2014-07-14 Reg - Laserfiche WebLink

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ordinance No. 6945. Bill 9235 was read for the first time. Introduced by Mr. Sharpe 7. BILL 9236 – An ordinance amending Section 2.62.630 of the University City Municipal Code, relating to the Police and Firefighters’ retirement system – investment accounts, and enacting in lieu thereof a revised section to be known as “Section 2.62.630 Police and Firefighters’ retirement system – investment accounts”. This amending will resolve ambiguities in the language of this section to reflect the original intent at the 2001 transition to a Hybrid Retirement Plan. To grant vested participant employed on May 1, 2001 (or otherwise provided for vested participants reinstated after such date), the option to remain in the Defined Benefit Plan or to transfer to the Hybrid Plan, and to provide that all participants vested after that date would automatically participate in the Hybrid Plan upon completing ten years of vesting service. Bill 9236 was read for the first time. CITIZEN’S COMMENTS Edward McCarthy, 7101 Princeton Avenue, University City, MO Mr. McCarthy stated that he wanted to make sure that all members of Council understood the significant impact that this ordinance will have all on retirees. He stated that it has been the Police Department and City Administration’s belief that starting in 2001, retirees of the Police and Fire Departments who were vested in the pension plan had a right to make an election to either roll-over their pension into a defined contribution plan or to stay in the defined benefit plan. He suggested Council read the old and new plan documents and the Pension Board minutes to ensure they understood what they would be voting on. Mr. McCarthy repeated his previous request for additional funding to the City’s pension plans. Jim Carr, 7901 Gannon, University City, MO Mr. Carr stated that he is the Chairman of the Pension Board and believed that there was a misunderstanding with respect to this proposed ordinance. He stated that it is correct that Mr. McCarthy had noticed an ambiguity in the terminology and this revision is only being made to clear up the ambiguity in some terminology. Mr. Carr stated that he and the City’s Finance Director were able to locate three of the people who were involved in the changes to the hybrid plan and that they had informed them that the idea was to give people who were vested in 2001 the option to stay with the defined benefit plan and not to continue it to this day and that was the nature of the ambiguity. He stated that the Pension Board has discussed this issue at length and worked with their attorney to figure out the right way to correct it. So it is important for Council to understand the intent of this ordinance, which is to clear up the ambiguity and not remove an option that uniformed participants have. O. CITIZEN PARTICIPATION (continued if needed) Joan Bray, 7166 Pershing Avenue, University City, MO Ms. Bray stated that she has lived in University City for 30 years of which eighteen years were spent representing University City in the Missouri General Assembly. The political climate in this country has deteriorated, but she always appreciated coming back to University City as a haven immune to the spreading cancer of ruling, not governing. Ms. Bray noted that this will take leadership and a commitment by all seven members of Council. 8