SUBJECT/RECOMMENDATION:
Title
Recommend approval of the following request of Stephen Avise, Fire Department, Heath Brenner, Fire Department, Regina Dewitt, City Attorney’s Office, Randy Foltz, Public Utilities Department, John Garakop, Solid Waste & Recycling Department, Carol McAnally, Police Department, Howard McChesney, Information Technology Department, Christian Schuele, Fire Department, and Laurie Sullivan, Library Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
Body
SUMMARY:
Stephen Avise, Firefighter/Driver-Operator, Fire Department, was employed by the City on February 9th, 2004, and his pension service credit is effective on that date. His pension will be effective March 1st, 2024.
Based on an average salary of approximately $83,837.32 over the past five years, the formula for computing regular pensions and Mr. Avise’s selection of the 100% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $31,777.44 annually.
Heath Brenner, Fire Lieutenant, Fire Department, was employed by the City on February 9th, 2004, and his pension service credit is effective on that date. His pension will be effective March 1, 2024.
Based on an average salary of approximately $126,735.92 over the past five years, the formula for computing regular pensions and Mr. Brenner’s selection of the 50% Joint and Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $49,771.08 annually.
Regina Dewitt, Legal Office Administrator, City Attorney’s Office, was employed by the City on November 27th, 1995, and her pension service credit is effective on that date. Her pension will be effective April 1st, 2024.
Based on an average salary of approximately $92,521.59 over the past five years, the formula for computing regular pensions and Ms. Dewitt’s selection of the 75% Joint & Survivor Annuity, this pension benefit will be approximately $66,199.32 annually.
Randy Foltz, Utilities Maintenance Supervisor, Public Utilities Department, was employed by the City on October 30th, 1995, and his pension service credit is effective on that date. His pension will be effective March 1, 2024.
Based on an average salary of approximately $67,237.22 over the past five years, the formula for computing regular pensions and Mr. Foltz’s selection of the 100% Joint and Survivor Annuity with the 10% partial lump sum, this pension benefit will be approximately $38,775.84 annually.
John Garakop, Welder/Manufacturer, Solid Waste & Recycling Department, was employed by the City on November 28, 2005, and his pension service credit is effective on that date. His pension will be effective May 1, 2024.
Based on an average salary of approximately $53,367.67 over the past five years, the formula for computing regular pensions and Mr. Garakop’s selection of the 75% Joint and Survivor Annuity, this pension benefit will be approximately $22,553.04 annually
Carol McAnally, Police Records Specialist, Police Department, was employed by the City on May 11, 1998, and her pension service credit is effective on that date. Her pension will be effective March 1st, 2024.
Based on an average salary of approximately $42,372.93 over the past five years, the formula for computing regular pensions and Ms. McAnally’s selection of the Single Life Annuity, this pension benefit will be approximately $30,070.08 annually.
Howard McChesney, Senior Network Engineer, Information Technology Department, was employed by the City on June 12th, 1995, and his pension service credit is effective on that date. His pension will be effective April 1, 2024.
Based on an average salary of approximately $100,113.33 over the past five years, the formula for computing regular pensions and Mr. McChesney’s selection of the Single Life Annuity, this pension benefit will be approximately $79,289.76 annually.
Christian Schuele, Fire Inspector, Fire Department, was employed by the City on March 10th, 2003, and his pension service credit is effective on that date. His pension will be effective February 1, 2024.
Based on an average salary of approximately $100,034.61 over the past five years, the formula for computing regular pensions and Mr. Schuele’s selection of the Single Life Annuity with the 20% partial lump sum, this pension benefit will be approximately $46,234.20 annually.
Laurie Sullivan, Library Assistant, Library Department, was employed by the City on May 19th, 2003, and her pension service credit is effective on August 21st, 2006. Her pension will be effective May1st, 2024.
Based on an average salary of approximately $34,957.88 over the past five years, the formula for computing regular pensions and Ms. Sullivan’s selection of the Single Life Annuity, this pension benefit will be approximately $16,994.40 annually.
Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of fifty-five (55) years and completed twenty (20) years of credited service; the date on which a participant has reached age sixty-five (65) years and completed ten (10) years of credited service; or the date on which a member has completed thirty (30) 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 (60) years and completed twenty-five (25) years of credited service; or the date on which a participant has reached the age of sixty-five (65) years and completed ten (10) years of credited service. Ms. Dewitt, Mr. Foltz, Mr. Garakop, Ms. McAnally, Mr. McChesney, and Ms. Sullivan 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 (20) years of credited service regardless of age, or the date on which the participant has reached fifty-five (55) years and completed ten (10) years of credited service. Mr. Avise, Mr. Brenner, and Mr. Schuele have met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
n/a
USE OF RESERVE FUNDS: n/a