SUBJECT/RECOMMENDATION:
Title
Recommend approval of the following request of Randy Barnoski, Public Utilities Department, Jeanne Blaettner, Finance Department, Jaime Cuervo-Garzon, General Services Department, Keith Farrington, General Services Department, and Natalia Illich-Hailey, Police Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
Body
SUMMARY:
Randy Barnoski, Lead Wastewater Treatment Plant Operator, Public Utilities Department, was employed by the City on March 20, 1995, and his pension service credit is effective on that date. His pension will be effective June 1, 2025.
Based on an average salary of approximately $69,664.66 over the past five years, the formula for computing regular pensions and Mr. Barnoski’s selection of the 75% Joint and Survivor Annuity, this pension benefit will be approximately $48,647.88 annually.
Jeanne Blaettner, Accounting Technician II, Finance Department, was employed by the City on September 23, 2013, and her pension service credit is effective on that date. Her pension will be effective July 1, 2025.
Based on an average salary of approximately $45,702.06 over the past five years, the formula for computing regular pensions and Ms. Blaettner’ s selection of the Single Life Annuity, this pension benefit will be approximately $11,379.12 annually.
Jaime Cuervo-Garzon, Skilled Tradesworker II, General Services Department, was employed by the City on July 12, 2004, and his pension service credit is effective on that date. His pension will be effective August 1, 2025.
Based on an average salary of approximately $51,181.39 over the past five years, the formula for computing regular pensions and Mr. Cuervo-Garzon’s selection of the Single Life Annuity, this pension benefit will be approximately $29,557.32 annually.
Keith Farrington, Electrical Supervisor, General Services Department, was employed by the City on August 8, 2016, and his pension service credit is effective on that date. His pension will be effective June 1, 2025.
Based on an average salary of approximately $59,604.26 over the past five years, the formula for computing regular pensions and Mr. Farrington’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $6,542.28 annually.
Natalia Illich-Hailey, Police Major, Police Department, was employed by the City on November 1, 2004, and her pension service credit is effective on that date. Her pension will be effective May 1, 2025.
Based on an average salary of approximately $145,997.82 over the past five years, the formula for computing regular pensions and Ms. Illich-Hailey’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $56,710.80 annually
Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five (55) years and completed twenty (20) years of credited service; the date on which a participant has reached age sixty-five (65) years and completed five (5) years of credited service; or the date on which a member has completed thirty (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 sixty (60) years and completed twenty-five (25) years of credited service; or the date on which a participant has reached the age of sixty-five (65) years and completed five (5) years of credited service. Mr. Barnoski, Ms. Blaettner, Mr. Cuervo- Garzon, and Mr. Farrington 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 twenty (20) years of credited service regardless of age, or the date on which the participant has reached fifty-five (55) years and completed ten (10) years of credited service. Ms. Illich-Hailey has met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
n/a
USE OF RESERVE FUNDS: n/a