HomeMy WebLinkAbout1995 Ordinance No. 017•
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ORDH'1ANCE NO . 4
SERIES OF 1995
B ~ AUTHORITY
COUNCIL BILL NO. 13
INTRODUCED BY COUNCIL
MEMBER HATHAWAY
AN ORDI NANCE AMENDING TITLE 3, CHAPl'ER 8 , SECTION 1, SUBSECTIONS 1 AND
4 , OF THE ENGLEWOOD MUNICIPAL CODE , 1985 WHICH PERTAINS TO
FIREFIGHTERS' PENSION FUNDS .
WHEREAS, actuarial clarification s are nec es sary to fully implement the Firefighters'
Pensi on Fund: and
WHEREAS , certain language was omitted in the last ordinance amending this section :
NOW , THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
E NGLEWOOD, COLORADO, AS FOLLOWS :
~-Th e Engl•wood City Council h ereby amends Title 3, Chapter 8, Section 1, by
amen ding Subsections 1 a nd 4, of the En gle woo d Municipal Code , 1985 t o read as follow s :
3-8-1: FIREFIGHTERS' PENSION FUNDS AND PERMAN&"IT DISABILITY
BENEFITS:
3-8-1-1: FIREFIGHTERS' PENSION tUND: Commencing on January 1, 1977 , there shall
be deducted m>m the monthly salary~\, ...,,1 e ei, p.,;,1 111eml!er OF PLAN MEMBERS
HIRED PRIOR TO APRIL 8 , 1978 , of the Englewood Fire Division a sum equal to five percent
(5%) of said meml:er's monthly salary pursuant to Part 4, Article 30, Title 31 Colorado
Re vised Statutes , 197~. wh ich s um sh all be depo sited in the Ci ty's Firefighters' Pension
Fund . (Ord. 18 Se n,. 11190)
A . THE C ITY SHALL MAKE CONTRIBUTIONS ANNUALLY TO THE
FIREFIGHTERS' PENS ION FUND AT A RAT E TO BE DETERMINED IN T HE
FOLLOWING !11..rnNER: AT LEAST EVERY THREE (3) YEARS, THE
FiREFIGHTERS' p ;;NSION FUND SHALL HAVE AN ACTUARIAL STUDY
PREPARED RELATING TO THE FIREFIGHTERS' PENSION FUND. THE
NORMAL COST OF THE BENEFITS AFFORDED UNDER THE STATUTORY
FIREFIGHTERS' PENSION FUND PLUS ANY UNFUNDED COST PRORATED
ON A Fear: (40i YB.•.R. FUNDING BASIS FROM JANUARY 1, 1982, OF THE
BENEFITS AFFURDED UNDER THE FIREFIGHTERS' PENSION FUND. THE
RES U LTANT PEHCENTAGE WILL BE PAID ANNUALLY FROM GENERAL
REVENUES OF THE CITY INTO THE FIREFIGHTERS' PENSION FUND.
B . IN ADDITION TO THE POWERS AND OBLIGATIONS IMPOSED UPON THE
BOARD OF TRUSTEES OF THE E NGLEWOOD FIREFIGHTERS' PENSION
BOARD , BY ARTIC LE 30, TITLE 31, COLORADO REVISED STATUTES 1973,
SAID BOARD SHALL HAVE ALL POWERS NECESSARY TO SUPERVISE AN D
ADMINISTER THE TERMS OF THIS SECTION .
3-8-1-4 : LEAVING SERVICE PRIOR TO ELIGIBILITY: Should any PLAN member~ •
Fin Qi ;,io11 HI.RED PRIOR TO APRIL 8, 1978, leave the servi ce of the City prior to
becomine eligible to receive a pension payabl e fTom the Firefighter■' Pension
FllDd, for any reason other than death, and said member has less than fiv e (5)
years of credited service at termination, said firefighter shall be entitled to a
refund of his/h er accumulated contribution to the Englewood Firefighters' P•n sion
Fund. The term accumulated contributions shall mean the sum of said
Fi refighters contribution to the Firefighters' Pension Fund toK1ther with interest,
if nny, thereon, a s may be determin ed by the Firefighters' Pen sion Board.
IF SAID FIREFIGHTEI; HAS FIVE (5) OR MORE YEARS OF CREil!TED
SERVTCE AT TERMI NA'llO N. fHE FIREFIGHTER MAY EI,EOT EITHER:
l ,. Defernd montl,'., •,ee ,u ; ,,.-,able beginning at age lifl:y (50) baoed upon the
member', lino, oa•• o,:;·, ',r,',,i ng two and one-half percent (2 1/2%) for each of the
first twenty (20) ye r.,,, ,, di!A!d service plus one pereent (!'I,) for each additional
year to a maximum of s,x,y-fiv • peecent (65%) of base pay; or
B . Receive a refund ofhlr/her accu mulated co n!,ri butions as se t out above . (Ord. 18
Series 1990)
Introduced, r ead in full , and passed on first rea ding oi', th e 15th day of May, 1995.
Published as a Bill for an Ordinance on the 18th day of May , 1995.
Read by title and passed on fin •'. rtading on the 5th day of June, 1995.
Published by title as Ordinance No . /.1_, Series of 1995, on the 8th day of June, 1995.
L . -,~-
~ City Clerk
I, Loucrishia A Ellis, City Clerk of the City of Englewood, Colorado, he.-e by eertify that
the above and foregoing is a true copy of the Ordinance passed on final reading and '°""'" S, ,w, uO""''"" No. J2 """ • '"'· ~ ~
I,,,ucri shia A. Ellis
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Date
May 15 , 1995
ln !tl atad By
Decartmen t of Flnanc1 ..,I Services
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COUNCIL COMMUNICATION
Ag enda Item
1 0 a i I
Subject
Cha nges lo Cily Code relating to
Fir.fiohters' Pension
I Staff Source
Frank Grvolewicz. Director of Finan cial Services
COUNC IL GOAL AND PR EVIOUS COUNCIL ACTION
City Cou nc,i passed Ordinance 27 . Seri es of 1994 on final readin g June 20 , 1994, and Ordinance 66 Series of
1994 on December 19 , 1 94 , These ordi nan ces mad• changes in the funding and payment mechanism for lhe
fi refighters ' supp lement I dlsa bii ily payments. Also , the ordi nances standard ized ten11 s throughout this section of
nue 3. Chapter 8.
RECOMMENDED ACTION
Staff recom mends Council app rove the atta ched bill fo r ordi,,ance makin g changes :o City Code Title 3, Chapt er
8 . Sectio ns 1 and 4, The changes clanfy the language used , that the Firefigh te rs ' Pension Fund is responsi ble
for actuanal studies, and cl?nfies the time perioo for the prorating of the unfunded pension cost .
• t:ACKGROUND, ANALYSIS , AND ALTERNATIVES IDENTIFIED
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Prior to this bill for ordinance the responsibilities for act uarial stud ies was defined as ·at least every •h ree years
th e City shall have an actuarial study prepa red .. ." The Firefigh te rs ' Pensio n Fund has borne th e co·st historically,
and the chang e only clarifies it in the Cod e. The changes also define the participants in the pla n. A lso . l;efore
this bill ror ordinance. the time pe ri od for reducing the unfunded cost wa s not cl ear. Th is bill fo r ordinance
clarifies this as well as the languag e used in Coce .
No alternatives were ide nlifi ed by st aff.
FINANCIAL IMPACT
None
LIST OF ATTACHMENTS
Proposed till fo r ordinan ce