HomeMy WebLinkAboutOrdinance 13842e
ORDINANCE NO.
AN ORDINANCE AMENDING ORDINANCE NO. 13543, AS PREVIOUSLY
AMENDED BY ORDINANCE NOS. 13672, 13673 AND 13674, CODIFIED AS
CHAPTER 2, ARTICLE VI, DIVISION 1 ENTITLED "EMPLOYEES'
RETIREMENT FUND," OF THE CODE OF THE CITY OF FORT WORTH
(1986), AS AMENDED, WHICH ORDINANCES ESTABLISH A
RETIREMENT SYSTEM, RETIREMENT PLAN AND BENEFITS
THEREUNDER FOR EMPLOYEES OF THE CITY OF FORT WORTH;
PROVIDING AN EXTENDED DEADLINE FOR EXISTING REHIRED
MEMBERS TO COMMENCE REPAYING PRIOR DISTRIBUTIONS,
PROVIDING THAT THE COST OF LIVING ADJUSTMENT SHALL BE 2%
PER YEAR, REGARDLESS OF THE ACTUAL CHANGE IN THE PRICE
INDEX, AND PROVIDING THAT THE BOARD OF TRUSTEES IS
CHANGED TO THE BOARD OF DIRECTORS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
That Ordinance No 13543, as previously amended by Ordinance Nos. 13672, 13673 and
13674, codified as Chapter 2, Article VI, Division 1 of the Code of the City of Fort Worth
(collectively the "Retirement Ordinance"), is hereby amended as follows
SECTION 1.
That Chapter 2, Article VI, Division 1, Section 2-201 ("Definitions") of the Retirement
Ordinance is amended by deleting Section G in rts entirety and substrtutmg the following language
m lieu thereof:
"G 'Board' shall mean the Board of Directors of the Employees' Retirement Fund of the
City of Fort Worth, Texas."
SECTION 2.
That Chapter 2, Article VI, Division 1, Section 2-201 ("Definitions") of the Retirement
Ordinance is amended by adding new Sections AF and AG at the end thereof as follows
"AF 'Trust Agreement' shall mean the trust agreement entered into between the Board
and the Trustee, as such agreement maybe amended from time to time."
AG 'Trustee' shall mean the trustee appointed by the Board and qualified and acting
under the Trust Agreement."
SECTION 3.
That Chapter 2, Article VI, Division 1, Section 2-205.A ("Service Breaks") of the Retirement
Ordinance is amended by deleting Section 3 m rts entirety and substituting the following language
in lieu thereof:
" 3 An absence of any penod shall be permitted without loss of pnor service credits,
unless the Member receives a distribution of his or her total contributions, plus
Regular Interest; any penod of absence shall cancel all pnor service if the Member
receives a distribution of the Member's total contributions, plus Regular Interest;
however, if a Member is absent, the Member may regain pnor service credits by
repaying the total amount of all contributions withdrawn, plus Regular Interest
thereon (at the Regular Interest rate in effect on the date of repayment) from the date
of withdrawal to the date of repayment, pursuant to policies adopted by the Board
under one of the two following options
(1) Repay m a single lump sum payment within 90 days of
reemployment, or
(2) Repay through a payroll deduction payback plan which commences
wrtlin 90 days of reemployment, and provides that Regular Interest will be charged
throughout the payback penod and that the repayment penod will not exceed seven
years.
A rehired Member who does not timely elect one of these two options and timely
repay the pnor contributions (plus Regular Interest) will waive lis or her nght to
pnor service credits. An existing rehired Member on the date this provision is added
to the Retirement Ordinance shall have until October 31, 1999 to elect one of the
above repayment options or waive his or her nght to pnor service credits."
SECTION 4.
That Chapter 2, Article VI, Division 1, Section 2-210 ("Retirement Pension") of the
Retirement Ordinance is amended by deleting Section B ("Cost of Living Adjustment") m rts entirety
and substituting the following language in heu thereof:
"B Cost of Living Adjustment.
