HomeMy WebLinkAbout~Master - Relating to Utility Retirement Members' Buy-Back of Prior Years of Service f
ORDINANCE NO. 2953
AN ORDINANCE TO AMEND THE MUNICIPAL CODE
OF THE CITY OF AMES, IOWA, BY REPEALING
SUB-SECTIONS 28.44(3) AND 28.52(5) AND ENACT-
ING NEW SUB-SECTIONS 28.44(3) AND 28.52(5)
FOR THE PURPOSE OF PERMITTING EMPLOYEES
WHO LEFT UTILITY EMPLOYMENT FOR A TIME
PRIOR TO 1977 TO "BUY-BACK" THE YEARS OF
CREDITABLE SERVICE FOR WHICH THEY WITH-
DREW THEIR CONTRIBUTIONS; REPEALING ALL
ORDINANCES OR PARTS OF ORDINANCES IN
CONFLICT THEREWITH TO THE EXTENT OF SUCH
CONFLICT, 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 is hereby amended by repealing sub-sections 28.44(3) and 28.52(5)
and reenacting said sub-sections to read as follows:
"Sec. 28.44. DEFINITIONS.
x x x
(3) Creditable Service. The period beginning on the
date upon which an employee is first employed by
the utility and ending on the date of the latest
separation from employment, excluding any prior
periods of employment for which separation benefits
were withdrawn, any intervening periods during
which the employee was separated from employment
�) following a resignation, a dismissal or a lay-off in
t' excess of thirty (3) days, and any period after the
employee attains mandatory retirement age, but not
h including military duty and periods of disability as
U herein defined. Additionally, a person who termi-
�` nated employment with the utility prior to the
enactment of provisions allowing for vesting, and
then became employed by the utility again, may
n� have credit for years of service for the period the
employee was not employed by the utility for pur-
poses of computing the retirement benefit, by
making a payment to the utility in such amount as
the city treasurer shall compute to be the amount of
the contributions the employee would have made had
employment with the utility not been interrupted,
plus the interest that would have been earned by
the systems on said contributions based on the
actual investments made of employee contribution
funds during the relevant period."
"Sec. 28.52. VESTING.
(5) Cessation of rights. Any terminated vested em-
ployee who directs the return of accumulated con-
tributions will have no further right to any benefits
of the funds and will not be permitted to repay the
amount withdrawn to regain entitlements, except for
those employees who terminated before vesting was
provided for under the ordinance enacted May 24,
1977, who wish to purchase credit for service as
described in subsection 28.44(3) hereof."
Section Two. Any and all ordinances or parts of ordinances in conflict
herewith 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.
Passed this 27th day of May 1986.
By By
ancy ebb s, City Clerk F. Paul Goodland, Mayor
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