September 1, 2014
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Legal Notice

LEGAL NOTICE

CITY OF WARWICK

ORDINANCE NO. 0-13-14

APPROVED SCOTT AVEDISIAN

October 18, 2013 MAYOR

CHAPTER 20

FIRE PREVENTION AND

PROTECTION

AN ORDINANCE REGARDING AMENDING THE

FIREFIGHTERS PENSION FUND

Be it ordained by the City of Warwick:

SECTION I. Chapter 20 of the Code of Ordinances of the City of Warwick is hereby amended by adding thereto the following section:

Sec. 20-132. - Employer contributions.

(a) Effective July 1, 1995, the city’s annual contribution to the fund on account of members and “members,” as defined under section 52-31 of the Code of Ordinances, is the sum of the following three components:

(1) Normal cost, net of employee contributions, as determined by the actuary;

(2) An amount determined by the actuary which, with annual increases equal to the actuary’s assumed rate of increase in base pay, will amortize the unfunded actuarial accrued liability as of July 1, 1995, over a 40-year period ending June 30, 2035; and

(3) An amount determined by the actuary which, with annual increases equal to the actuary’s assumed rate of increase in base pay, will amortize over 20 years the increase or decrease in the actuarial accrued liability after July 1, 1995, attributable to plan amendments, changes in actuarial assumptions, and actuarial experience gains and losses affecting members and “members,” as defined under section 52-31 of the Code of Ordinances.

(b) The normal cost and actuarial accrued liability shall be determined using the entry age normal actuarial cost method and such actuarial assumptions as recommended by the actuary. Actuarial valuations will be performed by the actuary, in accordance with generally accepted actuarial principles, no less frequently than on an annual biennial basis, with valuations performed as of July 1, 1995; July 1, 1997; etc. The results of the July 1, 1995, valuation will be used to determine the required contributions for the 1996-97 and 1997-98 fiscal years while the July 1, 1997, valuation will determine the required contributions for 1998-99 and 1999-2000, etc. Beginning with the June 30, 2013 actuarial valuation and annually thereafter the R required costs for the two fiscal years following the year of each valuation will be indexed at the actuary’s assumed rate of increase in base pay. The actuarial valuation shall be received by the board by the February 1st following the valuation date. Upon the request of the City Council, the actuary shall appear and present the results of the annual actuarial valuation at a regular meeting of the City Council.

(c) City contributions will be paid throughout the fiscal year in 24 equal installments, with each payroll period.

(d) For the 1995-96 fiscal year only, the city will contribute the amount determined by the July 1, 1995, actuarial valuation without indexation.

Sec. 20-242. - Employer contributions.

(a) Effective May 29, 1992, the city’s annual contribution to the fund on account of members shall be 22 percent of each member’s salary.

(b) Beginning July 1, 1993, the actuary will perform an actuarial valuation for the purpose of determining an annual contribution rate, expressed as a percentage of total salary for all members, equal to the sum of the following two components:

(1) Normal cost, net of employee contributions; and

(2) An amount determined by the actuary which with annual increases equal to the actuary’s assumed rate of increase in base pay will amortize over 20 years the increase or decrease in the actuarial accrued liability after May 29, 1992, attributable to plan amendments, changes in actuarial assumptions, and actuarial experience gains and losses affecting members.

The normal cost and actuarial accrued liability shall be determined using the entry age normal actuarial cost method and such actuarial assumptions as recommended by the actuary. Actuarial valuations will be performed by the actuary, in accordance with generally accepted actuarial principles, no less frequently than on an annual biennial basis, with valuations performed as of July 1, 1993, July 1, 1995, etc. The results of the July 1, 1993, valuation will be used to determine the annual contribution rate for the 1994-95 and 1995-96 fiscal years while the July 1, 1995, valuation will determine the contribution rate for 1996-97 and 1997-98, etc.

(c) Beginning no later than July 1, 1998, on February 1, 2014 and annually on alternate July 1’s thereafter, the city will adjust its contribution rate to two-thirds of the contribution rate determined by the actuary in the most recent actuarial valuation. Upon the request of the City Council, the actuary shall appear and present the results of the annual actuarial valuation at a regular meeting of the City Council.

(d) City contributions will be paid throughout the following fiscal year in 24 equal installments, with each payroll period.

SECTION II. This Ordinance shall take effect upon passage and publication as prescribed by law.

SPONSORED BY:

COUNCILMAN COLANTUONO

ON BEHALF OF MAYOR AVEDISIAN

COMMITTEE: FINANCE

10/24/13


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