SUBJECT/RECOMMENDATION:
Title
Approve the following request of employees John Margnelli, Police Department and Richard Rozzi III, Public Utilities Department, to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan.
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SUMMARY:
John Margnelli, Police Officer, Police Department, was employed by the City on October 29, 2007, and began participating in the Pension Plan on that date. Mr. Margnelli terminated from City employment on November 22, 2017.
Richard Rozzi III, Electro-Mechanical Tech, Public Utilities Department, was employed by the City on June 11, 2007, and began participating in the Pension Plan on that date. Mr. Rozzi III terminated from City employment on November 18, 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. Rozzi III will meet the non-hazardous duty criteria and begin collecting a pension in July 2037.
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. Margnelli will meet the hazardous duty criteria and begin collecting pension in November 2027.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A