilege• under the Plan.
16A.14-2 Liaitation of Liability. Ro Member shall have
any right to Retir ... nt Beneflt.-under the Plan, except such rights,
if any, a• .. y accrue to hi.ID upon bi8 retir-nt from the service
of the City under the proviaion• of the Plan while it is in effect.
All •uch benefit• are payable aolely out of the Trust Fund and in no
event •hall the City, the Truatee, o~ the Retir .. ent Board members
be liable therefor.
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86A.14-3 Bffect of Plan. Reither the e•tabliahment of
the Plan, the CJranting of abtlr-nt Benefit nor any action of
th• City or th• Retirement Board •hall be held or conatrued to con-
fer upon any per80n any right to be continued a• an Bmployee, nor,
upon 41-1.aaal, to any right or intere•t in the Truat Pund other
than a• herein provided.
16A.14-4 Diaclaimer of Liabil!!li Reither the eatabliah-
11ent of thi• Plan, nor any a.en'Client or fication thereof, nor
failure of th• City to provide •uffiaient contribution• to the same
ahall be aonatrued a• giving to any llmb•r, or other per•on, any
legal or equitable right againat ·the City, or any officer or director
thereof, or a9ain•t the Retirement Board, or any amber thereof.
!§A.15 l!n•fit Li•ttati09• op 19rly Ttg!lination
l&A.15-1 taepqrary Li•ttatioa• 211. Btp•fit•.
A. 110tvithatandin9 8"Y other proviaion of this
Plan (except 886A.15-l C and 6A.15-l II, if
(i) thi• ·Plan i• teaainated within ten
year• after the Bffeative Date of
th• Plan, or
(ii) the benefit• of any of the Members
deacribed in 16A.15-l P became payable
within ten yeara after the Bffective
Date of th• Plan, or
(iii) the benefit• of any of the Manbers
de•cribed' in l&A.15-1 P became payable
after thi• Plan ha• been in effect
for ten yean and at the time such
benefit• b9COlle payable the full current
ao•t• of the Plan for the f irat ten
year• have not been aet, no benefits
provided by the City'• contribution
•hall be paid to any ..,.ber deacribed
in 86A.15-1 P in exa••• of the benefits
which can be provided by an amount
equal to th• larver of the following
11110UDt•1
(i) f20,000.00r or
(ii) an mount eciaal to 20 per cent of
th• firat fS0,000.00 of the
R' ,+l'~I ·' .......... ..-1 · . ...,n•ae
tion during the preceding five
year• aultiplied by the number of
year• between the Bffective Date
of the Plan and (1) the date that
the Plan teaainate• or (2) if
benefit• becaae payable to a
lllllb•r de•aribed in 16A.15-l P
within ten year• after the Effective
Date of th• Plan, the date the
benefit• of auch llember first
become payable (if before the
date of teraination of this Plan)
or (3) if benefit• become payable
to a 119111ber d••cribed in 16A.15-l
P after the Plan ha• been in effect
for ten year• and if the full
current ao•t• of the Plan for the
f ir•t ten year• have not been
••t or if the full current costs
have not been -t on the dates
referred to in (1) or (2) above,
the date of the failure to meet
th• full current coat•.
'fhi• lillitation •hall ceaae to be
effective at auch time, at or
after the expiration of ten years
fzaa the Bffective Date of this
Plan, a• the full current coats
of the Plan have fir•t been met.
a. If a Kacher d••cribed in l&A.15-1 P leaves
the -ploy of th• City or withdraws from
mellber•hip in thi• Plan, the benefits which
he -Y receive •hall not at any time, within
the fir•t ten year• after the Bffective Date
of thi• Plan, exceed the benefits set forth
in 16A.15-1 A. If, at the end of ten years
after the Bffeative Date of this Plan the
full current ao•t• of the f irat ten years
have not bem -t, the benefits such Member
-y receive •hall not exceed the benefits
•et forth in l6A.15-l A until the first time
that the full current co•t• of this Plan
have been .. t.
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c. The liaitation• contained in l6A.15-l A
•hall not reatrict the full payment of any
benefit• to a Beneficiary on behalf of a
llerber who di•• after retirement and while
thia. Plan i• in full effect and its full
current co•t• have been met.
D. '!he limitation• contained in 16A.15-l A
•hall not reatric~ th• current payment of
full Retirement Benefit• called for by this
Plan for any Retired Member while this Plan
i• in full effect and it• full current costs
. have been met.
B. In the event of ~enaination of the Plan while
the liaitation• aom:ained in 16A.15-l A
are in effect, that portion of the assets
of the Pund, with re•peat to those Members
deacribed in l6A.15-l P, which is in excess
of the mnount• apecified in l6A.15-l A will
be apportioned to the other Members, including
Retired ...,ber•, in accordance with the pro-
vi•iona contained in 86A.13-5 hereof.
P. 'lh• 11911ber• referred to in 16A.15-l A and
16A.15-l B •hall be only those of the 25
hi9heat paid lllllployees determined as of
January 1, 1970, whether or not initially
eligible for Melllberahip, whose monthly
Retirement Benefit upon Bormal Retirement
Date would exceed $125.00."
Introduced, read in full and pa••ed on first reading on the
aecond day of Sept.mer, 1969.
Publi•hed a• a Bill for an Ordinance on the 8th day of
Septmber, 1969 • .
Read by title and pa••ed on final reading on the 15th day
of September, 1969.
Publiahed by title a• Ordinance llo. 34, Series of 1969,
on th• 18th day of Septellber, 1969.
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