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HomeMy WebLinkAboutOrdinance 6556 ORDINANCE NO. AN ORDINMCL XENDING ORDINN40 NO. 5226, AS Ai,l:aZ D, Sly&L BEING AN AMNDATORY ORDINA NCE PROVIDING FOR A RETIRENEN T PLAN AM) BLNEFITS Tii1 REUNDER FOR CEIMIN OFFICIALS A0 E14PLOYEES OF Ti d: CITY OF FORT I ORTII, BY AiMINi ING SECTIaJ 7, RLLTII�=�Ti;NT DATE, SECTION 9, RETIRE;'4:11T PENSIONS, MI) SEC.'IION 12, TEMINATION OENEFITS AND VESTING; Tt CING TIfIS ORDINANCE CYTIULAfIVE OF ALL (Th-M RIiTIF.UINT ORDINANCLS; PROVIDING A SEVERABILITY CLIUSE; MD NAMING AN EFFECTIVE DATE. BL IT ORDAI iED BY Uii: CITY WUNCIL OF TILT: CITY OF FORT ViOitili, TEXAS: SECTION 1. That Section 7, Retirement Date, of Ordinance No. 5226, as amended, be and the same is hereby amended so that hereafter the same shall be and read as follows: Section 7 Retirement Dates 1. Normal Retirement A member's normal retirement date shall, be the last day of the month in which the earliest of the following occurs: a. Member completes thirty-five (55) years of credited service; b. IIeirber reaches age sixty-five (65) , except that female member whose latest employment date was prior to October 1, 1971, may retire at age sixty (60) ; or c. Member reaches age sixty (60) and has completed twenty-five (25) years of credited service, except that female r,-ember whose latest employment date was prior to October 1, 1971, may retire at age fifty-seven (57) provided she has completed twenty-five (25) years of credited service. 2. Early Retirement A member who has reached age fifty-five (55) and completed twenty-five (25) years of credited service may retire at the end of any month thereafter and receive his accrued pension credits payable in full commencing at nor -nil retirement elate or in reduced amotait coi lIiencing at can earlier date (as provided in Section 9) . 3. Late Retirement It is contemplated trat a rmemnber shall retire on his normal retirement date. However, prior to retire„rent date, upon request of the meimber and with the written approval of proper authority, as hereinafter set forth, said raem=oer may continue his employment to a date not to exceed age sixty-ei_oht (68) . A member who thus continues his emrghloyrrent shall continue to make contributions to the Fund, and pension credits shall accrue up to the date of actual retirement. iJetermri.nation of tike right of a member to coritinuc in service beyond his nornal retire- ment shall be made by the City 14anager if the work being performed by the merger is under his supervision, or by the Administrative Hoard if the work being performed by the member is under the surhervision of an Acadnistrative Hoard of the City. Such deterrmination, if in the affir- mative, slhall be certified to the Hoard of Trustees of the Employees` Retirement Fund for approval or disapproval. If the hoard of. Trustees approves, the rremnber may continue his employment so long as the is able to fulfill his duties, subject to annual review by the Hoard. SECTION 2. That Section 3, Retirement Pension, of Ordinance Pio. 5226, as amended, be and the same is hereby amended so that hereafter the same shall be and read as follows: SectiQU 1 Retirement Pensions 1. Pension Commencing on or after normal Retirement Date A rmermber who retires on or after his normal retire- ment date, orwiho retires early and requests cormricement of his pension at normal retirement date, shall receive an annual life pension, the amount of which shall be one and two-thirds per cent (1-2/3%) of ibis compensation base multi- plied by his total credited service to date of actual retirement, payable on the first day of each month commencing with tike month following the last month for which such member receives compensation fron the City. 2. Pension Cor-Emencing at Early Retirement Date A member who retires early in accordance with tike provisions of Section 7 and who elects to receive retirement income comr,�encing prior to his normal retirement date shall receive a montaly life pension, the amount of which shall be one and two-thirds per cent (1-2/3%) of his compensation base multiplied by his total credited service to date of early retire- iment, reduced by five-twelfths per cent (5/12'0) for each month by which comwncer�-ent of the pension antedates the earlier of the member's reaching age sixty (60) or completing thirty- five (35) years of credited service. Such pension shall be Payable on the first day of each month commencing with any month following the last month for which such member receives cormpensation