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Home My WebLink About1999 Ordinance No. 048. ' ·• • • • ORDINANCE NO .!/$.__ SERIES OF 1999 BY AUTHORITY COUNCIL BILL NO. 50 INTRODUCED BY COUNCIL MEMBER WAGGONER AN ORDINANCE AMENDING TITLE 3, CHAPTER 7, SECTIONS 3 , 4 AND 5, OF THE ENGLEWOOD MUNICIPAL CODE 1985. WHEREAS , City Council is considering C. B. 49 , Series of 1999, simultaneously with this Ordinance; and WHEREAS , C. B . 49 , Series of 1999 , allows the adoption of an amended Englewood Police Officers' Pension Plan to comply with State Statutes, Federal guidelines and to provide a Deferred Retirement Option Plan (DROP) benefit for the participants of this Plan; and WHEREAS , C. B . 49 , Series of 1999, provides plan participants the option of participating in a Deferred Retirement Option Plan (DROP); and WHEREAS, this Ordinance would clarify that retirement benefits and the qualifications for those benefits are provided in a separate plan; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD , COLORADO, AS FOLLOWS : Section 1. The City Council of the City of Englewood, Colorado hereby amends Title 3, Chapter 7 , Sections 3 , 4 and 5 , of the Englewood Municipal Code , to read as follows: 3-7-3: RETIREMENT BENEFITS: Any police officer in covei·ed employment with the City prior to April 8 , 1978, and who has attained the age of fifty five (88) years and has hventy (20) or more years of credited service with the Englewood Police Division, or a member •Nho has twenty five (28) years or more of credit v1ith said Englewood Police Division, regardless of age , shall he eligible to 1·cceivc a service retirement pension based on the police officer's final base pay, allowing two and one half percent (2*/2%) for each of the first twenty (20) years of accredited service, plus one percent (1%) for each additional year of accredited service , to fl maximum of sixty five percent (68%). Galeulating the base pay means the average salary received as a member of said Department for one year before granting said pension. Pension payments shall he made in cttual monthly installments to the member. RETIREMENT BENEFITS AND QUALIFICATIONS FOR THOSE BENEFITS SHALL BE PROVIDED IN A SEPARATE PLAN WHICH SHALL BE ADOPTED BY ORDINANCE . -1- 10 b iii a 7 4: LEAVING SERVICE PRIOR TO ELIGIBILITY: Should any police officer in covered employment with the City prior to J\pril 8 , 1978, who leaves the service of the City p1·ior to becoming eligible to receive a pension, for any reason other than death, and said member has less than five (6) years of credited service at termination, he shall he entitled to a refund of his total contribution v;ithout interest; or if said member has five (6) or more years of credited service at termination, said officer may elect either: A:-To receive deferred monthly benefits payable beginning at age fifty five (66) based upon the member's final base pay, allO'uing tv;o and one half percent f\3-*MG) for each of the first twenty (20) years of accredited service plus one percent (1%) for each additional year of accredited service to a maximum of sixty five percent (66%) of base pay; or B:-Receive a refund of his total contributions with interest, if any, thereon, as may he determined hy the Board of T1·ustees of said Fund. 3-7-6-3-7-4: POLICE PENSION FUND: In lieu of the provisions of title 31 , article 30, section 312 , C.R.S ., 1973 , the Board of Trustees of the Policemen's Pension Fund of this Municipality shall be governed by the following provisions: · · The Board of Trustees of the Policemen's Pension Fund in this Municipality shall have power to draw on s uch Pension Fund, from the treasurer of the Policemen's Pension Fund, and may invest the same , or any part thereof, in the name of the Board of Trustees of the Policemen's Pension Fund, in any security, bond, debenture , corporate obligation, stock, preferred or common, securities of any open-end or closed- end manageme nt-type investment company or investment trust and participations in common trust funds , to the extent that such investments would be authorized investments by fiduciaries within this State as set forth in title 15 , article 1, part 3 , C .R.S., 1973 , or any subsequent amendment thereto , providing that said Board shall at all times hold fixed income obligations having a book value or cost of not less than sixty percent (60%) of the total contributions made to said Policemen's Pension Fund, less the amounts paid out. All securities invested shall be deposited with the Treasurer of the City, as ex officio treasurer of the Board of Trustees of the Policemen's Pension Fund, and subject to the order of said Board. S ection 2 . S a fety Clause s. The City Council, hereby finds , determines , and declares that this Ordinance is promulgated under the general police power of the City of Englewood, that it is promulgated for the health, safety, and welfare of the public, and that this Ordinance is necessary for the preservation of health and safety and for the protection of public convenience and welfare . The City Council further determines that the Ordinance bears a rational relation to the proper legislative object sought to be obtained. Section 3. Severability. If any clause , sentencE, paragraph, or part of this Ordinance or the application thereof to a ny person or circumstances shall for any reason be adjudged by a court of competent jurisdiction invalid, such judgment shall not a ffect impair or invalidate the remainder of this Ordinance or its application to other persons or circumstances . -2- .. 4 : • • • • • • Section 4 . Inconsistent Ordinances . All other Ordinances or portions thereof inconsistent or conflicting with this Ordinance or any portion hereof are hereby repealed to the extent of such inconsistency or conflict. Section 5. Effect of repeal or modification . The repeal or modification of any provision of the Code of the City of Englewood by this Ordinance shall not release , extinguish, a lter, modify , or change in whole or in part any penalty , forfeiture , or liability, either civil or criminal, which shall have been incurred under such provision, and each provision shall be treated and held as still remaining in force for the purposes of sustaining any and all proper actions , suits, proceedings, and prosecutions for the enforcement of the penalty, forfeiture , or liability, as well as for the purpose of sustaining any judgment, decree , or order which can or may be rendered, entered, or made in such actions, suits, proceedings, or prosecutions . Section 6. Penalty. The Penalty Provision of E .M .C. Section 1-4-1 shall apply to each and every violation of this Ordinance . Introduced, read in full , and passed on first reading on the 16th day of August, 1999 . Published as a Bill for an Ordinance on the 20th day of August, 1999. Read by title and passed on final reading on the 7th day of September, 1999. Published by title as Ordinance No . fi Series of 1999, on the 10th day of September, 1999. I , Loucrishia A . Ellis, City Clerk of the City of Englewood, Colorado, hereby certify that the above and foregoing is a true copy/)/ the Ordinance pas ed on final reading and published by title as Ordinance No.~. Series of 1999 . -3- ... ~ -~ COUNCIL COMMUNICATION Date Agenda Item Subject A bill for an ordinance amending Title 3-7-3 and 3-7-4, EMC, pertaining to the City of August 16, 1999 10 a iv Englewood Police Officers Pension Plan Initiated By Staff Source Department of Financial Services Frank Gryglewicz, Director of Financial Services COUNCIL GOAL AND PREVIOUS COUNCIL ACTION The City Council discussed the amended Police Officers Pension Plan document at study sessions. Council gave staff direction to proceed with a bill for an ordinance to approve the amended document. This ordinance will clarify that retirement benefits and the qualifications for those benefits are provided in a separate plan. RECOMMENDED ACTION Staff recommends the City Council approve the attached bill for an ordinance. • BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED This ordinance will permit the enactment of the amended Police Officers Pension Plan document. FINANCIAL IMPACT This action will have no financial impact. LIST OF ATTACHMENTS Proposed bill for an ordinance •