File #: ID#24-1397    Version: 1 Name: Review and Action on Employee Request for Vested Pension
Type: Action Item Status: Agenda Ready
File created: 10/24/2024 In control: Pension Advisory Committee
On agenda: 11/14/2024 Final action:
Title: Recommend approval of the following request of employees Ramon Pires, Parks & Recreation Department to vest his pension as provided by Section 2.419 of the Employees' Pension Plan.
Attachments: 1. Vested Pension November PAC.pdf
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SUBJECT/RECOMMENDATION:

Title

Recommend approval of the following request of employees Ramon Pires, Parks & Recreation Department to vest his pension as provided by Section 2.419 of the Employees’ Pension Plan.

Body

SUMMARY: 

Ramon Pires, Recreation Center Manager, Parks & Recreation Department, was employed by the City on August 10, 2015, and his pension service credit is effective on that date. Mr. Pires terminated from City employment on October 14, 2024.

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 fifty-five (55) years and completed twenty (20) years of credited service; the date on which a participant has reached age sixty-five (65) years and completed ten (5) years of credited service; or the date on which a member has completed thirty (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 sixty (60) years and completed twenty-five (25) years of credited service; or the date on which a participant has reached the age of sixty-five (65) years and completed ten (5) years of credited service.  Mr. Pires will meet the non-hazardous duty criteria and begin collecting a pension in September of 2040.

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 twenty (20) years of credited service regardless of age, or the date on which the participant has reached fifty-five (55) years and completed ten (10) years of credited service.

 

APPROPRIATION CODE AND AMOUNT:

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USE OF RESERVE FUNDS: 

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