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Within one year after the effective date of this charter, the Board of Pensions and Retirement shall prepare with the aid of the Law Department and submit to the Council for its consideration and enactment a comprehensive, fair and actuarially sound pension and retirement system covering all officers and employees of the City except that any system proposed and ordained shall not impair or diminish rights of officers and employees under any pension and retirement systems in force at the time of the adoption of this charter and except that separate systems shall be maintained for City policemen and firemen as long as payments by the Commonwealth of Pennsylvania of funds from taxes paid upon premiums by foreign casualty and fire insurance companies render it desirable.
Sources: No specific source.
Purposes: A fair and actuarially sound pension and retirement system for all City officers and employees is a pressing City need. See Annotation to Section 2-308. The Board of Pensions and Retirement which is established to administer such a system is required to prepare legislation providing for such a system within one year after the effective date of this Charter and to submit it for Council's consideration and enactment. Since many City employees are presently covered by some form of pension or retirement system, any new system is not to impair or diminish their rights. City policemen and firemen belong to privately organized corporations which provide them with certain pension and retirement benefits. Such associations are supported by funds from the Commonwealth of Pennsylvania from taxes paid on premiums by foreign casualty and fire insurance companies. Any over-all system would have to take account of such private pension and retirement systems and separate systems for firemen and policemen are authorized as long as the State's contributions render it desirable.