PASSED

This enacted ordinance amends the Philadelphia Gas Works Pension Plan for employees working on behalf of Philadelphia Gas Works. It revises and clarifies how the plan operates, adds provisions required by federal tax law, and sets rules for calculating equivalent pension benefits, including the assumptions used for interest and mortality.

Amending the Ordinance approved July 12, 1968, as last amended and restated effective June 26, 2002, relating to pension benefits for employees working on behalf of Philadelphia Gas Works by revising the Philadelphia Gas Works Pension Plan to incorporate amendments thereto, clarify the operation thereof, and add certain provisions as required by the Internal Revenue Code of 1986, as amended.