ORD 34720 - Amend section 22-73 of municipal code re pension contributions for fire and police management employeesr
ORDINANCE NO. J47,0
AN ORDINANCE to amend Section 22-73 of the Omaha Municipal Code entitled, "Same -
Contributions."; to increase the pension contributions for Fire Management and Police
Management employees an additional .85% in 1998; and an additional .94% in 1999 for a
total employee contribution in 1999 and thereafter of 1.79%; to repeal section 22-73 of the
Omaha Municipal Code as heretofore existing; and,to provide the effective date hereof.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
Section 1. That Section 22-73 of the Omaha Municipal Code is hereby amended to read as
follows:
Sec. 22-73. Same - Contributions.
The contributions to the retirement fund of the system shall be such
to actuarially fund the system,with the city bearing the entire cost of
the pensions accrued on account of service prior to the effective date
of this article and with the city and the members making substantially
equal contributions for future service after the effective date of this
article.
•
(a) Each active member shall contribute to the retirement fund as
his/her share of the cost for future service an amount equal to
a percentage of his/her total monthly salary as follows:
From June 7, 1989, and thereafter: 9.1 percent; and,
contributions as set forth in subsection(e).
(b) The city shall contribute annually to the retirement fund as its
share of the cost for future service an amount equal to a
percentage of each member's total monthly salary as follows:
From June 7, 1989, and thereafter: 10.40 percent; and,
contributions as set forth in subsection(e).
(c) The city shall make a contribution to fund the cost of pensions
accrued for prior service in addition to the contribution
required for future service in subsection (b) above. Such
contribution may be the interest required on the unfunded
actuarial liability for prior service or the actual amount of
such pensions as they become due and payable. Furthermore,
the city may combine any liabilities and assets under the pre-
existing system with this system for the purposes of
determining the minimum contributions required for the
funding of prior service on an actuarial basis.
Ordinance No. c07.,20
Page 2
(d) The rates of contributions of the city and the active members
shall be subject to periodic revision to rates determined
actuarially as necessary and adequate to continue the actuarial
funding of future credit under the system. Such revised rates
of contributions shall be certified by the board as actuarially
determined and shall be approved by the council before taking
effect.
The actuary firm of Milliman & Robertson, Inc. has
determined the cost of the benefit provided in the
amendments to 22-76 (enacted with the changes in this
Ordinance)for employees(Class C and Class D)is to be 3.4%
of payroll. The amount shall be paid as follows:
• the city would pay one-half of the cost(1.7%)into the
pension system or trust account beginning with the
legal execution of the contract.
• for payroll year 1998 employees would pay .85% of
wages into the system or trust account.
• beginning with payroll year 1999, and thereafter this
employee contribution would increase to 1.785% of
wages.
Section 2. That Section 22-73 of the Omaha Municipal Code as heretofore existing is hereby
repealed.
Section 3. This Ordinance,not being of legislative character,and in accordance with Section
2.12 of the Home Rule Charter of the City of Omaha, shall be in full force and take effect
immediately upon the date of its passage.
INTRO CED BY COUNCILMEMBER
•
/`, APPRk D
•
PASSED OCT 2 7 1998 fra MAYOR OF THE CITY OF OMAHA DATE
ATTE .
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CITY CLERK T -ITY OF OMAHA DA'I'�'
APPROVED AS TO FORM:
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P:\LAW\4119.PJM ASSISTANT CITY ATTORNEY
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