SUBJECT/RECOMMENDATION:
Title
Approve the following request of Alfred Basore, Parks and Recreation Department, David Bell, Parks and Recreation Department, Matthew Daerr, Fire Department, Peter Gushee, Fire Department, Lawrence Labus, Parks and Recreation Department, Thomas Mahony, Public Works Department, Daniel O’Brien, Police Department, and Stephanie Sansom, Public Works Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
Body
SUMMARY:
Alfred Basore, Senior Parks Service Technician, Parks & Recreation Department, was employed by the City on November 8, 1999, and his pension service credit is effective on June 28, 2000. His pension will be effective May 1, 2025. Based on an average salary of approximately $47,572.66 over the past five years, the formula for computing regular pensions and Mr. Basore’s selection of the Single Life Annuity, this pension benefit will be approximately $32,499.12 annually.
David Bell, Custodial Worker, Parks & Recreation Department, was employed by the City on March 25, 2002, and his pension service credit is effective on July 8, 2006. His pension will be effective May 1, 2025. Based on an average salary of approximately $39,292.31 over the past five years, the formula for computing regular pensions and Mr. Bell’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $16,835.76 annually.
Matthew Daerr, Fire District Commander, Fire Department, was employed by the City on October 4, 1999, 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 $131,821.97 over the past five years, the formula for computing regular pensions and Mr. Daerr’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $63,488.52 annually.
Peter Gushee, Fire Training Officer, Fire Department, was employed by the City on February 9, 2004, and his pension service credit is effective on that date. His pension will be effective June 1, 2025. Based on an average salary of approximately $114,712.27 over the past five years, the formula for computing regular pensions and Mr. Gushee’s selection of the Single Life Annuity with the 30% partial lump sum, this pension benefit will be approximately $47,466.00 annually.
Lawrence Labus, Parks Service Technician III, Parks & Recreation Department, was employed by the City on April 14, 1981, and his pension service credit is effective on April 10, 1999. His pension will be effective May 1, 2025. Based on an average salary of approximately $48,562.47 over the past five years, the formula for computing regular pensions and Mr. Labus’ selection of the Single Life Annuity, this pension benefit will be approximately $34,722.12 annually.
Thomas Mahony, City Surveyor/ GIS Division Manager, Public Works Department, was employed by the City on April 22, 1991, 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 $112,602.02 over the past five years, the formula for computing regular pensions and Mr. Mahony’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $89,658.00 annually.
Daniel O’Brien, 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 May 1, 2025. Based on an average salary of approximately $104,696.23 over the past five years, the formula for computing regular pensions and Mr. O’ Brien’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $57,771.72 annually.
Stephanie Sansom, Division Controller, Public Works Department, was employed by the City on March 25, 2002, and her pension service credit is effective on that date. Her pension will be effective May 1, 2025. Based on an average salary of approximately $85,493.04 over the past five years, the formula for computing regular pensions and Ms. Sansom’s selection of the Single Life Annuity, this pension benefit will be approximately $54,185.40 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. Basore, Mr. Bell, Mr. Labus, Mr. Mahony, and Ms. Sansom 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. Daerr, Mr. Gushee, and Mr. O’Brien have met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A