File #: ID#18-4368    Version: Name: Review and Action on Employee Requets for Regular Pension
Type: Action Item Status: Passed
File created: 2/26/2018 In control: Pension Trustees
On agenda: 4/16/2018 Final action: 4/16/2018
Title: Approve the following request of employees Kevin Cobb, Solid Waste General Services Department, Terrance Labelle, Public Utilities, Roger Larkin, Engineering and Kathleen McMullen, Information Technology Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees' Pension Plan.
Attachments: 1. Reg Pen March 2018.pdf

SUBJECT/RECOMMENDATION:

Title

Approve the following request of employees Kevin Cobb, Solid Waste General Services Department, Terrance Labelle, Public Utilities, Roger Larkin, Engineering and Kathleen McMullen, Information Technology Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.

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SUMMARY: 

Kevin Cobb, Fleet Mechanic, Solid Waste General Services Department, was employed by the City on May 28, 1996, and his pension service credit is effective on that date.  His pension will be effective June 1, 2018. Based on an average salary of approximately $59,797.69 over the past five years, the formula for computing regular pensions and Mr. Cobb’s selection of the Life Annuity, this pension benefit will be approximately $36,191.28 annually.

 

Terrance Labelle, Public Utilities Coordinator, Public Utilities Department, was employed by the City on December 1, 1996, and his pension service credit is effective on July 21, 1998.  His pension will be effective March 1, 2018. Based on an average salary of approximately $68,628.45 over the past five years, the formula for computing regular pensions and Mr. Labelle’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $31,245.96 annually.

 

Roger Larkin, Construction Inspector II, Engineering Department, was employed by the City on May 27, 1997, and his pension service credit is effective on that date.  His pension will be effective March 1, 2018. Based on an average salary of approximately $40,479.19 over the past five years, the formula for computing regular pensions and Mr. Larkin’s selection of the Life Annuity, this pension benefit will be approximately $23,089.20 annually.

 

Kathleen McMullen, Senior Telecommunications Analyst, Information Technology Department, was employed by the City on November 10, 1997, and her pension service credit is effective on that date.  Her pension will be effective March 1, 2018. Based on an average salary of approximately $63,783.76 over the past five years, the formula for computing regular pensions and Ms. McMullen’s selection of the Life Annuity, this pension benefit will be approximately $35,621.88 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. Cobb, Mr. Labelle, Mr. Larkin and Ms. McMullen 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. 

 

APPROPRIATION CODE AND AMOUNT:

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USE OF RESERVE FUNDS: 

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