November 23, 2014
Rate this
Legal Notice

LEGAL NOTICE

CITY OF WARWICK

ORDINANCE NO. 0-13-15

APPROVED SCOTT AVEDISIAN

October 18, 2013 MAYOR

CHAPTER 52

POLICE

AN ORDINANCE REGARDING AMENDING THE

POLICE DEPARTMENT PENSION FUND

Be it ordained by the City of Warwick:

SECTION I. Chapter 52 of the Code of Ordinances of the City of Warwick is hereby amended by adding thereto the following section:

Sec. 52-45. - Review of minimum allowances.

Beginning on February 1, 2014 and annually thereafter the The mayor and the city council, at intervals of five years, may, at their discretion, shall review the minimum allowances under this pension plan, and if warranted may increase the same. 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.

Sec. 52-83. - Review of minimum allowances.

Beginning on February 1, 2014 and annually thereafter the The mayor and the city council, at intervals of five years, may, at their discretion, shall review the minimum allowances under this pension plan, and, if warranted, may increase the same. 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.

Sec. 52-85. - Contribution rates.

....

(d) Periodic review. Beginning with the actuarial valuation as of June 30, 2013 and annually thereafter At least once every two years, the board of public safety shall be required to have made an actuarial study of this retirement system in order to review the experience under the plan and to determine what revision, if any, is required in the contribution rates established hereunder to maintain the fund on a sound actuarial basis with the city contributing two-thirds and the members one-third of cost of plan benefits. The actuarial study shall be received by the board by the February 1st following the valuation date. The actuary shall evaluate Tier I and Tier II as a single fund for the purpose of determining the pension contributions for the city (the two-thirds share of the total), but shall determine separate employee contribution rates for members of Tier I and Tier II, reflecting one-third of the difference in the value of the benefit being provided under this plan for the two tiers.

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


You must be logged in to post a comment. Click here to log in.
Welcome to RIjobs.com
Copyright © 2014, Beacon Communications. Powered by: Creative Circle Advertising Solutions, Inc.