from the City. 3. Cost of Living adjustments a, Effective January 1, 1971, all retired members of the Fund and those entitled to benefits as survivors of members thereof will receive a cost-of-living increase in their base pension in accordance with the following table. Mezbers who were Retired Percentage Increase or of Survivors Who Became Entitled to benefits base Pension On or before September 30, 1966 10 Per cent During the year ended September 30, 1967 8 per cent During the year envied September 30, 1968 6 per cent During the year ended September 30, 1969 4 per cent During the year ended September 30, 1970 2 per cent b, annually, effective January 1, 1972, and on the first day of each January there- after, a cost-of-living adjustment shall be made on all base pensions of all mem- bers of the Fund who have retired, or their survivors who have become entitled to benefits on or before September 30th of any preceding year, by adjusting the base pension up or dawn by the amount of the change in the price index over the Previous year, or by two per cent ukichever is the smaller; }provided that in no event shall any member's pension or any survivor's benefits be reduced belga the base pension. SECTION 3m That Section 12, Termination Benefits and Vesting, of Ordinance No. 5226, as amended, be and the sane is hereby amended so that Hereafter the same shall be and read as follcays Section 12 Termination Benefits and Vesting Any member who is voluntarily or involuntarily separated from the service of the City before he completes three (3) years of credited service shall be entitled to receive the amount of his contribu- tions without interest, less Twenty-Five Dollars ($25.00). after three (3) but before completion of ten (10) years of credited service, the termi- nation benefit shall be the amount of the member's contributions, plus regular interest, less Twenty- Five Dollars ($25.00). In cases where the position held by the member has been abolished, the Twenty- Five Dollar ($25.00) charge shall not be deducted. No additional assessment shall be made against em- ployees whose contribution refund does not equal Twenty-Five Dollars ($25.00). A member who resigns or is terminated after completing Ten (10) years or more of credited ser- vice shall be entitled to receive a vested right of one hundred per cent (1000-a) of the amount of pension earned to date of termination, payable in full at age Sixty-Five (65) , or age Sixty (60) . if female whose latest employment date was prior to October 1, 1971, or in reduced amount commencing at age Fifty-Five (55) , said reduction to be Five- Twelfths per cent (5/12%) for each month by which commencement of the pension antedates age Sixty-Five (65) , or age Sixty (60) if female whose latest em- ployment date was prior to October 1, 1971. Any terminating member with a vested right may elect to receive a refund of his contributions, plus regular interest, in lieu of retirement bene- fits either at date of termination or at any time thereafter prior to commencement of retirement income, but by so doing he shall forfeit all rights under the Fund and thereafter be entitled to no further benefits hereunder. SECTION 4. The provisions of this ordinance shall be cumulative of and in addition to all other ordinances of the City of Fort Worth relating to pensions, which ordinances are hereby preserved and continued in force and effect, provided, however, that in the event of any conflict the provisions of this ordinance shall control. SECTION 5. If any provision., section, part, subsection, sentence, clause, phrase or paragraph of this ordinance be declared invalid or uncon- stitutional, the same shall not affect any other portion or provision hereof, and all other provisions shall remain valid and unaffect- ed by any invalid portion, if any; and the City Council now says that if it had Imam at the time of the passage of this ordinance that any portion of said ordinance was invalid, it would not have adopted such invalid part. SECTION 5. The City Council finds that all acts, conditions and things required by the provisions of the Constitution of Texas and the Charter and ordinances of the City of Fort Worth precedent to and in the adoption of this ordinance have been done, have happened and have been performed in proper and lawful time and manner. SECTIal 7. This ordinance shall be in full force and effect from and after the date of its adoption, and itis so ordained. APPROVED AS TO FOIZI AND LEGALITY: 10* Cs Attorney Adopted this �2214 day of 1'2 f e� jber , 1971.