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<br />ORDINANCE #528 <br /> <br />Attorney Joss stated that this ordinance <br />pertained to the Police PensJ.on fund. <br />He stated that this ordinance was drafted <br />under the state statutes which sets up a <br />Board of Trustees to administer the police <br />pension at a local level. <br />The City has the option to continue as they <br />are now under the social security system <br />but also having a police pension within <br />the City but using only state funds. <br />If this ordinance is adopted it will <br />change over from the social security to <br />a system within the Cit~ controlled <br />by the Board of Trustees. <br />It was noted that the City amount would <br />be in the maximum of 5% which is less then <br />what is paid to social security. <br />Mr. Wurl stated that the only real problem <br />is stablizing the fund, which would be the <br />responsibility of the Board, and to some <br />extent the Council. <br />Mr. Wurl stated that pension funds under <br />municipalities sometimes have life in- <br />surance policies on their members and if <br />something happens to that person, then the <br />insurance money is used to pay the pensions <br />of widows, children, or whatever the case <br />may be. <br />After discussion Councilman DiCarlo moved <br />that Ordinance #528 be tabled. Seconded <br />by Councilman DelPizzo. Motion carried. <br /> <br />ORDINANCE #529 <br /> <br />Attorney Joss read Ordinance #529 by title <br />only on second reading. Councilman <br />McDonald moved that Ordinance #529 be <br />adopted. Seconded by Councilman DiCarlo. <br />Motion carried. <br /> <br />ORDINANCE #530 <br /> <br />Attorney Joss read Ordinance #530 by <br />title only on second reading. Councilman <br />Caranci moved that Ordinance #530 be <br />adopted. Seconded by Councilman DiCarlo. <br />Motion carried. <br /> <br />ORDINANCE #531 <br /> <br />Attorney Joss read Ordinance #531 by <br />title only on second reading. Councilman <br />McDonald moved that Ordinance #531 be <br />adopted. Seconded by Councilman DiLorenzo. <br />Motion carried. <br /> <br />Councilman Domenico moved that the City <br />Attorney report be accepted and placed on <br />file. Seconded by Councilman McDonald. <br />Motion carried. <br /> <br />-6- <br />