City of Philadelphia - File #: 050467

• File #: 050467
• Version: 0
• Type: Bill
• Status: LAPSED
• File created: 5/19/2005
• In control: Committee on Labor and Civil Service
• Title: Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by amending various provisions to prohibit rehiring retirees who had retired out of DROP; and to allow certain transfer payments for purchase of service, to provide certain retroactive effective dates, and otherwise provide language required by the Internal Revenue Code, under certain terms and conditions.
• Sponsors: Councilmember Ramos
• Indexes: DEFERRED RETIREMENT OPTION PLAN (DROP)
• Code sections: 22-105 - Definitions, 22-1305 - Termination of Plan System, 22-200 - Membership, 22-201 - Membership Upon Employment, 22-202 - Membership after Transfer of Employment, 22-300 - Retirement Benefits, 22-306 - Retirement and Survivorship Benefit Options, 22-310 - Deferred Retirement Option Plan (DROP), 22-800 - Purchase of Credited Service, 22-802 - Purchase of Governmental Service, 22-803 - Purchase of Prior City Service, 22-804 - Pension Credit for Former C.E.T.A. Employees, 22-805 - Election of Fire Employees and Police Employees Laid Off in 1978 and 1980 and Subsequently Reinstated to Purchase Pension Credit for the Layoff Period, 22-808 - Transfer Payments, 22-900 - CONTRIBUTIONS, 22-904 - Direct Rollover, Title 22 - PUBLIC EMPLOYEES RETIREMENT CODE

Date	Ver.	Action By	Action	Result	Tally
5/19/2005	0	CITY COUNCIL	Introduced	Pass
5/19/2005	0	CITY COUNCIL	Referred

Title
Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by amending various provisions to prohibit rehiring retirees who had retired out of DROP; and to allow certain transfer payments for purchase of service, to provide certain retroactive effective dates, and otherwise provide language required by the Internal Revenue Code, under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:


SECTION 1. Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," is hereby amended as follows:

TITLE 22. PUBLIC EMPLOYEES RETIREMENT CODE

CHAPTER 22-100. GENERAL PROVISIONS
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§22-105. Definitions.
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(9) Compensation
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(d) Notwithstanding any provision of this Title to the contrary, a member's compensation taken into account for retirement benefit purposes under this Title shall not exceed the limitation under Section 401(a)(17) of the Tax Code. On and after July 1, [1996] 2002, the limitation under Section 401(a)(17) [of the Tax Code means the federal Omnibus Budget Reconciliation Act of 1993 ("OBRA '93") (Public Law 103-66, 107 Stat. 312) annual compensation limit. The OBRA '93 annual compensation limit is] shall be [$150,000,] $200,000 as adjusted by the Commissioner [of] for Internal Revenue for increases [in the cost of living] in accordance with Section 401(a)(17)(B) of the Tax Code. The cost-of-living adjustment in effect for a calendar year applies to any period, not exceeding 12 months, over which compensation is determined (the "determination period") beginning in such calendar year. If a determination period consists of fewer than 12 months, [the OBRA '93] compensation limit will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12. With respect to the period prior to July 1, 2002 and after June 30, 1996, the limit...