Annually, effective January 1, 2000, and on the first day of each January
thereafter, a cost of living adjustment shall be made on all Base Pensions of
all Members of the Fund who are receiving benefits (including disability
retirement), and to their survivors (including children), by increasing the
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amount of the actual pension by two percent (2%) of the Base Pension. To
be eligible for a cost of living ad~ustrrient for a particular year, either the
Member or any survivor must have been receiving benefits by
September 30th of the pnor year "
SECTION 5.
That Chapter 2, Article VI, Division 1, Section 2-214 ("Administration") of the Retirement
Ordinance is amended by deleting m rts entirety and substituting the following language m lieu
thereof:
"Sec 2-214 ADMINISTRATION
A Board of Directors
The Fund shall be administered by a Board to be known as the "Board of
Directors of the Employees' Retirement Fund of the Ciry of Fort Worth. "
The Board shall consist of ten (10) directors designated as Place 1, Place 2,
Place 3, Place 4, Place 5, Place 6, Place 7, Place 8, Place 9, and Place 10,
respectively Each director shall serve for a term of two (2) years Directors
shall be selected as follows
1 Directors Elected by Employees
Five (5) directors who are Members of the Fund shall be elected by
the employees of the Ciry who are also Members of the Fund, said
five (5) directors shall serve in Places 1, 3, 5, 7, and 9, respectively
Each of the directors shall be elected by one of the five (5) employee
groups of the Ciry as follows
Place 1 The director for Place 1 shall be elected by
Employee Group A, which shall consist of
those Members of the Fund who are assigned
to work in the Police Department of the Ciry
Only Members of the Fund who qualify for
Employee Group A shall be eligible to vote
for a nominee for Place 1 Only Members of
the Fund who qualify for Employee Group A
shall be eligible to serve on Place 1 of the
Board.
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Place 3 The director for Place 3 shall be elected by
Employee Group B, which shall consist of
those Members of the Fund who are assigned
to work in the Water and Sewer, Library, and
Aviation Departments of the City Only
Members of the Fund who qualify for
Employee Group B shall be eligible to vote
for a nominee for Place 3 Only Members of
the Fund who qualify for Employee Group B
shall be eligible to serve on Place 3 of the
Board.
Place 5 The director for Place 5 shall be elected by
Employee Group C, which shall consist of
those Members of the Fund who are assigned
to work in the Municipal Court, Fire,
Information System and Services, and
Housing Departments of the City Only
Members of the Fund who qualify for
Employee Group C shall be eligible to vote
for a nominee for Place 5 Only Members of
the Fund who qualify for Employee Group C
shall be eligible to serve on Place 5 of the
Board.
Place 7 The director for Place 7 shall be elected by
Employee Group D, which shall consist of
those Members of the Fund who are assigned
to work in the Ciry Services and the
Transportation and Public Works Departments
of the City Only Members of the Fund who
qualify for Employee Group D shall be
eligible to vote for a nominee for Place 7
Only Members of the Fund who qualify for
Employee Group D shall be eligible to serve
on Place 7 of the Board.
Place 9 The director for Place 9 shall be elected by
Employee Group E, which shall consist of
those Members of the Fund who are assigned
to work in all other departments of the City
not specified in Employee Groups A, B, C,
and D Only Members of the Fund who
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qualify for Employee Group E shall be
eligible to vote for a nominee for Place 9
Only Members of the Fund who qualify for
Employee Group E shall be eligible to serve
on Place 9 of the Boazd.
a. Term.
In accordance with the nomination and election procedures
prescribed. in this Section, directors shall be elected to Places
1, 3, 5, 7, and 9, and shall serve for a two (2) year term.
