HomeMy WebLinkAbout1995 Ordinance No. 048•
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ORDINANCE No .41
SERIES OF 1995
BY AUTHO RI TY
COUNC IL BILL NO. 54
INT RODU CED BY COUNCIL
MEMBER VORM ITTAG
AN ORDI NANC E AMENDING TIT LE 3, CHAPTER 6, SECTION 7, SUBSEC TIO N
',, OF THE ENGLEWOC'D MUNl C!PA:.. CO DE 1985, I NC REAS ING THE BE HE FITS
FOR RETIRED MEMBERS AN D BE NEFICIARIES OF THE ENGLEWOOD NON -
EMERGE NCY EMPLOYEES RET IREMENT PLAN BY 3%.
WHEREAS , the City Coun cil ,pproved Ordi nan ce 34, Series of 196~. whic h
established the ~on-Emergen..:y Pension Plan :
WHEREAS, Ordinance ~o. 58, cries of 1975, eli min ated empl oyees' co ntr ibutio ns
and amended the meth od for calc ulating benefit s to th e Non -Em ergency Pension
Plan : a nd
WHEREAS , Orr.in ance ~o. 11. Series of 198 ~. amended the method fo r ca lcul ating
benefits: and
\VHEREAS , Ordinance No . 37. Series of 1987, restating th e Non -Em erge ncy
Pension Pla n: and
WHEREAS, Ordinance Ko. 56, S e ri es of 19 9 1, inc reased payment am ounts LO
recipients and amending certa in se ction s of the Plan to co mpl y with tax lnw
change s: and
WHEREAS , Ordin ance No. 25, Se ries of 1993 , was th e last a mendmen t whi ch
in creased benefits to the reti red members and beneficiari es of th e Non-Emerge ncy
Empl oyees Retir ement Plan by 5%: and
WHEREAS , effective J anuary 1. 1996, th e monthly be nefits of Retired Members
nnd Ben efi ciaries who se paym ent s comm ence d pri or to Jul y 1, 1995 , she ll be
incr eased 3%:
NOW , THEREFORE , BE IT ORDA l~ED BY THE CITY COUNC IL OF THE CITY
OF ENGLEWOOD , COLORAD O, AS FOLLOWS :
..s.eai.im...l . Th e C'i ty Council of th e Ci ty of En glewood , Colo rad o hereby gives
app roval of a 3% increa se fo r Retired Memb rs a nd Benefic ia rie s by a mendi ng Titl e
3, Chapte r 6, Section 7, Sub sec tion i, ofLhe Engl ewood ~1unicipal Cod e 1985, which
sha ll rea d as fo ll ows :
3-6-7 -i : INCREASED BENEFITS FOR RETIRED MEMBERS AND
BENEFICIARIES : Effec ti ve July 1, 1993 , oil Mem be rs and Benefic iaries
wh ose pay ment.s comm e nced before January I, 1993, s hall receive o fi,•e percen t {5%)
increase in thei r pensio n pa yme nts subj ec t to future a dju stm e nt as detennined by the
Bon rd. (Ord . 25 Serie s 1993)
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EFFECTIVE JANUARY 1, 1996 , ALL MEMBERS AND BENEFICIARIES WHOSE
PAYMENTS COMMENCED BEFORE JULY 1, 1995 , SHALL RECEIVE A THREE
PERC ENT (3%) INCREASE IN THEIR PENSIO'// PAYMENTS SUBJECT TO
FUTURE ADJUSTMENT AS DETERMINED BY THE BOARD .
Introduced, rend in full , and pn 55ed on first ren ding on the 21st doy of Augu st, 1995.
Published os o Bill for an Ordinance on th e 24th day of August, 1995 .
Rea d by t itle and pa ssed on final rend ing on the 5th day of September, 1995 .
Published by titl e ns Ord innnc e No ./-</ Seri es of 1995, on th e 7th day of
S eptember, 1995.
ATTE s/. (~~,0
Lo ucri shia A. Elli s, Ci ty !e rk
I, Lo ucri shio A. Ellis . C1ty Clerk of the Ci ty of En glewood , Colo rado , here by
certify th at th e abov e and fo regoing i a true copy 9£ the Ordinan ce pa ssed on final •
ma;"'••• ,,.,;,.oo ~ '"" • ""'"'"" No .1VWJl#i
Loucrishio A. Elli s
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Date
<.;DUNCIL COMMUNICATION
Agenda Item Subject
A gu st 21 , 1995 11 a ii Non-Emergency Employee
Pens ion Fund Increase
Initiated By I Staff Source
De partment of l=i nancia l Services Frank Gryglewicz, Directo r
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
• Ord in ance 34 , Series of 1969, established the Non-Emerg en cy Pension Plan.
• Ord inance 58, Series of 1975, elim inated employee s' co ntributions and amended the
method for ca!culatin g benefits.
• Ordinance 11 , Series of 1983, amended the method for calculating benefits .
• Ordinance. 37, Series of 1987 , restating the Plan.
• Ordinance 56 , Series of 1991 increased payment amounts to recipients and amending
certain sections of the Plan to com ply with tax law changes .
• On May 17 , 1993, Ci ty Council approved Ord i:;ance 25 , Series of 1993 , providing for a five
percent increase in benefits to reti red members and benefici ar ies .
RECOMMENDED ACTION
Staff recommends Council approve a t:,ree percent increase in benefits as of January 1, 1996
for retirees and beneficiaries whose ;iayments ccmmence prior to July 1, 1995.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
On April 18 , 1995 , the Non-Emergency Pensio n Board requested a benefit increase
adjustment study be performed by the William M. Mercer Compa ny. On July 19, 1995 the
Non-Err rgency Pension Board voted to reco mme nd to Counci l a t11ree percent increase in
benefi ts for ret irees and oeneficiaries as of January 1, 1996 . Onl y those retirees and
beneficiaries whose payments began prior to July 1, 1995 will recei ve this increase.
FINANCIAL IMPACT
T he month ly benefit for non-emergency retirees ranges from $41 .53 to $2,027.40 per month.
A 'hree perr.ent i ncrease would ra ise monthly benefits fro m $1 .25 to $60 .82 per month. The
total cost wou, ' t,., $"13 , 7 44 .80 per year .
LIST OF ATTACHMENTS
Proposed bill for an ordinance
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PMted en Recyc led ?aper,@