File #: 16-0201    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 8/31/2016 In control: Town Commission
On agenda: 10/4/2016 Final action: 10/4/2016
Title: Ordinance 507 Summary: Ordinance 507 is a conforming ordinance to be in compliance with statutory changes to the Municipal Police Officers' Retirement System and Benefit Eligibility. Amendments based on statutory language were made to the definitions of Actuarial Equivalent, Credited Service and Spouse, the normal retirement age and date, disability in the line of duty, disability not in the line of duty, optional forms of benefits, and maximum pension. This ordinance also removes the Police Chief from participating in the pension, unless he is already in the system.
Sponsors: JP Murphy
Attachments: 1. 507-Amending the Police Pension Plan
Related files: 16-0226

Summary

To: Mayor and Commission

From: JP Murphy

Date: 8/31/2016

______________________________________________________________________

Subject:

Title

Ordinance 507

 

Summary:

Ordinance 507 is a conforming ordinance to be in compliance with statutory changes to the Municipal Police Officers’ Retirement System and Benefit Eligibility. Amendments based on statutory language were made to the definitions of Actuarial Equivalent, Credited Service and Spouse, the normal retirement age and date, disability in the line of duty, disability not in the line of duty, optional forms of benefits, and maximum pension. This ordinance also removes the Police Chief from participating in the pension, unless he is already in the system.

End

Body

Previous Commission Action: None.

Background/Problem Discussion: None.

Expenditure Challenges  None.

Financial Implications:  None.

Recommendation:  Approval of Ordinance 507

Proposed Motion  Move to approve Ordinance 507