Directors shall be elected every odd numbered year and shall
serve from October 1 of such odd numbered year through
September 30 of the next odd numbered year Should the
employment status of any employee elected director change
so that said director is no longer a member of the employee
group from which the director was elected, then said director
shall automatically forfeit the office of director Should a
vacancy occur, for whatever reason, in Place 1, 3, 5, 7, or 9
during the term thereof, then a majority of all directors
remaining on the Board shall appoint to the Board a qualified
employee from the employee group whose place has been
vacated, which qualified employee shall serve the remainder
of the .unexpired.term, provided, however, that if, at the time
the vacancy arises, more than one year remains in the
unexpired term, then in lieu of the Board appointing a
replacement director, there shall be an election pursuant to the
nomination and election provisions set forth below, with the
Board making reasonable modifications in the dates and time
frames for the nomination and election in light of the time of
the vacancy
b Method of Nominating~Active Members for. Election.
Nominations of active Members for election to the Board of
Directors shall be by petition only Before July 1 of each odd
numbered year, the Executive Director shall make available
to employees of each employee group eligible to vote in the
scheduled election, petition forms with written instructions
Petitions containing the names of nominees shall be returned
to the Executive Director prior to July 15 of said election
year Nominees may use copies of the petition form or may
create their own petition forms, provided each page of each
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returned petition shall identify the name of the nominee, the
department in which the nominee is employed, the employee
group of which the nominee is a member, and place on the
Board of Directors for which the employee is being
nominated. No person's name shall be placed upon the
official .ballot as a nominee unless that person~is nominated by
petition. Said nominating petition must contain the .signature
and employee number of at least one hundred (100) members
of the employee group who are qualified to vote for said place
on the date said petition is submitted to the Executive
Director Only those employees who are Members of the
Fund shall be entitled to be listed upon the official ballot as a
nominee No person's name shall be placed upon the official
ballot as a nominee for Place 1 unless that person is a member
of Employee group A No person's name shall be placed
upon the official ballot as a nominee for Place 3 unless that
person is a member of Employee Group B No person's
name shall be placed upon the official ballot as a nominee for
Place 5 unless that person is a member of Employee Group
C No person's name shall be placed upon the official ballot
as a nominee for Place 7 unless that person is a member of
Employee Group D No person's name shall be placed.upon
the official ballot as a nominee for Place 9 unless that person
is a member of Employee Group E
c. Method of Electing Employee Directors
The Executive Director shall prepare an official ballot for
each place, listing in alphabetical order according to surname
the nominees for election to that place If, however, there is
only one nominee for any Place, there shall be no election for
that Place; and such nominee shall automatically be elected to
the Board of Directors Only the names of those persons who
are nominated by petition as prescribed herein shall be placed
upon the official ballot. No person shall be elected as a
director whose name does not appear upon the official ballot
as a nominee Ballots shall be made available to the Members
no later than the first payday in August in such manner as to
allow each Member an opportunity to vote by secret ballot.
Each employee qualified to vote in said election shall vote for
one nominee only Any ballot containing votes of two or
more persons, or for persons who are not nominees as
prescribed herein, shall be declared invalid, and shall not be
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counted All ballots must be returned to the Executive
Director no later than ten (10) days after the first payday in
August, at which time the Executive Director shall tabulate all
votes for all nominees The nominee for each place who
receives a majority of the votes cast for that place shall be
declared elected to the Board of Directors Following the
tabulation of votes, the Executive Director shall submit the
result of same to the Board of Directors at a meeting to be
held before September 1 of said election year, at which time
the Board shall canvass the results of said election and certify
which nominees are elected to the Board of Directors If at
the time of canvassing said results, the nominee receiving the
majority of votes for said place is no longer eligible to serve
on the place to which that nominee was elected, then the
nominee finishing second in the election shall be certified by
the Board as elected to the Board of Directors
If there is more than one nominee and no nominee receives a
majority of the votes cast for any one place, or if there is a tie
for any one place, then arun-off election shall be held on the
first payday in September, at which time ballots shall be made
available to the Members qualified to vote for that place in the
same manner as prescribed for the first election. Only the
names of candidates who tied for the highest number of votes
cast for that place in the first election, or the two candidates
who received the highest number of votes with neither having
a majority of votes cast for that place, shall be printed on the
ballot for the run-off election. All ballots for the second
election must be returned to the Executive Director no later
than ten (10) days after the first payday in September, at
which time the Executive Director shall tabulate the votes for
the candidates in the run-off election. The candidate
receiving the highest number of votes cast for that place in the
run-off election shall be declared elected to the Board of
Directors
In the event of a tie vote at the second election, the candidates
who tie shall cast lots in the presence of the Board of
Directors to determine which one shall be declared elected.
