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HomeMy WebLinkAboutOrdinance-1981-0465'INTRODUCED BY COUNCILMEMBER BOWMAN ORDINANCE NO. 465 Series of 1981 TITLE: AN ORDINANCE REPEALING AND REENACTING CHAPTER 18, ARTICLE III PENSION FUND, SECTIONS 18-38 THROUGH 18-42, INCLUSIVE, OF THE CODE OF LAWS OF THE CITY OF WHEAT RIDGE, AND PROVIDING FOR THE ESTABLISHMENT OF A MONEY PURCHASE PLAN TO PROVIDE RETIRE- MENT BENEFITS FOR MEMBERS OF THE POLICE DEPARTMENT. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO: Section 1. Sections 18-38, 18-39, 18-40, 18-41, and 18-42 of the Code of Laws of the City of Wheat Ridge are hereby repealed in their entirety, and reenacted as follows: Section 18-38. Establishment. a) There is hereby established the Wheat Ridge Police Pension Fund, the purpose of which is to provide retirement benefits for members of the Wheat Ridge Police Department as defined herein. b) The Pension Fund established herein shall be in the form of a money purchase plan. "Money purchase plan" means a program under which member and City contributions are accumu- lated with interest to purchase a benefit at retirement. The benefit amount is determined by actuarially converting the accumulated sum in a member's retirement account into a monthly benefit based on uniform actuarial assumptions approved by the board for such plans. The term does not include a plan which provides for minimum benefits or other defined benefits. Section 18-39. Operation. a) The policemen "money purchase plan" of the City shall be operated in accordance with the laws and the statutes of the State of Colorado as provided in Title 31, Article 30 of the Colorado Revised Statutes, 1973, as amended, and as the same may later be amended. b) The Police Pension Board shall serve as trustees for the plan hereby created. The members of the Police Pension Board shall be the Mayor, the City Treasurer, the City Clerk, and a representative of the Police Department elected by the Police Department members on an annual basis. Said trustees shall receive no pay for services as members of the Board. c) In serving as trustees of the Pension Fund hereby established, said trustees shall be vested with all powers and authority granted by law and those powers which are reasonably necessary to carry forward the function of serving as trustee of said fund. The Police Pension Board shall have full and complete control of all funds in the Money Purchase Plan and shall utilize their best efforts to ensure that all funds are maintained and invested for the benefit of the members of the Money Purchase Plan. d) The Police Pension Board shall have express authority to establish a plan consistent with applicable state law and the terms of this Ordinance to accomplish the ends specified herein. In the operation of the wheat Ridge Police Pension Fund, the same is and shall be separate and distinct from the Pension Fund operated by and controlled by the State of Colorado. In carrying out its duties, the Police Pension Board may employ as a consultant any persons whose expertise is deemed needed by the members of the Board. The Police Pension Board shall make all necessary rules and regulations for managing and discharging its duties as trustees of the Money Purchase Plan, so long as all of said rules and regulations are consistent with the applicable state law and the provisions of this Ordinance. A record of all actions taken by the T, c) car? in c, out - ts duties shall be kept and prescrvcd, and shall Le r-,air,tarnec as a public record of the City of 1,reat Pid~e. e) A Plan Document shall be pre,__=.red specifvine the )p.-ration of the Toney Purchase Plan, and detailing handlina_ of contributions, administration of the Plan, re_unds upon L_ri:1:;:itlCrl, the manner of benefit 1_a,.,ents, and other infor- mation as required by applicable sate law or this Ordinance or as ] s deemed necessary L)v the Pol ic'_ 1'e:l~iCn Board. A s y of the Plan Doca::ien_ E11 k to all m_.:bers of the Flan, who shall th ,_._a_`ter be u_llc-d recarding their approval of said Plan as provided _n C.P.S. 197.3, as amended, 11-30-1003.2(2)(c). At sjch time as said Plan is approved b_y the m. _----abers as required h;_2-C_-in, '.