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6093
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Last modified
12/6/2004 2:47:12 PM
Creation date
11/5/2014 12:21:25 PM
Metadata
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Template:
City Ordinances
Passed
1/6/1997
Ordinance Number
6093
Bill Number
8311
Introdate
12/16/1996
Description
AMENDING CHAP 25. REPEAL 25-43 AND ENACT NEW ONE. NORMAL SERVICE RETIREMENT
Introduced By
THOMPSON
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creditable service, in years and months. Between June 1, 1994, and <br />December 31, 1994, one percent (1%) of the final average <br />compensation multiplied by the total period of creditable service, in <br />years and months. For participants who terminated between June 1, <br />1994, and December 31, 1994, the benefit shall be recomputed using <br />the formula effective January 1, 1995. Effective January 1, 1997, for <br />participants who terminated after December 1, 1996, such <br />participants shall receive an additional one-quarter of one percent <br />(0.25%) of their final average compensation in excess of the <br />breakpoint amount at the time of termination multiplied by the total <br />period of creditable service, in years and months up to a maximum of <br />35 years; the breakpoint amount shall be $26,000 in 1996, but shall <br />increase by $1,000 per year thereafter, effective the first day of each <br />successive year. <br /> <br />(b) For employees hired prior to January 1, 1973, the greater of the <br />pension payable under (a), or the sum of (i) and (ii) below multiplied <br />by 1.25 until December 31, 1996 and effective January 1, 1997, by <br />1.31. <br /> <br />(i) Two-thirds of one percent (2/3%) of the final average <br />compensation plus one percent (1%) of the final average <br />compensation in excess of $6,600; all multiplied by the period <br />of creditable service, in years and months, rendered prior to <br />January 1, 1968. <br /> <br />(ii) Two-thirds of one percent (2/3%) of the final average <br />compensation plus one percent (1%) of the final average <br />compensation in excess of the average Social Security base; <br />multiplied by the period of creditable service in years and <br />months, rendered subsequent to January 1, 1968. <br /> <br />The formulas under (a) and (b) shall only apply to terminations after June 1, <br />1994. Benefits payable to participants who terminated prior to June 1. 1994, <br />shall be determined under the formula in effect on the termination date. <br /> <br />The pension method in this section for any month shall be payable as of the <br />last day of the month. <br /> <br /> Section 2. This ordinance shall take effect and be in force from and after <br />its passage as provided by law. <br /> <br /> <br />
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