SUBJECT/RECOMMENDATION:
Title
Approve the following request of employee William New, Public Utilities Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
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SUMMARY:
William New, Wastewater Treatment Plant Operator A, Public Utilities Department, was employed by the City on April 18, 1988, and his pension service credit is effective on that date. His pension will be effective January 1, 2019. Based on an average salary of approximately $70,396.97 over the past five years, the formula for computing regular pensions and Mr. New’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $58,518.24 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. New has met the non-hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
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USE OF RESERVE FUNDS:
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