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6966
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Last modified
8/22/2014 3:12:00 PM
Creation date
11/5/2014 12:27:05 PM
Metadata
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Template:
City Ordinances
Passed
8/11/2014
Ordinance Number
6966
Bill Number
9236
Introdate
7/14/2014
Description
Police & Fire retirement system amendment
Introduced By
Mr. Sharpe
Year
2014
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10 30% <br /> 11 33% <br /> 12 36% <br /> 13 39% <br /> 14 42% <br /> 15 45% <br /> 16 48% <br /> 17 51% <br /> 18 54% <br /> 19 57% <br /> 20 60% <br /> 21 61% <br /> 22 62% <br /> 23 63% <br /> 24 64% <br /> 25 65% <br /> 26 66% <br /> 27 67% <br /> 28 68% <br /> 29 69% <br /> 30 or more 70% <br /> Upon the death of a former employee who is eligible for benefits under Section <br /> 2.62.470.a, no benefits are payable under this section. <br /> D. No retiree or surviving spouse shall be entitled to a new benefit of less <br /> than three hundred twenty-five dollars ($325.00) a month. This subsection <br /> shall not apply to a retiree who terminated prior to eligibility for <br /> retirement nor to a surviving spouse of a member who terminated prior to <br /> eligibility for retirement. <br /> E. There shall be paid to an employee who is in service on or after September <br /> 1, 2000 and on or before May 1, 2001 a refund of one hundred percent <br /> (100%) of his or her accumulated employee contributions without interest <br /> as of December 31, 1987; provided, however, that, in the case of an <br /> employee for whom an investment account is established under Section <br /> 2.62.630.A, such accumulated employee contributions shall be treated as <br /> if they had been credited to the employee's investment account under <br /> Section 2.62.630.B.1 solely for purposes of crediting interest to such <br /> investment account under Section 2.62.630.B.1. The refund will not apply <br /> to employee contributions made after December 31, 1987. <br />
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