HomeMy WebLinkAbout~Master - Amending Chapter 36 of Municipal Code; Relating to Optional Payment Plans October 22 , 1971
ORDINANCE NO. 2379
IN ORDINANCE AMENDING CHAPTER #36 OF THE MUNICIPAL CODE OF THE
IITY OF AMES, IOWA; REPEALING SECTION 36--10011; AND ESTABLISHING A
EW SECTION 36-10011; EXTENDING THE TIME WITHIN WHICH AN APPLICATION
OR AN OPTIONAL PAYMENT PLAN MAY BE SUBMITTED; REPEALING ALL
RDINANCES AND PARTS OF ORDINANCES IN CONFLICT HEREWITH AND
STABLISHING AN EFFECTIVE DATE.
IT IS ORDAINED BY THE CITY COUNCIL OF THE CITY OF APES,
OWA:
Section 1. Section 36-10011 of the Municipal Code of the
ity of Ames , Iowa, as hitherto existing is hereby repealed.
Section 2. New section to be numbered 315-10011 is added
o the Municipal Code of the City of Ames, Iowa, as follows :
Sec. 36-10011. Optional payment plans.
An employee, by written application made not less
than sixty (60) days prior to retirement, may request
approval of the board of trustees for payment of
benefits, in accordance with a sound actuarial basis,
under one of the following options :
(a) A straight life annuity option whereby monthly
payments are increased on the basis of a waiver of
death benefits .
(b) A joint and survivor option whereby death benefits
are waived and monthly benefit payments are reduced
in return for an assured monthly benefit payment,
to a designated surviving spouse, during his or her
life or for a specified number of payments.
(c) A variation of option (b) to provide for automatic
conversion of option (b) to option (a) as of the
date of the death of the spouse, if the spouse
should predecease the retired employee.
Section 3. All ordinances and parts of ordinances in
conflict herewith are hereby repealed.
Section 4. This ordinance is in full force and effect
from and after its passage and publication as provided by law.
Passed this �16th day of November 1971.
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r) , , Stuart N._Sm-it , Maory
Lou a tcome, C ty ��`.
11/2/71 Moved by Fellinger-Maxwell the ordinance pass on lst reading.
Aye : Thurston, Maxwell, Fellinger, Nelson, Fisher, Sc :.illetter
Nay: None
Ordinance declared passed on 1st reading.
11/16/71 Moved by Fellinger-Nelson that the rules be suspended, etc .
Aye : m'-�.urston, Maxwell, Fellinger, Nelson, Fisher,
Nay: None Abstain: Koerber
Rules declared suspended.
Moved by Fellinger-Nelson the ordinance do now pass .
Aye : Thurston, Maxwell, Fellinger, Nelson, Fisher
Nay: None Abstain: Koerber
Ordinance declared adopted.
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