City of Philadelphia - File #: 110830

• File #: 110830
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 11/17/2011
• In control: Committee on Finance
• Final action: 12/8/2011
• Title: Amending the Ordinance approved July 12, 1968, as last amended July 1, 2004, 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; and permitting the establishment of a tax-qualified defined contribution plan for certain employees working on behalf of Philadelphia Gas Works; all under certain terms and conditions.
• Sponsors: Councilmember Tasco
• Indexes: PHILADELPHIA GAS WORKS

Date	Ver.	Action By	Action	Result	Tally
12/21/2011	0	MAYOR	SIGNED
12/8/2011	0	CITY COUNCIL	READ AND PASSED	Pass	17:0
12/1/2011	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
12/1/2011	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
12/1/2011	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
11/29/2011	0	Committee on Finance	HEARING NOTICES SENT
11/29/2011	0	Committee on Finance	HEARING HELD
11/29/2011	0	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
11/17/2011	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Amending the Ordinance approved July 12, 1968, as last amended July 1, 2004, 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; and permitting the establishment of a tax-qualified defined contribution plan for certain employees working on behalf of Philadelphia Gas Works; all under certain terms and conditions.

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, June 26, 2002, and July 1, 2004, relating to retirement benefits for employees working on behalf of the Philadelphia Gas Works, is hereby amended as follows, with deletions in strikeout, and additions underlined and in bold:

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 this 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 shall be determined by application of the factors adopted by the Plan Administrator, upon the advice and consent of the Director of Finance, pursuant to the recommendations of its retai...