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5893
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5893
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Last modified
12/6/2004 2:48:49 PM
Creation date
11/5/2014 12:20:14 PM
Metadata
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Template:
City Ordinances
Passed
12/14/1992
Ordinance Number
5893
Bill Number
8105
Introdate
12/14/1992
Description
Amdg Chap 25-21 - Schedule of Retirement Benefits, amending it to provide for a $25 monthly benefit increase
Introduced By
Adams
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(9) There shall be paid upon the death of any employee <br />retired under Section 25-16 or upon non-service connected <br />death prior to retirement under Section 25-16, benefits which <br />are seventy-five percent (75%) of the benefits provided by <br />Section 25-21(8) except that the combined children~s benefit <br />shall not exceed thirty-one and one-fourth percent (31 1/4%) <br />of the monthly base salary; provided, however, that upon the <br />death of any employee who is eligible for retirement but who <br />has not yet retired, the benefits shall be the same as are <br />provided in Section 25-21(8) and the percentage limitations <br />herein set forth shall not apply. <br /> <br />(10) There shall be paid upon the death of any employee <br />retired under Section 25-14(2) or Section 25-14(3), a monthly <br />benefit which bears the same ratio to the benefits provided <br />in Section 25-21(8) as the monthly benefit received by the <br />employee bears to one-half of the base m'~tMIy salary in <br />effect at date of retirement. <br /> <br />(11) To a former employee who is eligible for deferred <br />retirement benefits as set forth'in Section 25-14(4) and has <br />reached the age of fifty-five years~ a monthly retirement <br />benefit determined by the ratio of the employees completed <br />years of service at the date of the employee's ceasing to be <br />an employee, to the number of completed years of service the <br />employee would have had at age fifty-five applied to the <br />benefit the employee would have received had the employee <br />been age fifty-five at the date the employee ceased to be an <br />employee. <br /> <br />(12) Upon the death of a former employee who is eligible for <br />benefits under Section 25-14(4) the excess, if any, of the <br />employee's accumulated contributions over the aggregate of <br />any benefits the employee has received, will be payable to <br />the employee's designated beneficiary~ or if none, then to <br />the employee's estate. No other benefits are payable. <br /> <br />(13) (a) There shall be paid to current retirees, except <br />those receiving_benefits under Section 25-14(4), within the <br />classifications scheduled below, and to current beneficiaries <br />whose spouses retired within these classifications, the <br />additional amounts scheduled, said amounts are in addition to <br />any other benefits they are now entitled to receive. <br /> <br />Classificaton <br /> <br /> Additional <br />Benefit Per Month <br /> <br />Retired prior to Oct. 1, 1982 $125 <br />Retired after Oct~ 1, 1982 $ 25 <br />but prior to Jan. 1, 1987 <br /> <br /> (b) Provide to all retirees and beneficiaries, other <br />than children, who retired prior to January 1, 1992~ who are <br /> <br />-4- <br /> <br /> <br />
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