The Fire and Police Disability and Retirement Fund originally created and established for the benefit of the sworn employees of Portland Fire & Rescue (hereinafter Bureau of Fire) and the Bureau of Police of the City of Portland (hereinafter Bureau of Police) and for the benefit of the Surviving Spouses and Dependent Minor Children of deceased sworn employees, by this Chapter on March 11, 1942 and revised in part by subsequent amendments through November 7, 2000 is hereby amended effective January 1, 2007 for the benefit of sworn employees of the Bureau of Fire and Police and their Surviving Spouses and Dependent Minor Children.
When used alone in this Chapter, the word "Fund" shall mean the Fire and Police Disability and Retirement Fund. References in this Chapter to the "Bureau of Fire" shall mean Portland Fire & Rescue or any bureau, department or agency, howsoever designated, hereafter succeeding to the functions of Portland Fire & Rescue. References in this Chapter to the "Bureau of Police" shall mean the Bureau of Police or any bureau, department or agency, howsoever designated, hereafter succeeding to the functions of the Bureau of Police.
Beginning January 1, 2007, the Fund shall have three programs.
(a) FPDR One consists of those sworn employees of the Bureau of Fire and Bureau of Police who pursuant to Section 5-401(b) and (c) of this Chapter receive benefits under Sections 5-113 through 5-123 and 5-126 of this Chapter.
(b) FPDR Two consists of sworn employees of the Bureau of Fire and Bureau of Police who are not FPDR One Members and were sworn before January 1, 2007, except as specifically excluded in Section 5-301. FPDR Two Members shall have retirement benefits as provided in Article 3 of this Chapter; service connected and occupational disability benefits as provided in Sections 5-306 and 5-308 of this Chapter; and non-service connected disability benefits as provided in Sections 5-307 and 5-309 of this Chapter.
(c) FPDR Three consists of sworn employees of the Bureau of Fire and Bureau of Police first sworn on or after January 1, 2007. Notwithstanding any other provision of this Chapter, FPDR Three Members shall have the following benefits: FPDR Three Members shall be enrolled in the Public Employees Retirement System of the State of Oregon (PERS) and shall have benefits as provided by PERS or any successor state program; service connected and occupational disability benefits as provided in Sections 5-306 and 5-308 of this Chapter; and non-service connected disability benefits as provided in Sections 5-307 and 5-309 of this Chapter. Employee contributions, employer contributions, payroll taxes, benefit payments and other costs of the retirement and disability plan provided to FPDR Three Members shall be paid from the Fund. Such costs shall be requirements levied under Section 5-103.
(d) Unless otherwise specified, the term Member in Articles 1, 2, 3, and 4 refers to members of FPDR One, FPDR Two and FPDR Three.
The Fund shall consist of the following:
(a) Existing Fund. All moneys, property and investments held in the Fire and Police Disability and Retirement Fund under the provisions of the Charter of the City of Portland , as in effect prior to the amendments effective in January 1, 2007, and all moneys hereafter earned by or paid into the Fund in accordance with Sections 5‑103 and 7-110(5).
(b) Member Contributions. Compulsory contribution to the Fund from each FPDR One Member who, as a result of Section 5‑401, is subject to the provisions of Sections 5‑113 through 5‑123 and 5‑126 of this Chapter, set out in Article 5, amounting to seven percent of such Member's then current salary but not to exceed seven percent of the then current salary of a First Class Fire Fighter, or whatever name said position shall hereafter bear, for Members employed in the Bureau of Fire, and not to exceed seven percent of the then current salary of a First Class Police Officer, or whatever name said position shall hereafter bear, for Members employed in the Bureau of Police and the contribution required by the Supplementary Retirement Program described in subsection 5‑401(d) from Members described in that subsection.
(c) Extraordinary Amounts. All bequests, fees, gifts or other emoluments paid or given on account of any extraordinary service of any Member (except when specifically allowed to be retained by such Member by the Council.)
(d) Other Moneys. All other moneys herein made available and all other moneys which may be hereafter made available by law, including loans from the General Fund and advances from the Reserve Fund created in this Article.
(a) Statement by Board. The Board of Trustees created in Article 2 shall annually, on or before the date set for such purpose by the Council, prepare and transmit to the Council a statement containing the following items:
1. The amount of money required for the next succeeding fiscal year to pay and discharge all requirements of the Fund, including employee contributions, employer contributions, payroll taxes, benefit payments, repayment of authorized loans and advances, and other costs, for such succeeding fiscal year.
2. The estimated revenue to the Fund during the next succeeding fiscal year from all sources except the levy in this Section provided plus the estimated balance in the Fund at the beginning of said year.
3. A statement of all payments made and estimated to be made from the Fund during the current fiscal year.
4. The total amount paid into and estimated to be paid into the Fund from all sources except loans from the General Fund and advances from the Reserve Fund created by Section 5‑104 of this Article, during the current fiscal year plus the balance in the Fund at the beginning of said year.
5. A statement setting forth in dollars and cents the total amount of money required by the Fund to discharge its requirements, including employee contributions, employer contributions, payroll taxes, benefit payments, and other costs for the next succeeding fiscal year and the current fiscal year. This amount of money shall be computed by adding the amount that item 1 exceeds item 2, if any, to the amount that item 3 exceeds item 4, if any.
(b) Levy. The Council shall levy each year, at the same time and in the same manner that other taxes are levied, a tax upon all taxable property within the City of Portland not exempt from taxation, not to exceed two and one‑half (2‑1/2) mills on each dollar valuation plus that amount provided under Chapter 7-110(5), sufficient to produce and provide a sum equal to said required amounts so prepared and transmitted by the Board.
(c) Minimum Levy. Said levy shall in no event be less than one (1) mill on said dollar valuation, unless the Reserve Fund created in the following Section will as a result of said minimum levy exceed seven hundred‑fifty thousand dollars ($750,000) in which event said levy shall only be sufficient to provide the amount required and to maintain said Reserve Fund at seven hundred‑fifty thousand dollars ($750,000).
(d) Status and Use of Levy. The additional tax herein provided for hereby is specifically authorized and shall not be computed as a part of the revenue raised by taxation which is subject to the tax limitation of Section 11, Article XI of the Constitution of the State of Oregon, and said tax levy hereby authorized shall be in addition to all other taxes which may be levied according to law. The proceeds of said tax levy to the extent of the amount required by the Fund shall be paid into the Fund. Any balance shall be paid into the Reserve Fund created in Section 5‑104.
There is hereby created and established a Reserve Fund which shall consist of all moneys paid into it as provided in Section 5‑103. Advances may be made by the Board of Trustees hereinafter created from said Reserve Fund to the Fire and Police Disability and Retirement Fund in cases where said Fund is depleted to the extent that it cannot meet its current obligations. The City Treasurer shall have the same powers of investment of the Reserve Fund that such officer has with the Fire and Police Disability and Retirement Fund. If the balance in the Reserve Fund exceeds $750,000, the excess shall be transferred to the Fire and Police Disability and Retirement Fund.
It shall be the duty of the City officer responsible for accounting, in making out regular salary warrants or checks, to deduct and withhold from the salary of each Member described in subsection 5‑102(b) the amount provided during all the time such Member may be in the employ of the Bureau of Fire or the Bureau of Police. It shall be the duty of the City officer responsible for accounting to draw a warrant or check for the total amount so withheld, payable to the Fund at the times regular salaries are paid.
The assets of the Fund shall be deposited with the City Treasurer. The City Treasurer shall invest the Fund and the Reserve Fund in such investments as are lawful for the investment of public funds of cities in the State of Oregon.