SUBJECT/RECOMMENDATION:
Title
Approve the following requests of Thomas Arruda, Information Technology Department, Matthew Bishop, Public Utilities Department, Michael Jones, Fire Department, William Karner, Customer Service Department, Deborah Ann Moore, General Services Department, and Gregory Record, Fire Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
Body
SUMMARY:
Thomas Arruda, Network Engineer III, Information Technology Department, was employed by the City on June 23, 1997, and his pension service credit is effective on that date. His pension will be effective July 1, 2027. Based on an average salary of approximately $120,274.81 over the past five years, the formula for computing regular pensions, and Mr. Arruda’s selection of the Single Life Annuity, this pension benefit will be approximately $99,254.28 annually.
Matthew Bishop, Water Distribution Operator I, Public Utilities Department, was employed by the City on June 18, 1990, and his pension service credit is effective on that date. His pension will be effective February 1, 2027. Based on an average salary of approximately $74,738.61 over the past five years, the formula for computing regular pensions, and Mr. Bishop’s selection of the Single Life Annuity, this pension benefit will be approximately $74,738.52 annually.
Michael Jones, Firefighter, 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 November 1, 2026. Based on an average salary of approximately $99,025.72 over the past five years, the formula for computing regular pensions, and Mr. Jones selection of the 100% Joint and Survivor Annuity along with the 30% partial lump sum, this pension benefit will be approximately $50,131.56 annually.
William Karner, Customer Service Specialist, Customer Service Department, was employed by the City on May 11, 1998, and his pension service credit is effective on that date. His pension will be effective October 1, 2026. Based on an average salary of approximately $53,919.19 over the past five years, the formula for computing regular pensions, and Mr. Karner’s selection of the Single Life Annuity, this pension benefit will be approximately $42,094.44 annually.
Deborah Ann Moore, Fleet Purchasing Coordinator, General Services Department, was employed by the City on October 21, 2002, and her pension service credit is effective on that date. Her pension will be effective February 1, 2027. Based on an average salary of approximately $69,948.97 over the past five years, the formula for computing regular pensions, and Ms. Moore’s selection of the Single Life Annuity, this pension benefit will be approximately $46,567.08 annually.
Gregory Record, Fire Lieutenant, Fire Department, was employed by the City on March 10, 2003, and his pension service credit is effective on that date. His pension will be effective October 1, 2026. Based on an average salary of approximately $130,605.70 over the past five years, the formula for computing regular pensions, and Mr. Record’s selection of the 100% Joint & Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $57,341.52 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 five 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. Arruda, Mr. Bishop, Mr. Karner, and Ms. Moore 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. Jones and Mr. Record have met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A