SUBJECT/RECOMMENDATION:
Title
Approve the following request of employees Adam Jacques, Police Department and Matthew Roach, Solid Waste General Services Department, to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan.
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SUMMARY:
Adam Jacques, Police Officer, Police Department, was employed by the City on January 8, 2007, and began participating in the Pension Plan on that date. Mr. Jacques terminated from City employment on August 04, 2017.
Matthew Roach, Solid Waste Equipment Operator, Solid Waste General Services Department, was employed by the City on March 11, 2002, and began participating in the Pension Plan on that date. Mr. Roach terminated from City employment on January 11, 2017.
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 ten or more years 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 (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. Roach will meet the non-hazardous duty criteria and begin collecting a pension in April 2022.
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. Jacques will meet the hazardous duty criteria and begin collecting pension in February 2027.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A