When the Board of Pensions and Retirement shall have submitted to the Council its proposal for a comprehensive, fair and actuarially sound pension and retirement system covering all officers and employees of the City, the Council shall promptly consider it and act upon the setting up of such a system. However, any system enacted 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 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, separate systems shall be maintained for City police officers and for City firefighters.
ANNOTATION
Sources: No specific source.
Purposes: Present municipal pensions funds have been subjected to the criticism of not being comprehensive and of not being actuarially sound. The Charter (Sections 6-600 and 6-601) requires a Board of Pensions and Retirement, created by it (Section 3-100), to prepare a fair and actuarially sound pension and retirement system covering all City employees. This section requires Council promptly to consider and act upon such a system when it is submitted to it by the Board. Existing pension and retirement rights are expressly preserved and special provision is made to protect and maintain police and firemen's pension funds as long as the Commonwealth's contributions to them render it desirable.
Notes
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