SUBJECT/RECOMMENDATION:
Title
Approve the following request of employees Laura Davis, Engineering Department, Adam Kraft, Police Department and Jeremy Williams, Information Technology to vest their pensions as provided by Section 2.419 of the Employees’ Pension Plan.
Body
SUMMARY:
Laura Davis, Contracts and Procurement Specialist, Engineering Department, was employed by the City on May 28, 1991, and began participating in the Pension Plan on July 25, 2000. Ms. Davis terminated from city employment on June 28, 2021.
Adam Kraft, Police Officer, Police Department, was employed by the City on April 17, 2006, and began participating in the Pension Plan on that date. Mr. Kraft terminated from city employment on July 15, 2021.
Jeremy Williams, Information Technology Manager, Information Technology Department, was employed by the City on May 31, 2005, and began participating in the Pension Plan on that date. Mr. Williams terminated from city employment on September 17, 2021
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. Davis will meet the non-hazardous duty criteria and begin collecting a pension in December 2023. Mr. Williams will meet the non-hazardous duty criteria and begin collecting a pension in December 2034.
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. Kraft will meet the hazardous duty criteria and begin collecting pension in May 2026.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A