HomeMy WebLinkAbout2000 Ordinance No. 048ORDINANCE No.!/i._
SERIES OF 2000
BY AUTHORITY
COUNCIL BIIJ.. NO. 51
INTRODUCED BY COUNCIL
MEMBER GARRE'l'I'
AN ORDINANCE AMENDING TITLE 3, CHAPTER 6, SECTION 7, SUBSECTION 7,
OF THE ENGLEWOOD MUNICIPAL CODE 1985, INCREASING THE BENEFITS
FOR RETIRED MEMBERS AND BENEFICIARIES OF THE ENGLEWOOD
N '.>N-EMERGENCY EMPLOYEES RETIREMENT PLAN BY 3%.
WHEREAS, Ordinance No . 70, Series of 1999 authorized a 3% increase to the
monthly benefits of Re tired Members and Beneficiaries whose payments commenced
;,rior to January 1, 1999 effective January 1, 2000; and
WHEREAS, the City Council of the City of Englewood , Colorado pa ... d Ordi1111nce
No . 40, Series of 1999, amending Title 3-6 of the Englewood Municipal Code and
allowing a Deferred Retirement Option Plan (DROP) benefit for the participants of this
Plan; and
WHEREAS , the Englewood City Council reviewed the possibility of a re•;iree
increase when Ordinance No. 40, Series of 1999 was reviewed in Study Session on
September 8, 1998; and
WHEREAS, the a doption of this Ordinance will provide a three peraint (3%)
increase in retiree benefits on January 1, 2001 for the Non-Emergency Retirement
Plan members and beneficiaries retired as of January 1. 2000; and
WHEREAS, the En11lewood Non-Emergency Retirement Board recommended
approval of a three percent 3% ~crease to the monthly benefits of Retired Members
and Beneficiari_ea.n.t,ire4,as of January 1, 2000 to be effective January 1, 2001, at the
May 9, 2000, meeting;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO , AS FOLLOWS: '
.5J:.i.tiwu,. The City Co uncil of the City of Englewood , Colorado hereby gives
approval of a 3% increase for Retired Members and Beneficiaries by amending Title 3,
Chapter 6, Section 7, Subsection 7, of the EngJewood Municipal Code 1985, which
shall read as follow s :
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3-6-7-7 : INCRE! SED BENEFITS FOR RETIRED MEMBERS AND
BENEFICIARIES:
Effect;ve July 1, 1993, all members and beneficiaries whoee paymenta commanoed
befoN January 1, 1993, ahall receive a five percent (5%) increase in their penaion
payments subject to future adjuatment as determined by the Board.
Effective January 1, 1996, all members and beneficiariea whoae payments
commenced before July 1, 1995, ahall receive a three percent (3") increase in their
penaion payments aubject to future adjuatment as determined by the Board.
Effec~ive January 1, 2000 , all members and beneficiariea whoae paymenta commenced
before January 1, 1999, ahall receive a three percent (3%) increase in their pe03ion
payments aubject to future adjuatment as determined by the Board .
Effective January 1 2001 all members and htmeficiaries whw payment, mmmpe;d
before January t 2000 shall receive a three neramt (3%> i991ue in their eeruripp
payments aubiPSt to future adiuatment as determined by the Board -
Introduced, read in full, and passed on first reading on the 26th day of June, 2000.
Publiahad aa a Bill for an Ordinance on the 30th day of June, 2000.
Read by title and psased on final reading on the 17°' day of July, 2000.
Publiahed by title as Ordinance No .~ Serie, of 2000 , on the 21at day of July,
2000.
I, Loucriabia A. Ell is, City Clerk of the City of Englewood , Colorado, hereby certify
that the above and foregoing ia a true COPY, rj the Ordinance p d on final reading
and published by title aa Ordinance No . 'iE., Series of 2000.
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COUNCIL COMMUNICATION
Date Agenda Item Subject
June 26, 2000 A bill for an ordinance increasing
City of Englewood
10 a I Nonemergency Retirement Plan
retirees benefits by three
percent (3%).
Initiated By I Staff Source
City of Englewood, Administrative Services Frank Gryglewicz , Director
Department
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
The City Council has not discussed this specific Increase , but has reviewed and approved other
increases in the past.
RECOMMENDED ACTION
The NonEmergency Retirement Plan Board recommends the City Council approve the attached bill for
an ordinance.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
This ordinance provides a three percent (3%) Increase in retiree benefits on January 1, 2001 for the
NonEmergency Retirement Plan members and beneficiaries rntlred as of January 1, 2000 .
The Plan provided increases in retiree benefits of three percent (3%) on January 1, 2000 and three
percent (3%) on January 1, 1996.
FINANCIAL IMPACT
Based upon current assumption the cost will be appro,·:mately $22 ,000 per year , bul the current level
of funding (5%) will support this benefit increase .
LIST OF ATTACHMENTS
Proposed bill for an ordinance