Following the tabulation of votes in the run-off election, and
the casting of lots in case of ties, the Executive Director shall
submit the results of same to the Board of Directors at a
meeting to be held before October 1 of said election year, at
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which time the Board shall canvass the results of the run-off
election and certify which nominees are elected to the Board
of Directors If at the time of canvassing the results of the
run-off election, the nominee elected to serve on said Board
is no longer eligible to serve on the Place to which he or she
was-elected, then .the nominee finishing second in the election
shall be certified by the Board as elected to the Board of
:Directors
2 Director. Elected by Retired Members
Only retired Members of the Fund shall be eligible to vote for a
nominee for Place 8 Only retired Members of the Fund shall be
eligible to serve on Place 8 of the Board.
a. Term.
In accordance with the nomination and election procedures
prescribed in this section, a director shall be elected to Place
8 and serve for atwo-year term. A director shall be elected
every even numbered year and shall serve from October 1 of
such even numbered year through September 30 of the next
even numbered year Should a director return to City
employment and again become a Member of the Fund, the
director shall automatically forfeit the office of director
Should a vacancy occur in Place 8, during the term thereof,
then a majority of all directors remaining on the Board shall
appoint to the Board a retired Member to serve the remainder
of the unexpired term.
b Nomination of Retiree Member for Election.
Nomination of the retired Member for election to the Board
shall be by Letter of Nomination only Before July 1 of each
even numbered year, the Executive Director shall make
available to retired Members official Letter of Nomination
forms with written instructions Copies of the Letter of
Nomination may be used. Completed Letters of Nomination
shall be returned to the Executive Director prior to July 15 of
the election year Each returned Letter of Nomination shall
identify the retired Member being nominated and must
contain the signature and retired Employee's Social Security
Number of the retired Member making the nomination. Any
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retired Member receiving at least twenty-five (25) Letters of
Nomination shall be considered a nominee for election to
Place 8 on the Board. No person shall be placed on the ballot
as a nominee unless the person is a retired Member who is
nominated by Letter of Nomination. Only retired Members
may complete Letters of Nomination.
c Election of Retiree Board Member
The Executive Director shall prepare an official ballot for the
election of the retiree Board member, listing the nominees in
alphabetical order by surname Ballots for election of the
retiree Board member shall be mailed to all retired Members
no later than August 1 of each even numbered year If,
however, there is only one nominee for Place 8, there shall be
no election for Place 8, and the one nominee shall
automatically be elected to the Board of Directors Only the
names of those persons who are nominated by Letters of
Nomination shall be placed on the official ballot. No person
shall be elected as director whose name does not appear on
the official ballot as a nominee To be considered valid, a
cast ballot must be returned to the Executive Director by mail
and postmarked no later .than August 15 of the election year
Each retired Member qualified to vote in the election shall
vote for one nominee only Any ballot containing votes for
two or more persons, or for persons who are not nominees as
provided herein, shall be declared invalid and shall not be
counted. The Executive Director shall tabulate all votes for
all nominees The nominee receiving a majority of votes cast
shall be declared elected to the Board of Directors
Following the tabulation of votes, the Executive Director shall
submit the results of same to the Board of Directors meeting
to be held before September 1 of the election year, at which
time the Board shall canvass the results of the election and
certify which nominee is elected to the Board of Directors
If at the time of canvassing the results, the nominee receiving
the majority of votes is no longer eligible to serve, then a
majority of the directors remaining on the Board shall appoint
to the Board a retired Member who shall serve from
October 1 of such even-numbered year through September 30
of the next even-numbered year
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If there is more than one nominee and no nominee receives a
majority of the votes cast, or if there is a tie, then arun-off
election shall be held and ballots shall be mailed to all retired
Members no later than September 7 Only the names of
candidates who tied for the highest number of votes cast for
that place in the first election, or the two candidates who
received the highest number of votes with neither having a
majority of votes cast, shall be printed on the ballot for the
run-off election. All ballots for the second election must be
returned to the Executive Director no later than
September 21, at which time the Executive Director shall
tabulate the votes for the candidates in the run-off election.
