civus
BillENACTED

Bill 040559

Amending the Ordinance approved July 12, 1968, as last amended and restated effective June 26, 2002, relating to pension benefits for employees working on behalf of Philadelphia Gas Works by revising the Philadelphia Gas Works Pension Plan to incorporate amendments thereto, clarify the operation thereof, and add certain provisions as required by the Internal Revenue Code of 1986, as amended.

Introduced May 20, 2004Committee on FinanceOfficial record: City of Philadelphia via Legistar

Introduced by

Councilmember Tasco

From the floor

Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.

  1. “Aye. stated - 6/21/04 The ayes are 16. The nays are 1. A majority of all members having voted in the affirmative, the bill passes. The next bill to be called for consideration is Bill Number 040559.”

    Council President Verna · Stated Meeting, June 21, 2004 · Jun 21, 2004 · official transcript, this passage

  2. “To the President and Members of the Council of the City of Philadelphia, the Committee on Finance to 06/10/04 - STATED which was referred Bill No. 040153 entitled an ordinance approving Fiscal Year 2004 Capital Budget providing for expenditures for the capital purposes of the Philadelphia Gas Works; And Bill 040328 entitled an ordinance authorizing the creation of a loan or loans to provide funds for and toward vario…”

    Chief Clerk · Stated Meeting, June 10, 2004 · Jun 10, 2004 · official transcript, this passage

  3. “And Bill No. 040559, an ordinance amending the ordinance approved July 12, 1968, as last amended and restated effective June 26, 2002, relating to pension benefits for employees working on behalf of the Philadelphia Gas Works. 06/10/04 - STATED”

    Chief Clerk · Stated Meeting, June 10, 2004 · Jun 10, 2004 · official transcript, this passage

Status timeline

  1. May 20, 2004Referred · CITY COUNCIL
  2. May 20, 2004Introduced · CITY COUNCIL
  3. Jun 8, 2004HEARING NOTICES SENT · Committee on Finance
  4. Jun 8, 2004HEARING HELD · Committee on Finance
  5. Jun 8, 2004RECESSED · Committee on Finance
  6. Jun 9, 2004HEARING HELD · Committee on Finance
  7. Jun 9, 2004RECESSED · Committee on Finance
  8. Jun 10, 2004HEARING HELD · Committee on Finance
  9. Jun 10, 2004REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
  10. Jun 10, 2004ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
  11. Jun 10, 2004SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
  12. Jun 10, 2004ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
  13. Jun 21, 2004READ · CITY COUNCIL
  14. Jun 21, 2004PASSED · CITY COUNCIL
  15. Jul 1, 2004SIGNED · MAYOR

Official documents

Documents open on the City of Philadelphia’s legislative site.

Full text

Read the full text as published

..Title Amending the Ordinance approved July 12, 1968, as last amended and restated effective June 26, 2002, relating to pension benefits for employees working on behalf of Philadelphia Gas Works by revising the Philadelphia Gas Works Pension Plan to incorporate amendments thereto, clarify the operation thereof, and add certain provisions as required by the Internal Revenue Code of 1986, as amended. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. The Ordinance approved July 12, 1968 and amended December 14, 1973, March 8, 1979, February 26, 1981, March 4, 1982, December 19, 1983, November 14, 1986, July 17, 1987, December 20, 1988, March 6, 1995, January 1, 1999, and June 26, 2002, relating to retirement benefits for employees working on behalf of the Philadelphia Gas Works, is hereby amended as follows: PHILADELPHIA GAS WORKS PENSION PLAN * * * SECTION 1 DEFINITIONS * * * Sec. 1.04 "Actuarial Equivalent" shall mean a benefit in a form other than a specified normal form of benefit provided under the Plan which, as of the date of reference, has the same single-sum dollar value as the benefit in the specified normal form. The actuarial assumptions to be utilized in calculating any Actuarial Equivalent form of benefit are: (a) an interest rate of seven percent (7%) per annum; and (b) a mortality table equal to the 1971 TPF&C forecast mortality table, with ages set back one (1) year for Participants and five (5) years for beneficiaries. The actuarial assumptions may be revised at the directive of the Director of Finance pursuant to the recommendations of its retained actuary. Such directive shall be deemed an appropriate action to set a new actuarial assumption under this Section. SECTION 2. Effective Date. This Ordinance shall be effective immediately. ..End 2 072795.00854/21241992v1