Number
121701
Version
SUBSTITUTE 3
Reference
Sponsor
ALD. MURPHY
Title
A charter ordinance relating to retirement benefits for new general city employes, including elected officials.
Sections
36-05-1-b am
36-05-1-d-1 am
36-05-1-d-3 am
36-05-1-d-4 cr
36-05-1-h-5-a am
36-05-1-h-5-b rn
36-05-1-h-5-b cr
36-05-1-g am
36-05-1-i-2-b am
36-05-2-e am
36-05-3-b-3 am
36-05-5-a-1 am
36-08-7-a-1 am
36-08-7-a-3 cr
36-08-7-c am
36-08-7-m am
Analysis
This charter ordinance establishes the following provisions for a general city employe who enrolls as a member in the employes’ retirement system on or after January 1, 2014:
1. A minimum service retirement age of 65.
2. A service retirement allowance equal to 1.6% of the member’s final average salary times the total number of years of all creditable service.
3. Eligibility for a service retirement allowance when attaining the age of 60 years and the completion of 30 years of creditable service.
4. Eligibility for a pension escalator of 2% annually after the fifth anniversary of their service retirement, with spouse survivors of service retirees also eligible for the escalator.
5. A requirement to contribute 4% of their earnable compensation to the retirement system.
This charter ordinance also establishes the following provisions for a newly elected official who enrolls as a member of the employes’ retirement system on or after January 1, 2014:
1. A minimum service retirement age of 65.
2. A service retirement allowance equal to 1.6% of the member’s final average salary times the total number of years of creditable service as an elected official.
3. Eligibility for a service retirement allowance when attaining the age of 60 years and the completion of 30 years of creditable service.
4. Eligibility for a pension escalator of 2.0% annually after the fifth anniversary of their service retirement, with spouse survivors of service retirees also eligible for the escalator.
5. A requirement to contrib...
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