The candidate receiving the highest number of votes cast in
the run-off election shall be declared elected to the Board of
Directors
In the event of a tie vote at the second election, the candidates
who tie shall cast lots in the presence of the Board of
Directors to determine which one shall be declared elected
Following the tabulation of votes in the run-off election, and
the casting of lots in case of ties, the Executive Director shall
submit the results of same to the Board of Directors at a
meeting to be held before October 1 of said election year, at
which time the Board shall canvass the results of the run-off
election and certify which nominees are elected to the Board
of Directors If at the time of canvassing the results of the
run-off election, the nominee elected to serve on said Board
is no longer eligible to serve, then a majority of the directors
remaining on said Board shall appoint to the Board a retired
Member who shall serve from October 1 of such even-
numbered year through September 30 of the next even-
numbered year
3 Board Members appointed by the City Council
Four (4) Board members who are residents of the City of Fort Worth
and may be members of the City Council shall be appointed by the
City Council to serve in Places 2, 4, 6, and 10 The term of
appointees for Places 2, 4, 6, and 10 shall be for two (2) years
(unless sooner removed by a majority of the City Council)
commencing on October 1 of every even numbered year Should any
appointed member cease to be a resident of the City of Fort Worth or
should a vacancy occur in Place 2, 4, 6, or 10 during the term thereof
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for any other reason, then a majority of the City Council shall appoint
a qualified person to serve the remainder of the unexpired term.
B General Provisions
1 The members of the Board shall remain in office until their
successors 'are. duly elected or appointed
2 At its October.meeting, the Board shall elect from its membership a
Chair and a Vice Chair to serve for one (1) year
3 The Board shall serve without remuneration and shall meet not less
than once a month and may meet at any time that the business of the
Fund shall require it. The Chair shall have the power to call a
meeting at any time necessary to carry out the business of the Fund.
