HomeMy WebLinkAbout1999 Ordinance No. 070•
•
•
ORDINANCE NO. '70
SERIES OF 1999
BY AUTHORITY
I Y('c/
COUNCIL BILL NO . 72
INTRODUCED BY COUNCIL
MEMBER BRADSHAW
AN ORDINANCE AMENDING TITLE 3, CHAPTER 6 , SECTION 7, SUBSECTION 7 ,
OF THE ENGLEWOOD MUNICIPAL CODE 1985 , PERTAINING TO INCREASED
BENEFITS FOR RETIRED ME MBERS AND BENEFICIARIES OF THE
NON-EMERGENCY EMPLOYEES RETIREMENT PLAN AND TRUST.
WHEREAS , the City Council of the City of Englewood , Colorado passed Ordinance
No. 40 , Series of 1999, amending Title 3-6 of the Englewood Municipal Code and
allowi ng a Deferre d Retirement Option Plan (DROP) benefit for the partici pants of this
Plan ; a nd
WHEREAS , the Englewoo d City Council reviewed the possibility of a retiree
increase when Ordinance No. 40 , Series of 1999 was reviewed in Study Session on
September 8 , 1998 ; and
WHEREAS , the adoption of this Ordinance will provide a three percent (3 %)
increase in r e tiree benefits on January 1, 2000 for the Non-Emergency Retirement
Plan members and beneficiaries retired as of January 1, 1999 ; and
WHEREAS , retiree benefits for the Non-Emergency Retirement Plan have not been
increased since January 1, 1996 ; and
WHEREAS , the Englewood Non-Emergency Retirement Board recommended
approval of a three percent (3%) increase in retiree benefits on January 1, 2000 for
Non-Emergency Retirement Plan members and beneficiaries who have retired as of
January 1, 1999 at the October 12, 1999 meeting;
NOW , THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD , COLORADO , AS FOLLOWS :
Section l. The City Council of the City of Englewood, Colorado hereby authorizes
amending Title 3, Chapter 6 , Section 7, Subsection 7, of the Englewood Municipal
Code 1985 , to provide a three percent (3 %) increase in retiree benefits on January 1,
2000 for the Englewood Non-Emergency Employees Retirement Plan members and
beneficiaries who have retired as of January 1, 1999 , which shall read as follows:
-1-
10 b ii
3-6-7-7: INCREASED BENEFITS FOR RETIRED MEMBERS AND
BENEFICIARIES:
Effective July 1, 1993 , all members and beneficiaries whose payments commenced
before January 1, 1993, shall receive a five percent (5%) increase in their pension
payments subject to future adjustment as determined by the Board.
Effective January 1, 1996, all members and beneficiaries whose payments
commenced before July 1, 1995 , shall receive a three percent (3%) increase in their
pension payments subject to future adjustment as determined by the Board.
EFFECTIVE JANUARY 1, 2000 , ALL MEMBERS AND BENEFICIARIES WHOSE
PAYMENTS COMMENCED BEFORE JANUARY 1, 1999, SHALL RECEIVE A
THREE PERCENT (3 %) INCREASE IN THEIR PENSION PAYMENTS SUBJECT TO
FUTURE ADJUSTMENT AS DETERMINED BY THE BOARD .
Introduced, read in full, and passed on first reading on the 15th day of November ,
1999.
Published as a Bill for an Ordinance on the 19th day of November, 1999.
Read by title and passed on final reading on the 6th day of December, 1999.
Published by title a s Ordinance No. 7Q , Series of 1999 , on the 10th day of
December, 1999 .
I , Loucrishia A. Ellis, City Clerk of the City of Englewood , Colorado, hereby certify
that the above and foregoing is a true copy of the Ordinance assed on final reading
and published by title as Ordinance No . 2/),, Series of 199 .
-2-
.. ·~
•
•
•
•
•
•
COUNCIL COMMUNICATION
Date Agenda Item Subject
November 15, 1999 A bill for an ordinance
increasing City of Englewood
11 a ii
NonEmergency Retirement Plan
retirees benefits by three
percent (3%).
Initiated By Staff Source
City of Englewood, Financial Services Frank Gryglewicz, Director
Department
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
The City Council discussed the possibility of a retiree increase with the issue of adding the Deferred
Retirement Option Plan (DROP) to the Plan at the September 8, 1998 study session.
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%) in c ease in retiree benefits on January 1, 2000 for the
NonEmergency Retirement Plan members and beneficiaries retired as of January 1, 1999 .
The Plan has not provided an increase in retiree benef its since January 1, 1996.
FINANCIAL IMPACT
Based upon current assumption the cost will be approximately $17,500 per year.
LIST OF ATTACHMENTS
Proposed bill for an ordinance