HomeMy WebLinkAbout~Master - Revising Eligibility Requirements for Normal Retirement Benefits ORDINANCE NO. 2846
AN ORDINANCE TO AMEND THE MUNICIPAL CODE OF
THE CITY OF AMES, IOWA BY REPEALING SECTIONS
28.46 AND 28.67 FOR THE PURPOSE OF REVISING THE
ELIGIBILITY REQUIREMENTS FOR NORMAL RETIREMENT
BENEFITS UNDER THE AMES UTILITY RETIREMENT
SYSTEM; REPEALING ALL ORDINANCES OR PARTS OF
ORDINANCES IN CONFLICT HEREWITH; AND ESTAB-
LISHING AN EFFECTIVE DATE
BE IT ENACTED, by the City Council for the City of Ames, Iowa:
Section One. The Municipal Code of the City of Ames, Iowa shall be
and is hereby amended by repealing sections 28.46 and 28.67 as said sec-
tions now exist and enacting new sections 28.46 and 28.67 as follows:
"Sec. 28.46. EMPLOYEE CONTRIBUTIONS.
Each employee shall contribute six and ninetythree hundreths
per cent (6.93 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 ac-
cumulated in a separate account and the interest credited thereon
annually.
"Sec. 28.67. RETIREMENT DATE: EARLY, NORMAL, 55/30, MAN-
DATORY.
(1) The normal retirement date shall be the first day of the
month following the month in which an employee in
service or a disabled employee attains the age of sixty-
five (65). However, age sixty-five (65) is not the man-
datory retirement age. The mandatory retirement age is
seventy (70) years. Each employee shall be retired
upon the first day of the month following the month in
which the employee attains age 70 if the employee has
not previously elected to take normal retirement at age
65 or early retirement at age fifty-five (55) as provided
for in section 28.70 of this chapter. There shall be no
penalty or loss of benefits whatsoever for the employee
who elects to work past the normal retirement age of
sixty-five (65) to the mandatory retirement age of
seventy (70).
(2) Subsection 1 hereof notwithstanding, any employee with
thirty (30) years of creditable service may elect to retire
at any time after attaining age fifty-five (55) and
receive the full normal retirement benefit. Such retiree
shall, for all purposes of the utility retirement system be
deemed to be on normal retirement."
Section Two. Any and all ordinances in conflict herewith are
hereby repealed to the extent of such conflict, if any.
Section Three. This ordinance shall be in full force and
effect from and after the first day of July, 1984.
Passed this 22nd day of March, 1983.
Nanc ibb s, Acting City Clerk F. Paul Goodland, Mayo