HomeMy WebLinkAbout1983 Ordinance No. 011CROI NANCE NO . 11
SERIES OF 198~
BY AIJl'HOH I TY
COUNC I L BILL NO. 10
IN'ffiOIJUCED BY COU~'CI L
MEMBER BRAL6HAW
AN ORDINANCE AMEN DING '!'HE 1969 ENGLEWOOD MUNICIPA L CODE, TITLE V,
CHAPT ER 3, RE LATI NG TO THE NONEMERG ENCY RE'rIREMENT PLAN.
WH EREAS , t he Pens ion Pl a n of the City of Eng lewood , fo r i ts
noneme rgency ~mploye es , has been r eviewed by the Ci ty 's cons ulting
actuar ies ; and
WHEREAS , recommendations have been made by tht actua ri es to
the City and its employees ; and
WH EREAS , the City and its emp l oyees have ag r eed on the nature
o f the changes of the non eme rg ency employees retireme n t plan; and
WHEREAS , the changes proposed he r e in a r e o f an i nte rim basis
until the entire plan can be rewritten t o reflect a rror e conc i se
and easily readable docume nt ; and
WHEREAS , r ather than wai t fo r a redraft o f the enti r e
document , whic h could take man y roonth s , t he City and e mpl oyees are
des i rous of im pl eme nting the fo llowing changes a s soon as
poss i bl e .
NCl,I , THEREr'ORE , BE lT ORDI\IN ED BY TH E CITY COUNCIL OF TH E
CI'l'Y OF ENG LEWOO D, COLORAOO , AS FO LLG/5 :
Sec tion L '!he following Sec tions and Subsections of Ti tle V,
Chapter 9 , of the 1969 Englewo od Mun icipal Code , a s ame nded , are
amended to r ead as follows :
5-9-3: DEf!N I T I ONS
(w) "Fi nal Averag e Monthly Compensation" shall mea n t he
average of the tota l Compensation pa i d to a membe r during the
thi r ty-s ix (36) consecutive cal e ndar months (determined without the
i nclus i on of any Break in Service) within the last one hundred
twenty (1 20) comp l eted calendar roon t hs of employment with the City
wh i ch yield the h i ghest Average Compe nsation . I n the event the
membe r was employed tor fewer than thi rty-six (36) consecutive
calendar months , suc h average mo nthly compen sati on sha ll be based
or his Com pensation fo r the thirty-six (36) s uccessive months
du r ing his last one hundred twenty (1 20) calendar roonths of
employment wi th the Ci ty that woul d yield the highest average , o r
his full pe ri od of such employment , i f less than thir t y-six (36)
rronths .
5-9-17: EARLY RETIREMENT llll'fl-.:
A member who has attained the age of fifty-five (55 ) yea r s
and has compl e ted five (5) ye ars o f credite d service may elect to
r e tire a s o f the fi r st day of a ny cale ndar month.
5-9-21: NORMAL RE'l'IRJ:1'\ENT BENEFIT
Upon r e tireme nt a t the no rmal retirement da t e , each r etired
membe r shall r ece ive a monthly benefit fo r Len (10 ) years c e rtain ,
a nd life the r ea fter , equal to one and one-half pe rcent (1. 5%) of
the member 's fina l a verage mon t h ly com pensa tion , multiplied by the
number o f yea r s of the membe r 's c r ed ited servi ce .
5-9-22 : EAR LY RET i l{EMENT BEN~FIT
A member r e tiring pr io r t o his no rmal retiremen t date s hall
be en t i tled t o r e ceive a no rmal r e tirement bene f i t r educed by three
percent ( 3%) fo r e 2ch year by wh i c h tile e arly re tiremen t date
preced es the no rmal re t i rement dat e , wi th a pro r ata reduction for
f r acti ona l parts of a ye ar.
5-9-25 : RE.'TIREMEN'r llEN EFI'I' PAYMENTS
(a ) Unless opti o nal r e t i reme nt benef it pa yire nts a r e
a pplicable , the r eti remen t benefit as provided i n Sectio n 5-9-21
s hall be pa id i n equal monthly installments and the f irst s uch
ins t allment sha ll be pa i d on the first o f tile mo nth ne xt succeeding
the mont h i n wh i c h t he r e t i r eme nt date occurs c ontinuing at monthly
int e r va l s fo r a pe ri od of one hun dr ed nineteen (11 9) addi t ional
no nt hs a nd for the r e t i r ed membe r's l ifetime the r eafte r . '!he l ast
bene fit pa yment shall be made o n the fi rst day o f the mon t h of the
r e tired membe r's dea Lh , unless payments have been made fo r few er
than one hund red twenty (120) months i n which eve nt they s ha ll be
cont inued t o the named be nef i ciary , ceas ing wh e n a t otal o f one
hundred twenty (1 20 ) mon t hly payirents have been made t o the r e tired
membe r a nd hi s beneficia ry combined .
