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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