Title
Providing for the submission to the qualified electors of the City of Philadelphia of the proposal set forth in the Resolution approved by City Council proposing an amendment to the Philadelphia Home Rule Charter so that there shall be imposed upon the City of Philadelphia's Pension and Retirement Systems financial discipline by amending "Section 3-803" of "ARTICLE III - EXECUTIVE AND ADMINISTRATIVE BRANCH - ORGANIZATION," "CHAPTER 8 - INDEPENDENT BOARDS AND COMMISSIONS," to re-balance the membership of the Board of Pensions and Retirement by adding independent experts; and by adding a new "Section 6-602" to "ARTICLE VI - EXECUTIVE AND ADMINISTRATIVE BRANCH - POWERS AND DUTIES - Director of Finance, Financial Departments, Boards and Commissions, City Treasurer, Procurement Department, and Board of Pensions and Retirement," "CHAPTER 6 - BOARD OF PENSIONS AND RETIREMENT," to require that the City contribution for each of the Pension and Retirement Systems of the City shall be no less than the Annual Required Contribution as defined by the Governmental Accounting Standards Board, limit assumed investment rate of return, promote transparency by requiring website reporting of Systems performance and other important information; fixing the date for the special election for such purpose; prescribing the form of ballot question to be voted on; and authorizing the appropriate officers to publish notice and to make arrangements for the special election.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. There shall be submitted for the approval or disapproval of the qualified electors of the City of Philadelphia at the election to be held November 3, 2020, an amendment to the Philadelphia Home Rule Charter relating to imposing financial discipline upon the City of Philadelphia's Pension and Retirement Systems," as contained in Resolution No. 200071, approved by Council on __________, 2020, and filed in the Office of the Clerk of Council.
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