4 Six (6) members of the Board shall constitute a quorum to transact
any business unless .there are vacancies, in which event the quorum
shall be reduced by the number of vacancies existing Every matter
before the Board for vote shall require for final passage the
affirmative vote of a majority of the directors on the Board
(regardless of the number of directors present at the Board meeting)
5 ~ The Board shall have the power and duty to administer the Fund and
to make and establish any and all rules, regulations and procedures
pertaining to the Fund not inconsistent with this Ordinance and
applicable law
6 The Board shall have the power, as it deems necessary and
appropriate to carry out the purposes of the Fund, to retain, enter into
contracts and pay from Fund assets for professional services,
including, but not limited, to the following actuaries, accountants,
attorneys, administrators, consultants, directors and investment
managers or advisors
7 The Board shall have the power, as it deems necessary and
appropriate to carry out the business of the Fund, to enter into
contracts, agreements and arrangements to facilitate the
administration of the Fund, and to pay for the costs and expenses of
such business and administration out of Fund assets
8 The Board has discretion to make all determinations regarding the
eligibility of Members or other persons for benefits from the Fund
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and the amount and payee thereof, not inconsistent with this
Ordinance and applicable law Therefore, its decisions shall be final,
binding and conclusive on all persons
9 In construing this Ordinance, the provisions of the Texas Trust Code
shall apply to the extent that they .do not :differ from this Ordinance
10 The City Attorney or his or her representative shall advise the Board
on any matter for which the Board requests a legal opinion or seeks
legal advice from the City Attorney The Board shall have the
power, as it deems necessary and appropriate to carry out the
purposes of the Fund, to retain other attorney(s) to represent the
Board, to enter into contracts with such attorneys and to pay them
from Fund assets
C Executive Director and Other Employees
The Board shall appoint an Executive Director of the Fund, subject to the
approval of the City Council, who shall supervise and be responsible to the
Board for the administrative affairs of the Fund and carry out the business of
the Fund as directed by the Board The Executive Director shall appoint
such other employees as are necessary for the operation of the Fund. The
Executive Director and such other employees shall be City employees (and
governed by the City personnel rules and regulations, except that the Board
shall propose a salary range for the Executive Director, subject to the
approval of City Council), Fund Members, and eligible for employee benefits
available to City employees
D Bud eg t Expenses and Repayment by Citv
1 Annually, the Executive Director shall propose a budget for the
Fund. The Fund's proposed budget shall be reviewed and revised,
if appropriate, by the Board and presented to the City's budget office
for review and comment. The City's budget office may request the
Board to reconsider any item in the budget, but the Board shall make
the final determination on the budget for the Fund.
2 All administrative, business or other costs relating to the Fund shall
be paid or reimbursed by the Boazd from Fund income or assets upon
approval by the Board.. If any such costs are paid initially by the
City, then the City shall be reimbursed by the Fund for all
appropriate expenses incurred, unless it is actuarially determined that
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such reimbursement would have an adverse effect on the payment of
benefits to Members and beneficiaries
E. Trustee.
The Trustee of the .Fund shall be appointed, removed; and replaced m the sole
discretion of the Board. Any Trustee may be removed, with or without cause,
by the Board on_ written.notice -of such removal to the Trustee. The .Board
may appoint a successor Trustee by written designation or by authorizing the
execution of a new Trust Agreement with the successor Trustee, a copy of
which shall be delivered to the former Trustee.
As a means of administering the assets of the Fund, the Board has entered
into a Trust Agreement with the Trustee. The admimstration of the assets of
the Fund and the duties, powers, obligations and responsibilities of the
Trustee shall be governed by this Ordinance and the Trust Agreement. The
Trust Agreement may be amended from time to time as the Board deems
advisable in order to effectuate the purposes of this Ordinance.
The Trustee shall have the power to acquire, invest, reinvest, exchange,
retain, sell, supervise and manage the assets of the Fund. The Board and the
Trustee shall discharge their duties solely m the interest of the Members and
beneficiaries. (a) :for the exclusive purpose of: (i) providing benefits to
Members and their beneficiaries, and (ii) defraying any reasonable expenses
of administering the system, (b} with the care, skill, prudence, and diligence
under the prevailing circumstances that a prudent person acting m a like
capacity and familiar with matters of the type would use in the conduct of an
enterprise with a like character and like aims, (c) by diversifying the
investments of the Fund to minunize the risk of large losses, unless under the
circumstances rt is clearly prudent not to do so, and (d) m accordance with
the documents and mstnunents governing the Fund to the extent that the
documents and instnunents are consistent with this Ordinance and applicable
law
Within the limitations of the foregoing standard and subject to the Trust
Agreement, the Trustee is authorized to acquire and retain every kind of
property, real, personal or mixed, and every kind of investment, specifically
including but not by way of limitation, bonds, debentures and other corporate
obligations, and stocks, preferred or common, which trustees of ordinary
prudence, discretion and intelligence acquire or retain for trust accounts,
provided, however, that each investment manager employed by the Board
shall not purchase or hold within the Fund's investment portfolio under its
management at any time more than five percent (5%) of the outstanding
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securities of any one corporation, and provided further, that the Trustee ~s
specifically prohibited from purchasing bonds, warrants, obligations or
securities of the City of Fort Worth for the Fund."