(b ) Th e mon thly benef i ts fo r i nd ividuals who se be ne f its
commenced pr ior to Janua r y l , 1983 s ha ll be i nc reased as of J anuary
l , 1983 by f i v" pe r cent (5%) fo r each yea r o r fraction the reof t hat
payments have been made to the membe r o r member and benefi c i a ry .
Howe ve r, th~ i nc r ea se e f fect i ve Janua r y 1 , 1983 sha ll be a t least
S2 5 per mo nth .
5-9-29 : D1::1\T H OF A MEMBER BEFORE NORMAL RE'rIREM ENT lll\TE
{a ) In t he event an acti ve me mbe r , vested membe r , or
disabled membe r oE the Plan d i es prior to h i s ea rly retirement
date, there shall be paid t o the be nef i ciar y des i gna t e d by him, i f
said beneficia ry be living , otherwi se to hi s estate , the arro unt of
I
his acc...,nulated contr i butions a s of his date of death plus t wo
pe r cent (2%) of the compe nsation received by him subsequent to
Decembe r 31 , 1975 a nd pri o r to Janua ry 1, 1983 .
(b) I n the event tha t an active member , vested member , or
disabled member of the Pl a n dies subsequent to his e arly r e t i r emen t
date and pr ior to his no r mal retirement date , the fo llowing death
benef it shall be pa i d:
(1) If the member has a s u rv iving spouse , 50% of the
monthly benefit accrued by the member prio r to death s hall be
payable to the spouse for one hund r ed twen t y (120) roon ths c e rtain ,
a nd life thereafte r. Howeve r, i f the spouse is mor e t ha n fi ve
yea r s younge r than the membe r , the roonthl y benef its will be r educed
on a n actuar i a l equi valent bas i s t o r eflect the dif f e r ence i n age
in excess of fi ve yea rs .
(2) If the membe r i s not s urv i ved by a spouse , a
death benefit equal to fifty pe r cent (50%) of the mon thly benefit
accrued by the member at his deat h s hall be paid t o the benefici a r y
desig na t ed by the member for a period of one hund r ed t we nty (1 20)
months . If t he me mbe r is not survived by a des i g na ted benefic ia r y ,
the one hund r ed twenty (120) monthly payments shall be compu t ed and
pa i d i n a single lump s um to the member 's estate .
5-9-33 : DEATH OF A VESTED Ml'J-1ll ER BEFORE 'IITHlEMENT DATE
In the event that a vested membe r dies p r io r to hi s ea rly
r eti r ement date , the r e shall be pa i d to the beneficiar y designated
by h i m, if living , otherwise t o h i s estate , the amount of his
acc Uil"Jlat ed cont r ibuti ons at the time of death pl us two per cent
(2%! of the compensation received by him s ubseque nt to December 31,
1975 a nd prior t o Janua r y 1 , 1983 .
5-9-36 : LESS THAN FIVE YEARS ' CREDIT ED SEllVICE
In the event that a member sha l l res ign o r be d ischarged
from the se rv ice of the City prior to t he no r mal r eti rement date
with l ess than f i ve (5 ) yea r s o f c r ed i ted secvice , t he only bene fi t
to which he shall be e ntitled under thi s plan shall be the sum of:
(a ) The amou nt of his accumulated contributions .
(b) Tula pe rcent (2%) of the compensation r eceived by t he
member s ubsequent to Decembe r 31 , 1975 and p ri o r to Janua ry 1 ,
1983 .
5-9-37 : FIVE OR MORE YEARS ' CREDITED SEHVICE
(a) (2) To r eceive , in li e u of all other benefits , a
refund of his accumulated contr i but ions plus two percent (2%) of
the compensat i on received by him s ubsequent to December 31 , 1975
and prior t o January 1, 198 3.
(e) A vested mewber may elect at any time prior to his
retirement date or receive , in lieu of a ll other benefits, a r efund
of any accUJflJlated contributions as of the date of the r efund plus
two percent (2) of the compensaticn r ecei ved by him subsequent to
Decembe r 31 , 1975 and prior to January l, 198 3.
Section 2 . '1'1e ef fective date of the amendme nts identi fed in
Section l shall be January 1, 198 2 .
Introduced , read in foll , and passed on first r eading on the
7th day of Febr uary , 1983 .
Published as a Bill fo r an Ordi nanc e on the 9th day o f
Fe bruary , 1983 .
kead by title and passed on final reading on the 2L d day of
February , 1983 .
Published by t itle a s Ordinance No. ll__, Series of 1983 , on
the ~3fd-day of -Fee ..-¥, 1983.
2nd Ma rch
AttesL:
/s / Ga ry R , Hi g bee
/s / Eu g n e L . Otis
Euge ne L . Otts , Mayor
ex officio City Clerk -Tr easurer
1 , Ga ry R. Higbee , ex officio City Clerk-Tr easurer of the City
of Englewood , Colo rado , he r eby ce r tify that the above and foregoing
is a true , accurate and comple te copy of the Ordinance passed on
final ceading and published by title as Ordinance No . 11 , Series
of J0J3 . ---
/s / Gary R . Higbee
--Gary R. Higbee