-he shall 1~e forward City Council '..hich shall, by resolution, anprove said Plan. Section 18-40. Contribution--Limit on City. a) The City Council hereby finds and determines that the City should use the power granted to it pursuant to C.R.S. 1973, as am.ended, 31_-30-804_(8)(a), and does hereby elect to pay from the general funds o_ the City into the V"heat Ridge Police Pension Fund hereby created a sum monthly as shall not exceed 10 percent of the monthly salaries of all full-title paid, sworn police 0`' cers of the Police Derart;_,nt of the City, and all police sDa-lch, rs hired prior to _,.rua_-y 1, 1979. .he C_ty Council shall be er.powered to estahl:.sh on a }early basis -che spec,fic annual amount to be paid the =ne a1 fund of the City into the V.hcat Ridge Police -__zs_on Fuld. n) In addition to the onics r, `_ded for in this section, such Fund shall consist of a::l -onies that may be given to such Board or Fund by any person for the use and purpose for which such Fund is created. Such Board of Trustees may take, by gift, grant, devise or beoues_, any money, pers-nal property, or real estate or interest there as truste_s, for the uses and pur- poses for which the Fun3 is created. Section 18-41. Same--Officers'. a) The members of the Police Department shall from their respective monthly salaries contribute into the Wheat Ridge Police Fund a percentage of their respective monthly salaries which is not less than the percentage paid into said Fund by the City so that the contribution of the Police Department as a whole shall match the contribution of the City. b) Members may also elect to contribute a supplemental amount monthly to said Fund, provided that the total amount contributed monthly by any member, including matching and supplemental contributions, shall not exceed 25 percent of said member's current monthly salary. Section 18-42. Same--Refund. Should any member of the Police Department who has con- tributed to the Fund established hereby leave the service of the City, said member shall receive a full refund of all con- tributions made by him to the Fund, plus any amounts contributed by the City and to which said member has a vested right accord- ing to the vesting schedule contained within the Plan Document specified herein. Section 2. Severability. If any clause, sentence, paragraph or part of this Ordinance or the application thereof to any person or circumstances shall for any reason be adjudged by a court of competent jurisdiction invalid, such judgment shall not affect, impair or invali- date the remainder of this Ordinance or its application to other persons or circumstances. c': ]C7 Ste.' C1 a,a sc t*J .1ne5 and dcC1a CS that this UrC: i- u: CE ]-S T_rcat e,d unucr th~ T =1.-- - ro ,ulc.ated _`cr the „ower of the City of ~%h~-,at RidgJe; i at t IS `_calth, safety and welfare of the public, an-i that this Ordinance is n(-ceesary for the prc~:_rvation of health anti safety for the protect_o^: of oublic convenience and Welfare. C.t- !-ouncll further de cri ',i T-rs that the Orcina:ice bears a rational _ela±io^; to -h(:--c oh lectlves. Section 4 This ordinance shall to}.e t-==ect 1 day after final ~S S3Qe. INTIl OD:JCED, RE.'-D ~ ND -~D071'i D =2zt !:)-N a vote Of 8 LC) 0 _ this 1,0th . day of _Au ust 1`'F,1; cr~:_1~-c nublished _n - uqus - full in a ne,.aspaper of general circ._iat4o: In, '_he City of G4heat Ridc_e and Public Hearing and col ,S ,eratlCn on ? -anal aSS-,qe sit for Ai~t 24- - 1981 , at -:30 o'clock p.m., at Council Cha;nbers, 7500 v;_st 2c~, th Avenue, ;:h=:_t Ridge, Colcrado. READ, ADOPTED AND ORDERED PUBLISHED on second and final reading by a vote of 8 to 0 this 24th day of August , 1981. SICr, D by the '•'ayor on this day of (tl 1981. r Frank Stites, Mayor T'i'EST: Carol F. Hampf, City%C1erk 1st Publication August 13, 1981 2nd Publication Sept. 3, 1981 _l heat.RidgB jentine Ei_ective a e ept. 4, 1981 APPROVED AS TO FORIA BY OFKTCE OF CITY ATTORNEY: C c.. o r~ - ez; r r u N cl ~ m