Title
Amending Section 3(b) of an ordinance approved March 1, 1963, as amended, relating to agreements to administer employee retirement benefits for certain quasi-public agencies, under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
WHEREAS, The Council of the City of Philadelphia intends to clarify the provisions of existing agreements between the Board of Pensions and Retirement and quasi-public agencies, including the Philadelphia Housing Development Corporation and the Philadelphia Parking Authority, to reflect the actual operations of the provisions of such plans and the intent of the quasi-public agencies; now therefore:
SECTION 1. The Ordinance of March 1, 1963, entitled "An Ordinance authorizing the Board of Pensions and Retirement to enter into an agreement or agreements to administer employee retirement benefits for the Philadelphia Industrial Development Corporation, Passenger Services Improvement Corporation, Food Distribution Center, and the Philadelphia Parking Authority, under certain terms and conditions," as amended, is hereby amended to read as follows (new matter is indicated by italics; deleted mater is indicated by brackets):
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SECTION 3. The agreements to be entered into by the Board of Pensions and Retirement and the quasi-public agencies shall provide, in substance, as follows:
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(a) The retirement benefits to which employees of the quasi-public agencies are entitled shall be in form and substance identical with the retirement benefits granted to [exempt] any comparable classification of municipal employees of the City of [Philadelphia;] Philadelphia pursuant to the provisions of the retirement system of the City, as set forth in an ordinance approved December 5, 1956, known as the "Retirement System Ordinance" as it now is and as it may be amended from time to time, and as has been subsequently codifi...
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