HomeMy WebLinkAbout06/28/1990 (2) VICE MAYOR REFERRAL
(PROPOSED ORDINANCES ONLY)
DATE OF REFERRAL: June 28, 1990
REFERRED TO: Personnel Committee (Sue Whitfield)
ITEM: INCREASE IN MONTHLY ALLOWANCE
(Proposed) An Ordinance of the Council of the City of Bakersfield
Adding Subsection E. to Section 2.92.330 of the Bakersfield Municipal Code
Relating to Increases.in Monthly Allowance Paid by the Fire Department
Pension Fund.
BACKUP MATERIAL ATTACHED: Yes
STATUS:
To Council Committee on
Committee Report No.
Sent to Council on
Public Hearing on
Ordinance Adopted
(date)
Proposed Ordinance Canceled
(date)
Other
cc: Carol Williams
Mary Ellen Gonzales
REFER7-90
JP
" MEMORANDUM
i J. DALE HAWLEY
'~ CiTY MANAGER
June 25, 1990 ' CITY OF BAKERSFIELD
Vice Mayor Ken Peterson ~ -
FROM: Arthur J. Saalfield, City Attorney
SUBJECT: VICE MAYOR REFERRAL OF PROPOSED ORDIN~
Please refer the following proposed ordinance to whichever
committee you deem appropriate:
1) INCREASE IN MONTHLY ALLOWANCE.
Background:
Pursuant to Municipal Code Section 2.92.010, the
Fire Department Relief and Pension Fund Board
consists of the Mayor, City Manager, Finance
Director, Fire Chief and three fund participants
elected by the participants.
In March 1990, Peat, Marwick, Main & Company
completed an actuarial study of the Fire Department
Relief and Pension Fund. The results of the study
were presented to the Pension Board that met on May
14, 1990. The study indicates that the fund is
actuarially sound since it has $600,000 of
uncommitted assets over and above the amount
required to fully fund the actuarially projected
liabilities. Therefore, staff has recommended and
the Pension Board concurs with a proposed additional
ten percent increase in monthly benefits effective
July 1, 1990. If this action is implemented, the
uncommitted assets will be reduced actuarially by
about $261,000. The proposed increase will not
impair the financial integrity of the plan and it
will continue to be fully funded with $338,900 of
uncommitted assets.
AJS/meg
ORD-REFERRAL\
PENSION.MEM
Attachment
cc: J. Dale Hawley?
Dennis Needham
Greg Klimko
Bill Descary
' DRAFT
ORDINANCE NO.
AN ORDINANCE OF THE COUNCIL OF THE
CITY OF BAKERSFIELD ADDING SUBSECTION
E. TO SECTION 2.92.330 OF THE
BAKERSFIELD MUNICIPAL CODE RELATING
TO INCREASES IN MONTHLY ALLOWANCE
PAID BY THE FIRE DEPARTMENT PENSION
FUND.
BE IT ORDAINED by the Council of the City of
Bakersfield as follows:
SECTION 1.
Subsection E. is hereby added to Section 2.92.330 of
the Bakersfield Municipal Code to read as follows:
2.92.330 Increase in monthly allowance - Retirements or deaths
for period.
E. In addition to the increases specified in
Subsection C. of this section, commencing on July 1, 1990, the
schedule provided in Subsection A. of this section shall be
increased by a one time additional ten percent cost-of-living
increase, and monthly payments will be rounded to the next
highest even dollar amount after applying this increase.
SECTION 2.
This Ordinance shall be posted in accordance with the
City Charter provisions and shall become effective thirty (30)
days from and after the date of its passage.
o0o
I HEREBY CERTIFY that the foregoing Ordinance was
passed and adopted by the Council of the City of Bakersfield at a
regular meeting thereof held on , by the
following vote:
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
APPROVED
CLARENCE E. MEDDERS
MAYOR of the City of Bakersfield
APPROVED as,to form:
ARTHUR J. SAALFIELD
CITY ATTORNEY of the City of Bakersfield
LCM/meg
FIRE-PEN.ORD
5/31/90