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File #: ID#20-7938    Version: Name: Review and Action on Employee Requests for Vested Pension
Type: Action Item Status: Passed
File created: 6/19/2020 In control: Pension Trustees
On agenda: 10/12/2020 Final action: 10/12/2020
Title: Approve the following request of employee Douglas Ambrose, Police Department to vest their pension as provided by Section 2.419 of the Employees' Pension Plan.
Attachments: 1. Vest Pen July 2020.pdf

SUBJECT/RECOMMENDATION:

Title

Approve the following request of employee Douglas Ambrose, Police Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan.

Body

SUMMARY: 

Douglas Ambrose, Police Officer, Police Department, was employed by the City on June 11, 2007, and began participating in the Pension Plan on that date.  Mr. Ambrose terminated from City employment on June 2, 2020.

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. 

Section 2.417 provides for early retirement eligibility for hazardous duty employees. Mr. Ambrose will meet the early retirement criteria and begin collecting pension in November 2020.

 

APPROPRIATION CODE AND AMOUNT:

N/A

 

USE OF RESERVE FUNDS: 

N/A