Pension Board & System_July to September 1976PENSION BOARD & SYSTEM 111
(continued) Date
action on ordinances be deferred until receipt
of required actuarial study. Clerk directed to
advise County Elections Dept. of the intent to
submit the Police & Fire amendment to referendum
on 9/28/76, in order to reserve ballot space,
pending receipt of actuarial study as to cost of
proposed reduced benefits for newly employed
policemen and firemen. 7/7/76
Proposal to hire actuary Nathaniel Gaines to 7/7/76
undertake an analysis of both pension systems
relative to savings to be realized for above
reductions, at a cost of $4,500, approved.
Administration to request Actuary to give first
priority to study of Police & Firemen's system
PENSION BOARD & SYSTEM 112
(continued) Date
and then to General Employee's Retirement
System. 7/7/76
Memo #5790, amending General Employees Pension 7/7/76
Ord. #1901, to comply with requirements of
Federal Internal Revenue Service by adding a
provision that all funds of system shall be
held in trust, and shall be nonforfeitable.
Ord. passed on 1st reading. Public hearing
and second reading scheduled for Aug. 4, 1976,
at 2:00 p.m. V.M. Haber requested that Actuary's
recommendation be obtained in writing; further-
more, that in future, City's outside consultants
be required to submit their recommendations in
writing on any matter.
PENSION BOARD & SYSTEM 113
Date
Amendments to Ord. #1901, providing for pensions 7/21/76
for General Employees, (hearing continued from
7/7/76). Hearing continued to Sept. 1, 1976,
at 2:00 p.m., pending receipt of Actuary's
report.
Memo #5790, Ord. #76-2068 adopted, hearing held 8/4/76
and concluded to amend General Employees Pension
Ord. #1901 to comply with requirements of Federal
Internal Revenue Service by adding a provision
that all funds of system shall be held in trust
and shall be nonforfeitable (1st reading 7/7/76).
Canvassing returns of primary election held on 9/1/76
Aug. 17, 1976, to elect a trustee of the General