SUBJECT/RECOMMENDATION:
Title
Recommend approval of the following request of Eric Hannah, Solid Waste & Recycling Department, John Kevin Insco, Police Department, Joseph Ruhlin, Police Department, and Theroun Winston, Solid Waste & Recycling Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
Body
SUMMARY:
Eric Hannah, Solid Waste Supervisor II, Solid Waste & Recycling Department, was employed by the City on September 13th, 1993, and his pension service credit is effective on January 10th, 1994. His pension will be effective May 1st, 2024.
Based on an average salary of approximately $64,536.60 over the past five years, the formula for computing regular pensions and Mr. Hannah’s selection of the Single Life Annuity this pension benefit will be approximately $53,725.80 annually.
John Kevin Insco, Police Sergeant, Police Department, was employed by the City on September 24th, 1990, 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 $117,750.98 over the past five years, the formula for computing regular pensions and Mr. Insco’s selection of the 66 2/3% Joint and Survivor Annuity with the 20% partial lump sum, this pension benefit will be approximately $87,553.56 annually.
Joseph Ruhlin, Police Officer, Police Department, was employed by the City on October 5th, 1992, and his pension service credit is effective on that date. His pension will be effective May 1st, 2024.
Based on an average salary of approximately $103,834.85 over the past five years, the formula for computing regular pensions and Mr. Ruhlin’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $88,416.12 annually.
Theroun Winston, Solid Waste Worker, Solid Waste & Recycling Department, was employed by the City on August 2nd, 1999, 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 $41,311.05 over the past five years, the formula for computing regular pensions and Mr. Winston’s selection of the Single Life Annuity, this pension benefit will be approximately $27,940.68 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. Mr. Hannah and Mr. Winston 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. Insco and Mr. Ruhlin have met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
n/a
USE OF RESERVE FUNDS: n/a