HomeMy WebLinkAbout~Master - Revising Benefits Under the Utility Retirement System ORDINANCE NO. 3018
AN ORDINANCE TO AMEND THE MUNICIPAL CODE OF THE
CITY OF AMES, IOWA BY REPEALING AND RE-ENACTING
SUBSECTION 28.44(8), SECTION 28.78 AND SECTION 28.79
THEREOF FOR THE PURPOSE OF REVISING BENEFITS UNDER
THE UTILITY RETIREMENT SYSTEM; 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 subsection 28.44(8),
Section 28.78 and Section 28.79 and re-enacting the same as follows:
"Sec. 28.44 Definitions
(8) Highest Average Earnings. The monthly average earn-
ings during the thirty-six (36) highest paid consecutive
months out of the sixty (60) months immediately preced-
ing the date of retirement, disability or death.
Sec. 28.78 Amount of Death Benefit
The amount of the death benefit shall be:
(1) Upon the death of an employee in service who has
neither a surviving spouse or unmarried children under
the age of 18, an amount equal to the sum of the
deceased employee's accumulated contribution and regular
interest accumulated thereon.
(2) Upon the death of an employee in service who is sur-
vived by a spouse or by unmarried children under the
age of 18, an amount as follows:
(a) To the surviving spouse, an annuity equal to: 600
x years of service x 1.8 o x highest average earn-
ings; but, not less than the smaller of 60 o x 40 o x
highest average earnings or 60 o x years of service
to age 60 x 1.8 o x highest average earnings.
(b) For each unmarried child under age 18:
(i) If the deceased employee is survived by a
spouse, the least of:
a. 60% x highest average earnings divided
by the number of eligible children;
b. $2,700 divided by the number of eligible
children; or
C. $900.
(ii) If the deceased employee is not survived by a
spouse, the least of
a. 75 o of highest average earnings divided
by the number of eligible children;
b. $3,240 divided by the number of eligible
children, or
C. $1,080
(iii) The four living surviving spouses of the
employees who died in service before the
effective date of the death benefit provided by
(2) above shall be paid a retroactive benefit
equal to the amount of the utility contribution
credited to the account of the deceased
employee at the time of death.
Sec. 28.79 Manner of Payment of Death Benefit
Except for the surviving spouse annuity under Sec.
28.78(2), which shall be paid in monthly installments, death
benefits shall be paid in a single cash sum, unless the
employee prior to death shall have designated that the death
benefit shall be paid to the employee's beneficiary in monthly
installments of not less than twenty dollars ($20.00) per
month, as soon as practicable after receipt and approval by
the board of a certified copy of the death certificate."
Section Two. This ordinance shall be in full force and effect from and
after the 1st day of July, 1988.
Adopted this 2nd day of August 1988
Nancy bi oni qi cti ng Ci tv Cjl rk F. Paul GoG-311and, Mayor
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