SUBJECT/RECOMMENDATION:
Title
Approve the following request of employees Jeffrey Borden, Public Utilities Department, Michael Cieslak, Police Department, Jean Griggs, Police Department, Suzanne Kravik, Police Department and Mark Serio, Public Utilities for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
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SUMMARY:
Jeffrey Borden, Wastewater Treatment Plant - Chief Operator, Public Utilities Department, was employed by the City on June 4, 1990, and his pension service credit is effective on that date. His pension will be effective June 1, 2017. Based on an average salary of approximately $69,333.74 over the past five years, the formula for computing regular pensions and Mr. Borden’s selection of the Life Annuity, this pension benefit will be approximately $51,464.40 annually.
Michael Cieslak, Police Officer, Police 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, 2017. Based on an average salary of approximately $82,780.81 over the past five years, the formula for computing regular pensions and Mr. Cieslak’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $50,550.36 annually.
Jean Griggs, Police Records Manager, Police Department, was employed by the City on October 2, 1995, and her pension service credit is effective on that date. Her pension will be effective June 1, 2017. Based on an average salary of approximately $67,040.72 over the past five years, the formula for computing regular pensions and Ms. Griggs’ selection of the Life Annuity, this pension benefit will be approximately $39,939.96 annually.
Suzanne Kravik, Police Service Technician, Police Department, was employed by the City on April 27, 1987, and her pension service credit is effective on that date. Her pension will be effective May 1, 2017. Based on an average salary of approximately $51,549.31 over the past five years, the formula for computing regular pensions and Ms. Kravik’s selection of the Joint and Survivor Annuity, this pension benefit will be approximately $42,536.04 annually.
Mark Serio, Utilities Maintenance Supervisor I, Public Utilities Department, was employed by the City on July 30, 1990, and his pension service credit is effective on June 17, 1991. His pension will be effective May 1, 2017. Based on an average salary of approximately $52,926.67 over the past five years, the formula for computing regular pensions and Mr. Serio’s selection of the 66 2/3% Joint and Survivor Annuity, this pension benefit will be approximately $38,168.76 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 fifty-five years and completed twenty years of credited service; the date on which a participant has reached age sixty-five years and completed ten years of credited service; or the date on which a member has completed thirty 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 years and completed twenty-five years of credited service; or the date on which a participant has reached the age of sixty-five years and completed ten years of credited service. Mr. Borden, Ms. Griggs, Ms. Kravik and Mr. Serio 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 twenty years of credited service regardless of age, or the date on which the participant has reached fifty-five years and completed ten years of credited service. Mr. Cieslak has met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
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USE OF RESERVE FUNDS:
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