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• <br /> 40 <br /> ORDIKAMCi #5211 ,A4tern.y JoMS stilted that this ordiaadae <br /> pertained to the Polioe Pensioa fund. <br /> Me stated that this ordioaaoo we draped <br /> under the state statutes. shish sets up a <br /> • <br /> board of Truattes:tq- err the polio*. <br /> psnstoa at a local l <br /> The City has the option to continue as they <br /> are now under the social security system <br /> but also haying 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 City, controlled <br /> by the Board of Trustees. <br /> It was noted that the City amount would <br /> be in the maxim of 5% which is less than <br /> what is paid to social security. <br /> Mr. 'furl 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. Jun 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 /> ORDINANCE #529 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 /> ORDINANCE #530 Attorney Joss read Ordinance #530 by <br /> title only on second reading. Councilman <br /> Caramel moved that Ordinance #530 be <br /> adopted. Seconded by Councilman DiCarlo. <br /> Motion carried. <br /> ORDINANCE #531 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 DiLorenso. <br /> Motion carried. <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 /> -6- <br />