Legislation Details

File #: 9620-22 2nd rdg    Version: 1 Name: Ordinance 9620-22 on second reading
Type: Ordinance Status: Passed
File created: 11/7/2022 In control: City Attorney
On agenda: 11/17/2022 Final action: 11/17/2022
Title: Adopt Ordinance 9620-22 on second reading, amending the Code of Ordinances Chapter 2, Article V., Division 3, Employees' Pension Plan, to implement negotiated benefits for non-hazardous employees; amending Section 2.412 to revise the definitions of normal retirement date and vesting; amending section 2.416 to provide for five year vesting; and a 2.5% multiplier for service earned on or after October 1, 2022; amending Section 2.419 to provide for five year vesting.
Attachments: 1. Ordinance 9620-22 Non hazardous Multiplier and Vesting 09.20.pdf, 2. Clearwater Employees Pension Plan - Actuarial Impact Statement (Nonhazardous Plan Chang (002), 3. Clearwater Pension Plan - Follow-up Projection Study for Nonhazardous Duty Members - 5-18-2022

SUBJECT/RECOMMENDATION:

Title

Adopt Ordinance 9620-22 on second reading, amending the Code of Ordinances Chapter 2, Article V., Division 3, Employees’ Pension Plan, to implement negotiated benefits for non-hazardous employees; amending Section 2.412 to revise the definitions of normal retirement date and vesting; amending section 2.416 to provide for five year vesting; and a 2.5% multiplier for service earned on or after October 1, 2022; amending Section 2.419 to provide for five year vesting.

 

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APPROPRIATION CODE AND AMOUNT:

 

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