civus
BillENACTED

Bill 060828

Amending Section 22-311 of The Philadelphia Code, entitled "Cost-of-Living Measures for Retirees, Beneficiaries and Survivors," by amending the provisions governing when deposits are made into the Pension Adjustment Fund; all under certain terms and conditions.

Introduced Nov 2, 2006Committee on Labor and Civil ServiceOfficial record: City of Philadelphia via Legistar

Introduced by

Councilmember Kenney

From the floor

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

  1. “To the President and members of the Council of the City of Philadelphia, I am pleased to advise you that on March 21, 2007, I signed all of the bills that were passed by Council at its session on March 8, 2007, except Bill No. 060828, and I am returning herewith as disapproved Bill No. 060828 passed by Council on March 1, 2007; and I am transmitting herewith for honorable body an ordinance authorizing the Commissione…”

    Chief Clerk · Stated Meeting, March 22, 2007 · Mar 22, 2007 · official transcript, this passage

  2. “The ayes have it, and the bill just read will be placed on our First Reading Calendar for today. Resolution No. 070129 will be placed on our Second Reading and Final Passage Calendar for our next session of Council. We now have a special order of business. Council will now proceed under a special order of business to the reconsideration of Bill No. 060828. This bill was passed by the Council at its March 8, 2007 sess…”

    Council President Verna · Stated Meeting, March 22, 2007 · Mar 22, 2007 · official transcript, this passage

  3. “Thank you, Madam President. I move that the Council reconsider Bill No. 060828, which was unanimously approved by City Council on March 8, 2007. (Duly seconded.)”

    Councilman Kenney · Stated Meeting, March 22, 2007 · Mar 22, 2007 · official transcript, this passage

  4. “The motion carries. Council will now reconsider the vote by which Bill No. 060828 was passed. The Chief Clerk will please read the title of the bill.”

    Council President Verna · Stated Meeting, March 22, 2007 · Mar 22, 2007 · official transcript, this passage

  5. “This bill having been read on two different days was duly approved by City Council on March the 8th, 2007 and was returned to the Mayor as disapproved at today's session of Council. The question is shall Bill No. 060828 pass notwithstanding the Mayor's disapproval. Please note that a vote of aye is a vote to override the Mayor's veto and a vote of no is a vote to sustain the Mayor's veto. At this time, I would ask th…”

    Council President Verna · Stated Meeting, March 22, 2007 · Mar 22, 2007 · official transcript, this passage

  6. “Aye. The ayes are 17; the nays are zero. A majority of all members having voted in the affirmative, this bill passes. The next bill to be considered is Bill No. 060828.”

    Council President Verna · Stated Meeting, March 8, 2007 · Mar 8, 2007 · official transcript, this passage

Status timeline

  1. Nov 2, 2006Referred · CITY COUNCIL
  2. Nov 2, 2006Introduced (By Request) and Referred · CITY COUNCIL
  3. Feb 27, 2007HEARING NOTICES SENT · Committee on Labor and Civil Service
  4. Feb 27, 2007REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Labor and Civil Service
  5. Feb 27, 2007HEARING HELD · Committee on Labor and Civil Service
  6. Mar 1, 2007ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
  7. Mar 1, 2007SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
  8. Mar 1, 2007ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
  9. Mar 8, 2007READ · CITY COUNCIL
  10. Mar 8, 2007PASSED · CITY COUNCIL
  11. Mar 22, 2007VETOED · MAYOR
  12. Mar 22, 2007RECONSIDERED · CITY COUNCIL
  13. Mar 22, 2007READ · CITY COUNCIL
  14. Mar 22, 2007VETO OVERRIDDEN · CITY COUNCIL

Official documents

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

Full text

Read the full text as published

..Title Amending Section 22-311 of The Philadelphia Code, entitled "Cost-of-Living Measures for Retirees, Beneficiaries and Survivors," by amending the provisions governing when deposits are made into the Pension Adjustment Fund; all under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Title 22 of The Philadelphia Code is hereby amended to read as follows: TITLE 22. PUBLIC EMPLOYEES RETIREMENT CODE. * * * CHAPTER 22-300. RETIREMENT BENEFITS. * * * §22-311. Cost-of-Living Measures for Retirees, Beneficiaries and Survivors. * * * (2) Pension Adjustment Fund. (a) On July 1, 1999 the Board of Pensions and Retirement (the "Board") shall establish a Pension Adjustment Fund. [The "fund basis" (as defined) shall be certified to the Board by its actuary which shall determine the total funded and unfunded liability of the Municipal Retirement System by valuing the total assets of the Retirement System, using the "adjusted market value of assets valuation method" (as defined) of the Pension Fund's assets.] Effective June 30, 2000 and for each fiscal year thereafter, the Board shall determine whether [the fund basis has been maintained and whether] there are excess earnings available to be credited to the Pension Adjustment Fund pursuant to the provisions of subsection (3). The Board's determination shall be based upon the actuary's certification of the Pension Fund's [total assets and] prior fiscal year earnings, using the adjusted market value of the Pension Fund's assets. Available assets earnings shall be credited to the Pension Adjustment Fund as of July 1 of the then current fiscal year.* * * (.1) Definitions. In this subsection the following definitions shall apply: * * * ["Fund basis." The actuarial funding level that has been achieved as of July 1, 1999 and which must be maintained in order for excess earnings to be available for credits to the Pension Adjustment Fund.] * * * (3) Credits to Pension Adjustment Fund. For each fiscal year in which the Board establishes, re-establishes or maintains a Pension Adjustment Fund pursuant to this Section, the Board shall credit the Pension Adjustment Fund pursuant to the following parameters: * * * [(e) No credits shall be made to the Pension Adjustment Fund for any fiscal year in which the total fund basis of the Retirement System, as determined by the Board's actuary, using the adjusted market value of assets valuation method, are less than the fund basis established as of July 1, 1999.] * * * SECTION 2. This Ordinance shall apply to credits to be made to the Pension Adjustment Fund pursuant to §22-311(3) of The Philadelphia Code, as amended by this Ordinance, for fiscal years 2008 and thereafter. _____________________________________ Explanation: [Brackets] indicate matter deleted. ..End