HomeMy WebLinkAbout~Master - Revising Ames Municipal Utility Retirement System ORDINANCE NO. 2823
AN ORDINANCE TO AMEND THE MUNICIPAL CODE OF
THE CITY OF AMES, IOWA, BY REPEALING SECTIONS
28.46, 28.53, 28.57, 28.71 and 28.74 AND ENACTING
NEW SECTIONS 28.46, 28.53, 28.57, 28.71 and 28.74
FOR THE PURPOSE OF MAKING REVISIONS TO THE
AMES MUNICIPAL UTILITY RETIREMENT SYSTEM;
REPEALING ALL ORDINANCES OR PARTS OF ORDI-
NANCES IN CONFLICT THEREWITH; AND ESTABLISHING
AN EFFECTIVE DATE
BE IT ORDAINED, by the City Council for the City of Ames, Iowa:
SECTION ONE. The Municipal Code of the City of Ames, Iowa, shall be
and the same is hereby amended by repealing sections 28.46, 28.53, 28.57,
28.71 and 28.74 and enacting new sections 28.46, 28.53, 28.57, 28.71 and
28.74 as follows:
"Sec. 28.46. EMPLOYEE CONTRIBUTIONS
Each employee shall contribute five and fifty-five hundreth
percent (5.55 0) of each payment of their earnings during the
period of current service until the employee attains age seventy
(70) or earlier retires and excluding periods of military duty and
disability. Employee contributions shall be deducted from earnings
paid to each employee and shall immediately be credited to the
retirement fund. The contributions of each employee shall be accu-
mulated in a separate account and the interest credited thereon
annually. "
"Sec. 28.53. BOARD OF TRUSTEES
The retirement system is a trust and shall be administered by
a board of trustees composed of: The City's director of finance,
two (2) city council members, one elected by the water utility
employees, one elected by the water pollution control employees
and three elected by the employees of the electric utility as fol-
lows: one from the electric distribution work center; one from the
power plant; one from electric administration (which includes the
City Clerk, City Manager, inspection personnel and other non-
finance administrative personnel covered by the system); and, one
from the Finance Department"
"Sec. 28.57. VOTING POWER OF TRUSTEES
Each trustee is entitled to one vote, except ex officio mem-
bers, and at least the approval of the majority of the nine (9)
voting trustees shall be necessary for every decision or action by
the board of trustees."
"Sec. 28.71. AMOUNT OF INCOME ON EARLY RETIREMENT
Each employee who retires or is retired on their early retire-
ment date shall be entitled to a monthly retirement income deter-
mined in the same manner as the normal retirement income, based
upon service credits to the employee's early retirement date, but
reduced at the rate of one-quarter percent (1/40) for each month
the early retirement precedes the normal retirement date."
"Sec. 28.74. AMOUNT, DURATION OF DISABILITY BENEFITS.
Each employee incurring a disability as defined in this chap-
ter is entitled to a monthly disability benefit of seventy-five (75)
per cent of the employee's highest average earnings. The benefit
continues during the period of disability until the day upon which
the first of the following occurs:
(1) Disability ceases in accordance with the certification of a
physician approved by the board.
(2) Earnings again become payable.
(3) The employee refuses to submit to a reasonable physical
examination by any physician approved by the board.
(4) The person dies; or, any of the following pertains:
(a) for disability which occurred before age 61, dis-
ability benefits end at age 65 or the normal re-
tirement date
(b) for disability which occurs after age 61, disability
benefits shall end after four years or at age 70,
whichever occurs first."
SECTION TWO. All ordinances or parts of ordinances in conflict here-
with are hereby repealed to the extent of such conflict.
SECTION THREE. This ordinance shall be in full force and effect from
and after its passage and publication as required by law, but not sooner
than July 1, 1982.
Passed this 25th day of May 1982.
Gina Bicknese, City Clerk F. Paul Goodland, Mayor
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