SUBJECT/RECOMMENDATION:
Title
Recommend approval of the following request of Steven Baginski, Police Department, Jevon Graham, Fire Department, and Sandra Lear, Information Technology Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
Body
SUMMARY:
Steven Baginski, Police Lieutenant, Police Department, was employed by the City on February 6, 1995, and his pension service credit is effective on that date. His pension will be effective September 1, 2025.
Based on an average salary of approximately $150,847.68 over the past five years, the formula for computing regular pensions and Mr. Baginski’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $86,947.32 annually.
Jevon Graham, Fire Division Chief, Fire Department, was employed by the City on July 19, 1999, and his pension service credit is effective on that date. His pension will be effective September 1, 2025.
Based on an average salary of approximately $121,962.86 over the past five years, the formula for computing regular pensions and Mr. Graham’s selection of the Single Life Annuity, this pension benefit will be approximately $88,219.08 annually.
Sandra Lear, Business System Analyst II, Information Technology Department, was employed by the City on November 10, 1997, and her pension service credit is effective on that date. Her pension will be effective January 1, 2026.
Based on an average salary of approximately $97,957.74 over the past five years, the formula for computing regular pensions and Ms. Lear’s selection of the Single Life Annuity, this pension benefit will be approximately $75,779.16 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. Ms. Lear has 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. Mr. Baginski and Mr. Graham have met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
n/a
USE OF RESERVE FUNDS: n/a