HomeMy WebLinkAbout1993 Ordinance No. 025•
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BY .\U1 HORITY
ORDINANCE N~
SERIES OF 1993
COUNCIL BILL NO. 216
INTRODUCED BY COUNCIL
MEMBER HABENICHT
AN ORDINANCE AMENDING TITLE 3, CHAPI't· , SECTION 7, SUBSECTION 7, OF
THE ENGLEWOOD MUNlCIPAL CODE 1985, ENTITLE INCREASED BENEFITS nlR
RETIRED MEMBERS AND BENEFICIARIES.
WHEREAS, this benefit wa1 lut amended 'th the puuge of Ordinance 56, Series of 1991;
and
WHEREAS, effective July 1, 1993, the monthly benefit. of Retired Members and
Beneficiaries whose payments commenced prior t.o January 1, 1993, shall be increased by
5%;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, AS FOLLOWS:
&l:tilm..l. The City Council of the City of Englewood, Colorado hereby gives approval of a
5% Increase for Retired Members and Beneficiaries by amending Title 3, Chapter 6, Section
7, Subsection 7, of the Englewood Municipal Cod• 1985, which shall read as follows :
3-6-7-7: INCREASED BENEFITS FOR RETIRED MEMBERS TERM91.',TEll ¥ESTEil
MEMBERS AND BENEFICIARIES:
Effe•i;·• J.,..,.,,, 1, 1991, lh• ,., ... 11,1, he .. en1 ofret;1•d H•111hers ,, .. d B• .. •lieiaries wh•••
pa,111• .. lo ••111111• .. ••d prior lo Ja11H'3' 1, 1991 shall he iner••••!~
EARblER OF. THE YE,t.R
Pl.¥MEN'l'6 SOMME:~
MEMBER ElR BEJ'lf.R~
-1998
l9Ell
¾988
¼981
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,1984
1983 •• ••rli•r
PERG&NTAGE
UIGRE,\BE RI
~18tfFUW BEUEEJI
EFFECTIVE JULY 1, 1993, ALL MEMBERS AND BENEFICIARIES WHOSE PAYMENTS
COMMENCED BEFORE JANUARY 1, 1993 SHALL RECEIVE A 5% INCREASE IN THEIR
PENSION PAYMENTS SUBJECT TO FU'IURE ADJUSTMENT AS DETERMINED BY
THE BOARD .
Introduced, read in full, and passed on first reading on the 3rd day of May, 1993 .
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Published as• Bill for an Ordinance on the 6th day of May, 1993.
Read by title and paned on final reading on the 17th day of May, 1993.
Publi shed by title as Ordinance NoA Series of 1993, on the 20th day of May, 1993 .
~ ~. f -C ~· ClyJ E . Wiggins, or
ATTEST :
c~a~JL✓-r dlricia H. Crow , City Clerk
I, Patricia H. Crow, City Clerk of the City of Englewood, Colorado, hereby certify that the
above and foregoing is a t~opy of the Ordinance passed on final reading and published
by title as Ordinan ce No.&, Series of 1993.
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Date
May 3, 1993
COUNaL COMMUNICATION
Agenda Item
11 d
Subject Non-Emergency
Pension Adjustment
INITIATED BY Non-Emergency Pension Board
STAFF SOURCE Rick I<arun, Engineering Manager/Chair of the Non-Emergency
Pension Board
ISSUE/ ACilC'_•; PROPOSED
The Non-Emergency Pension Board requests City Council approval of an ordinance
amending the Non-Emergency Pension Plan to increase by 5% the monthly benefit amounts
paid to pensioners 2nd benefici ~ries receiving payments prior to January 1, 1993 .
PREVIOUS COUNaL M-r·_,N
Ordinance 34, Series of 1969 :
Ordinance 58, Series of 1975:
Ordinance 11, Series of'l 983:
Ordinance 37, Series of 1987:
Ordinance 56, Series of 1991 :
April 19, 1993 :
STAFF ANALYSIS
Establishing Non-Emergency Pension Plan
Eliminating Employees ' Contributions and Amending
the Method for Calculating Benefits
Amending the Method for Calculating Benefits
Restating the Plan
Increasing Payment Amounts to Recipients and
Amending Certain Sections of the Plan to Comply with
Tax Law Changes
Council met with the Pensio,1 Board during Study
Session and discussed this recommendation.
At its meeting on January 12, 1993, the Non-Emergency Pension Board voted to recommend
an increase in monthly benefit payments for retirees and beneficiaries. The increase would
be e ffective for pay ments for July 1993 . Only those retirees and beneficiaries whose
payments commenced prior to January 1993 would receive the increase .
Pnn1ed on Recv r.led Pape r ~
The Board evaluated the status of the pension plan before making a recommendation to
Increase benefits . They found the plan to be in sound financial condition, with a small
unfunded liability ($154,944), which was estimalied to be fully funded by 1997 if no increase
in benefits were made. With the proposed increase in benefits, the unfunded liability is still
estimated to be fully funded within ten years .
FINANCIAL IMPACT
The total dollar value of the increase will range from $1.98 to $96.54 per month . Th e
average increase per recipient will be approximately $20 .42 per month . The total increase in
pension payments will be $1,490.61 per month, or $17,887 .32 per year.
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