SECTION 6.
That Chapter 2, Article VI, Division 1, Section 2-215 ("Exemption of Benefits from Judicial
Process") of the Retirement Ordinance is amended by deleting the phrase "of Trustees" in the three
places it occurs mSub-Section A.
SECTION 7.
This Ordinance shall be cumulative of all ordinances of the City of Fort Worth, which shall
remain in full force and effect except to the extent that provisions of this Ordinance are m direct
conflict with the provisions of such other ordinances, m which case the conflicting provisions of
such other ordinances are hereby repealed.
SECTION 8.
The sections,:paragraphs, sentences, clauses and phrases of this Ordinance are severable. if
any portion of this Ordinance is declared illegal or unconstitutional by the valid final judgment or
decree of any court of competent jurisdiction, such illegality or unconstituhonahty shall not affect
the legality and enforceability any of the remaining portions of this Ordinance.
SECTION 9.
This Ordinance shall be in full force and effect following its adoption by the City Council
of the City of Fort Worth.
AND IT IS SO ORDAINED.
ADOPTED (,Q ' ~Z' ~~
EFFECTNE. l.~' 22' ~ "V
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APPROVED AS TO FORM AND LEGALITY
By• Peter Vaky
Assistant City Attorney
VEDALOl :BOA485/58000/65343.1
APFRaVED
CITY COUNCIL
Jl1N ~2 1999
~~ ~~ ~~
city secretary of the
Gity cf Fart Worth,l'exa>r
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+~'ity of Fort Worth, Texas
~1-~Ar~ar And ~aunc~l ~ammun~cAt~an
DATE REFERENCE NUMBER LOG NAME PAGE
6/22/99 G-12589 12RETIRE 1 of 1
SUBJECT ADOPTION OF ORDINANCE AMENDING THE. CITY RETIREMENT ORDINANCE TO
EXTEND TO OCTOBER 31, 1999 THE TIME THAT REHIRED MEMBERS HAVE TO
COMMENCE REPAYMENT OF PAST DISTRIBUTIONS, TO PROVIDE FOR AN
AUTOMATIC COST OF LIVING ADJUSTMENT, AND TO CHANGE THE NAME OF THE
BOARD OF TRUSTEES TO THE BOARD OF DIRECTORS
RECOMMENDATION
It is recommended that the City Council adopt the attached ordinance amending the City Retirement
Ordinance
DISCUSSION
The Board of Trustees of the Retirement Fund recommends that the City Council adopt the attached
ordinance amending the City Retirement Ordinance The attached ordinance provides that
1) rehired members will have until October 31, 1999 to commence repayment of prior distributions
they received (plus interest) in order to "buy-back" their prior service time with the City;
2) retired members will receive an automatic 2% cost of living adjustment on their base pension
each year; and
3) the governing body of the Retirement Fund will be known as the Board of Directors rather than
the Board of Trustees The latter change is made in light of a provision in the City Charter that
provides that the Retirement Fund shall be governed by a board of directors The latter change
also requires several other modifications to the Retirement Ordinance, including providing for a
separate trustee and trust agreement under which the Retirement Fund's assets are held
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that the adoption of this ordinance will have no material effect on City
funds
CBj
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
Charles Boswell 8511 APPROVED
Originating Department Head: CITY COUNCIL
Jim Keyes 6192 (from} JUN ~~ 1999
Additional Information Contact: 1(~
~~
~"°•'`
George Nicolaides 536-
6'790 City Secretarq of the
City of Fort Worth, Texas
Adapted Ordinance No.