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Code of Laws of the City of Wheat Ridge are hereby repealed in their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:
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