SUBJECT/RECOMMENDATION:
Title
Approve the following request of Carol Barden, Finance Department, Laura Dann, Library Department, Joseph Hill, Solid Waste and Recycling Department, Vince Kirkland, Public Utilities Department, Todd Kuhnel, Public Utilities Department, Martin Lindemann, Solid Waste and Recycling Department, and Elliot Shoberg, Public Works Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
Body
SUMMARY:
Carol Barden, Senior Staff Assistant, Finance Department, was employed by the City on October 13, 1997, and her pension service credit is effective on that date. Her pension will be effective October 1, 2023. Based on an average salary of approximately $44,931.84 over the past five years, the formula for computing regular pensions and Ms. Barden’s selection of the Single Life Annuity, this pension benefit will be approximately $32,081.64 annually.
Laura Dann, Senior Librarian, Library Department, was employed by the City on July 19, 1990, and her pension service credit is effective on that date. Her pension will be effective January 1, 2024. Based on an average salary of approximately $72,214.39 over the past five years, the formula for computing regular pensions and Ms. Dann’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $61,691.88 annually.
Joseph Hill, Solid Waste Supervisor, Solid Waste and Recycling Department, was employed by the City on September 19, 1994, and his pension service credit is effective on that date. His pension will be effective October 1, 2023. Based on an average salary of approximately $68,418.48 over the past five years, the formula for computing regular pensions and Mr. Hill’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $45,767. 88 annually.
Vince Kirkland, Senior Wastewater Collections Technician, Public Utilities Department, was employed by the City on December 21, 1998, and his pension service credit is effective on June 10, 2000. His pension will be effective July 1, 2023. Based on an average salary of approximately $51,389.97 over the past five years, the formula for computing regular pensions and Mr. Kirkland’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $29,565.36 annually.
Todd Kuhnel, Lead Engineering Specialist, Public Utilities Department, was employed by the City on September 2, 1997, and his pension service credit is effective on that date. His pension will be effective July 1, 2023. Based on an average salary of approximately $58,653.00 over the past five years, the formula for computing regular pensions and Mr. Kuhnel’ s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $38,829.84 annually.
Martin Lindemann, Solid Waste Worker, Solid Waste and Recycling Department, was employed by the City on August 10, 2010, and his pension service credit is effective on November 8, 2010. His pension will be effective August 1, 2023. Based on an average salary of approximately $34,288.38 over the past five years, the formula for computing regular pensions and Mr. Lindemann’s selection of the Single Life Annuity, this pension benefit will be approximately $11,980.44 annually.
Elliot Shoberg, Deputy City Engineer, Public Works Department, was employed by the City November 8, 1999, and his pension service credit is effective on that date. His pension will be effective January 1, 2024. Based on an average salary of approximately $113,569.88 over the past five years, the formula for computing regular pensions and Mr. Shoberg’ s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $68,537.88 annually.
Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed ten years of credited service; or the date on which a member has completed 30 years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 60 years and completed 25 years of credited service; or the date on which a participant has reached the age of 65 years and completed ten years of credited service. Ms. Barden, Ms. Dann, Mr. Hill, Mr. Kirkland, Mr. Kuhnel, Mr. Lindemann, and Mr. Shoberg have met the non-hazardous duty criteria.
Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. has met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A