SUBJECT/RECOMMENDATION:
Title
Approve the following request of employees Angela Aldrich, Parks and Recreation, Sylvia Francis, Police Department and Jennifer Tudor, Library Department, to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan.
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SUMMARY:
Angela Aldrich, Staff Assistant, Parks and Recreation Department, was employed by the City on October 29, 2007, and began participating in the Pension Plan on that date. Ms. Aldrich terminated from City employment on November 2, 2017.
Sylvia Francis, Police Information Tech II, Police Department, was employed by the City on May 24, 1999, and began participating in the Pension Plan on that date. Ms. Francis terminated from City employment on October 27, 2017.
Jennifer Tudor, Librarian II, Library Department, was employed by the City on April 18, 1994, and began participating in the Pension Plan on that date. Ms. Tudor terminated from City employment on October 6, 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. Ms. Aldrich will meet the non-hazardous duty criteria and begin collecting a pension in March 2025. Ms. Francis will meet the non-hazardous duty criteria and begin collecting a pension in July 2024. Ms. Tudor will meet the non-hazardous duty criteria and begin collecting a pension in February 2024.
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.
APPROPRIATION CODE AND AMOUNT:
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USE OF RESERVE FUNDS:
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