HomeMy WebLinkAbout~Master - Increasing Payment to Retirees of Ames Utility Retirement System ORDINANCE NO. 2950
AN ORDINANCE TO AMEND THE MUNICIPAL CODE
OF THE CITY OF AMES, IOWA, BY REPEALING
SECTION 28.68 THEREOF AND ENACTING A NEW
SECTION 28.68 FOR THE PURPOSE OF INCREASING
THE AMOUNT OF PAYMENT TO RETIREES UNDER
THE CITY OF AMES UTILITY RETIREMENT
SYSTEM; REPEALING ANY AND ALL ORDINANCES
IN CONFLICT THEREWITH TO THE EXTENT OF
SUCH CONFLICT, IF ANY; AND, ESTABLISHING
AN EFFECTIVE DATE
BE IT ORDAINED, by the City Council for the City of Ames, Iowa:
Section 1. The Municipal Code of the City of Ames, Iowa, shall be
and is hereby amended by repealing Section 28.68 thereof, and enacting
a new Section 28.68 as follows:
"Section 28.68. Amount of Payment
Each employee retired on their normal retirement
date is entitled to a monthly normal retirement
income equal to one and eight-tenths percent (1.8 a)
of the employees highest average earnings for each
year of creditable service. After five years of
such retirement the amount of said payment shall be
increased to two percent (2.0%) of the said highest
average earnings. In addition to the aforesaid
normal retirement income, a retired employee may
receive such additional retirement income as is,
from time to time, authorized by the Board of
Trustees pursuant to Section 28.44(11) hereof.
The 1.8 formula shall be used to figure all
retirements that were made after January 1, 1974."
Section 2. All ordinances or parts of ordinances in conflict here-
with are hereby repealed to the extent of such conflict, if any.
Section 3. This ordinance shall be in full force and effect from and
after July 1, 1986.
Passed this 27th day of ay 198
By
ul Goodland, aycr
Attest:
By Y jte_eZ
ancy Gib ns, City Clerk