SUBJECT/RECOMMENDATION:
Title
Approve the following request of employees Ivan Dimitrov, Public Works Department, Timothy Grosso, General Services Department, and Mark Wing, Fire Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan.
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SUMMARY:
Ivan Dimitrov, Engineering Division Manager, Public Works Department, was employed by the City on February 21, 2017, and his pension service credit is effective on that date. Mr. Dimitrov terminated from city employment on December 7, 2023.
Timothy Grosso, Building and Maintenance Supervisor, General Services Department, was employed by the City on November 23, 1998, and his pension service credit is effective on that date. Mr. Grosso terminated from city employment on December 1, 2023.
Mark Wing, Fire Administrative Chief, Fire Department, was employed by the City March 19, 2007, and his pension service credit is effective on that date. Mr. Wing terminated from city employment on November 9, 2023.
The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status from full-time to part-time after completing five or more years (non-hazardous duty) and ten or more years (hazardous duty) of creditable service (pension participation), such employee shall acquire a vested interest in the retirement benefits. Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement.
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 ten years of credited service. Mr. Dimitrov will meet the non-hazardous duty criteria and begin collecting a pension in July of 2047. Mr. Grosso will meet the non-hazardous duty criteria and begin collecting a pension in September of 2027.
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. Wing will meet the hazardous duty criteria and begin collecting a pension in April of 2027.
APPROPRIATION CODE AND AMOUNT:
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USE OF RESERVE FUNDS:
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