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 Danbury
 Code of Ordinances
 Chapter 32. PENSIONS AND RETIREMENT
 Article IV. POLICE DEPARTMENT

  § 32-101. Funds created; assets; assessments; appropriation by the City.  

Latest version.

  • (a)

    There shall be in the City three (3) pension funds to be known as "The Pre-1967 Police Pension Fund of Danbury," "The 1967 Police Pension Fund of Danbury" and "The 1983 Police Pension Fund of Danbury," to consist of such sums of money as shall be appropriated or designated to such funds by the City, and such sums of money as are assessed against the salaries of the members of the Police Department.

    (b)

    Assessments required under these funds shall be made by the Boards of Directors of the funds on the salaries of such members of the Police Department at the rate of not more than four (4) percent per annum, payable weekly and to be deducted from their salaries by the City Treasurer.

    (c)

    There shall be appropriated by the City each year for the funds amounts equal to the total amount of assessments of the salaries of such members of the Police Department during the preceding fiscal year.

    (d)

    There shall also be appropriated annually by the City such additional sums of money as are necessary to keep these funds operating on a funded, actuarial basis.

(Code 1961, § 14-49; Ord. No. 432, 1-7-1992; Ord. No. 663, 5-1-2007)