HomeMy WebLinkAbout2435 AN ORDINANCE'relating to the City of Bremerton's
retirement 9ystem and amending Paragraph.~...(k) of
Section 2,/"Paragraph (1) of Section 2,~aragraph (b)
of Section 14, Subsection (2), Paragr..aph (a) of
Section 16, and Section 19 of Ordinance No. 157Z;
repealing Sections 1, 5, and 7 of Ordinance No. 2152
and Section 1 of Ordinance No. 1927; and declaring
an emergency.
THE CITY OF BREMERTON DOES .ORDAIN:
Section 1. That Paragraph (k) of Section 2 of Ordinance
No. 1572 be and the same is hereby amended to read as follows:
w' (k) "Compensation" shall mean the compensation
earnable in cash, plus the monetary value, as
determined by the Board of Administration, of
any allowance in lieu thereof.
Section 2. That Paragraph (1) of Section 2 of Ordinance
No. 1572 be and the same is hereby amended to read as follows:
(1) z'~ "Compensation earnable# by a member shall
mean the average compensation as determined by
the Board of Administration upon the basis of the
average period of employment of members in the
same group or class of employment and at the same
rate of pay.
Section 3. That Section 1 Ordinance No. 2152, which
amends Paragraph (a) of Section 5 of Ordinance No. 1572, be and
the same is hereby repealed.
Section 4. That Paragraph (b) of Section 14 ~of Ordinance
No. 1572 be and the same is hereby amended to read as follows:
(b) If the retirement allowance of the member as
provided in this. section, exclusive of any annuity
purchased by his accumulated additional contributions,
is in excess of two~thirds of his final salary., the
pension of the member, purchased by the contributions
of the City, ~hall be reduced to such an amount as
shall make the member's retirement allowance, exclu~
sire of any annuity purchased by his accumulated
additional contributions, equal to two~thirds of his
final salary, and the actuarial equivalent of such
reduction shall remain in the retirement fund to the
credit of the City. And, Provided= That should
retiring employee so choose, he may waive such part
of the pension purchased by the contributions of the
City as may be necessary in oxder to meet a conti~
gency not a part of this ordinance; such waiver shall
continue until set aside by a request in writing by
the retired member to the Board of Administration,
and the amounts waived shall be final and not subject
to later recovery by the retired member.
S~ction 5. That Sectio~ 5 'of Ordinance No. 2152 and
Section 1/of Ordinance No. 1927 be and the same are hereby repealed.
Section 6. That Subsection (2)w~'~ Paragraph (a)w- of
Section 16 W0f Ordinance No. 1572 be and the same is hereby amended
to read as follows:
(2) A pension purchased by the contributions of the
City which, together with his annuity provided by
his accumulated normal contributions shall make the
retirement allowance, exclusive of the annuity
vided by his additional contributions equal to one
and one--fourth per cent (1~1/4%) of his final =~
pensation multiplied by the number of years of
service which would be creditable to him were his
services to continue until attainment by him of age
sixty~two, but such retirement allowance shall not
exceed one-third of such final compensation except
where such one--third is less than Four Hundred
Twenty Dollars ($420.00) per year~ then the member
shall receive the minimum disability retirement
allowance of Four Hundred Twenty Dollars ($420.00)
per year. ~'
Section 7. That Section 7 of Ordinance No. 2152 be and
the same is hereby repealed.
.Section 8. That Section 19 of Ordinance No. 1572 be and
the same is hereby amended to read as follows:
(a) Upon the death of any person who has not been
retired pursuant to the provisions of this act,
there shall be paid to his estate, or to such
persons having an insurable interest in his life as
he shall have nominated by written designation duly
executed and filed with the Board, his accumulated
contributions with interest less payments therefrom
already made to him, if any. In addition there shall
be paid to his estate or to such person having an
insurable interest in his life a death benefit of
six months' salary, or an amount equal to his accumu~
lated normal contributions, whichever is the lesser,
to be paid from the City's matching contributions.
(b) Should a member who has chosen O~tion C, D or
E, and who is eligible for retirement but not yet
retired, die, a surviving spouse shall have the
choice of refund of contr~butions and death benefit
provided by Section 19 (a) or of accepting retire~
ment under the option chosen. Provided= Such survivor
had been married to the deceased for a perio~ of two
(2) years prior to his death; that if such surviving
spouse shall marry, the person so marrying shall there-
after receive no further pension from the fund but
shall receive a refund of the balance of his contri-
butions.
Section 9. That an emergency exists and is hereby declared
to exist, and th~s ordinance is necessary for the immediate preserva-
tion of the p~tblic peace, health and safety of the citizens of
Bremerton and for the general welfare, and the same Shall be in full
force and effect immediately upon passage and publication.
APPROVED on first reading this 29th day of March, 1961.
PASSED by the City Council of the City of Bremerton,
signed by the Mayor and attested by the City Clerk in authentication
of such passage this 5th day of April, 1961.
H. O. D(~ST~, Mayor
ATTEST
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