HomeMy WebLinkAbout~Master - Enhancing Benefits of the Utility Retirement System ORDINANCE NO. 3131
AN ORDINANCE TO AMEND THE MUNICIPAL CODE OF THE
CITY OF AMES, IOWA, BY SECTION REPEALING SECTIONS
28.68 AND 28.67, AND RE-ENACTING THE SAME REVISED;
AND ADDING A NEW SUBSECTION 28.74(3) TO ENHANCE
THE BENEFITS OF THE UTILITY RETIREMENT SYSTEM; RE-
PEALING ALL ORDINANCES IN CONFLICT HEREWITH AND
SETTING 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 is
hereby amended by repealing Section 28.65 thereof and re-enacting the
same to read as follows:
"Sec. 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 eighty-five hundredths per cent (1.85%) of the employ-
ee's 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 and five hundredths
percent (2.05%) 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 pursu-
ant to Section 28.44(11) hereof. The 1.85 formula shall be
used for all retirements that occur after July 1, 1991."
Section Two. The Municipal Code is further amended by adopting
a new Subsection 28.74(3) to read as follows:
11(3) For those who have been on disability retirement for five
years or more there shall be an annual increase of 1.25%
in the amount of the disability payment."
Section Three. All ordinances or parts of ordinances in conflict
herewith shall be repealed to the extent of such conflict if any.
Section Four. This ordinance shall be in full force and effect
from and after its passage and publication as required by law.
Passed this 25-th day of June , 1991.
Nancy Dioni City Clerk Larry Curtis, Mayor
0155 CT