SUBJECT/RECOMMENDATION:
Title
Approve the following request of Scott Ehlers, Fire Department, Leann Holbrook, Police Department, Erick Swinton, Solid Waste and Recycling Department, Kent Walker, Library Department, Stephen Wannos, Police Department, and Michael Williams, Police Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
Body
SUMMARY:
Scott Ehlers, Fire Chief, Fire Department, was employed by the City on March 17, 2014, and his pension service credit is effective on that date. His pension will be effective February 1, 2025. Based on an average salary of approximately $150,352.01 over the past five years, the formula for computing regular pensions and Mr. Ehler’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $42,417.96 annually.
Leann Holbrook, Police Office Specialist, Police Department was employed by the City on April 17, 2006, and her pension service credit is effective on that date. Her pension will be effective October 1, 2024. Based on an average salary of approximately $41,420.65 over the past five years, the formula for computing regular pensions and Ms. Holbrook’s selection of the Single Life Annuity, this pension benefit will be approximately $21,012.72 annually.
Erick Swinton, Solid Waste Supervisor II, Solid Waste & Recycling Department, was employed by the City on August 22, 1994, and his pension service credit is effective on that date. His pension will be effective September 1, 2024. Based on an average salary of approximately $64,583.54 over the past five years, the formula for computing regular pensions and Mr. Swinton’s selection of the 50% Joint and Survivor Annuity with the 20% partial lump sum, this pension benefit will be approximately $40,149.00 annually.
Kent Walker, Librarian II, Library Department, was employed by the City on October 17, 1994, and his pension service credit is effective on that date. His pension will be effective May 1, 2025.
Based on an average salary of approximately $78,871.71 over the past five years, the formula for computing regular pensions and Mr. Walker’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $59,896.32 annually.
Stephen Wannos, Police Lieutenant, Police Department, was employed by the City on January 5, 1998, and his pension service credit is effective on that date. His pension will be effective November 1, 2024. Based on an average salary of approximately $130,363.04 over the past five years, the formula for computing regular pensions and Mr. Wannos’ selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $92,802.00 annually.
Michael Williams, Police Officer, Police Department, was employed by the City on October 4, 2004, and his pension service credit is effective on that date. His pension will be effective November 1, 2024. Based on an average salary of approximately $96,835.97 over the past five years, the formula for computing regular pensions and Mr. Williams’ selection of the Single Life Annuity, this pension benefit will be approximately $57,601.20 annually.
Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (January 1, 2013), 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. Ms. Holbrook, Mr. Swinton, and Mr. Walker 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. Ehlers, Mr. Wannos and Mr. Williams have met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A