Title
Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," to create two new Plans, entitled "Plan '09" and "DC Plan," for (i) certain employees hired or rehired on and after July 1, 2009; and (ii) certain electing employees; and making technical changes; 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 22-100. GENERAL PROVISIONS.
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§ 22-104. Continuation of Divisions and Plans.
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(2) Plans. The several plans of benefits that form part of the City of Philadelphia Public Employees Retirement System are designated and assigned to the foregoing divisions thereof as follows:
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Plan '09 includes (i) all municipal employees hired or rehired on or after July 1, 2009; and (ii) certain electing employees; all as set forth in § 22-201(5).
§ 22-105. Definitions.
In addition to the definitions set forth in § 1-103(1) of the Code, the following definitions apply to this Title unless the context plainly requires otherwise:
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(6) Average Final Compensation.
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(d) For a member of Plan '09, average final compensation shall be the average of the member's five (5) highest annual compensations calculated for either five (5) calendar years or five (5) anniversary years. If the member has less than five (5) years of credited service, exclusive of any purchase of other governmental service, average final compensation is equal to the average annual compensation received during such period of credited service.
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(9) Compensation.
(a) The gross pay, exclusive of any taxable fringe bene...
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