SUBJECT/RECOMMENDATION:
Title
Approve the following request of Trava Alston, Police Department, John Dorsey, Solid Waste and Recycling Department, Joshua Jewett, Police Department, Chad Reed, Police Department, and Mario Zaccaria, Planning and Development Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
Body
SUMMARY:
Trava Alston, Police Service Technician, Police Department, was employed by the City on February 21, 1995, and his pension service credit is effective on that date. His pension will be effective August 1, 2024. Based on an average salary of approximately $57,650.41 over the past five years, the formula for computing regular pensions and Mr. Alston’s selection of the Single Life Annuity, this pension benefit will be approximately $46,680.84 annually.
John Dorsey, Transfer Station/Scales Operator, Solid Waste & Recycling Department was employed by the City on November 29, 1993, and his pension service credit is effective on April 17, 1994. His pension will be effective August 1, 2024. Based on an average salary of approximately $43,855.48 over the past five years, the formula for computing regular pensions and Mr. Dorsey’s selection of the Single Life Annuity, this pension benefit will be approximately $36,512.40 annually.
Joshua Jewett, Police Officer, Police Department, was employed by the City on May 22, 2000, and his pension service credit is effective on that date. His pension will be effective July 1, 2024.
Based on an average salary of approximately $92,859.30 over the past five years, the formula for computing regular pensions and Mr. Jewett’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $60,125.64 annually.
Chad Reed, Police Officer, Police Department, was employed by the City on September 27, 1999, and his pension service credit is effective on that date. His pension will be effective October 1, 2024. Based on an average salary of approximately $101,028.28 over the past five years, the formula for computing regular pensions and Mr. Reed’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $67,781.28 annually.
Mario Zaccaria, Plans Examiner IV, Planning & Development Department, was employed by the City on September 8, 2015, and his pension service credit is effective on that date. His pension will be effective October 1, 2024. Based on an average salary of approximately $77,064.87 over the past five years, the formula for computing regular pensions and Mr. Zaccaria’s selection of the 66 2/3% Joint and Survivor Annuity, this pension benefit will be approximately $11,196.72 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 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 five years of credited service. Mr. Alston, Mr. Dorsey, and Mr. Zaccaria 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. Mr. Jewett and Mr. Reed has met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A