HomeMy WebLinkAbout~Master - Enhancing Benefits of Utility Retirement System; Retiree Representation ORDINANCE NO. 3151
AN ORDINANCE TO AMEND THE MUNICIPAL CODE OF THE
CITY OF AMES, IOWA, BY REPEALING SECTIONS 28.53,
28.68, AND 28.78(2)(A), AND RE-ENACTING THE SAME RE-
VISED TO ENHANCE THE BENEFITS OF THE UTILITY RE-
TIREMENT SYSTEM AND PROVIDE REPRESENTATION ON THE
BOARD OF TRUSTEES FOR RETIREES; REPEALING ALL OR-
DINANCES IN CONFLICT HEREWITH; AND SETTING AN EF-
FECTIVE 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 Sections 28.53 and 28.68, and Subsection
28.78(2)(a) , and re-enacting the same revised to read as follows:
"Sec. 28.53. BOARD OF TRUSTEES.
The retirement system is a trust and shall be administered by
a board of trustees composed of: the city's director of
finance; two (2) city council members; one person elected by
and from the water utility employees; one person elected by
and from the water pollution control employees; three (3)
persons elected by and from the employees of the electric
utility as follows: one from the electric distribution work
center, one from the power plant, and one from the electric
administration (which includes the city clerk, city manager,
inspection personnel and other non-finance administrative
personnel covered by the system); one person elected by and
from finance department employees; and a non-voting repre-
sentative elected by and from persons who are receiving re-
tirement benefits under the system."
"Sec. 28.68. AMOUNT OF PAYMENT.
Each person retired on or after their normal retirement date
is entitled to a monthly normal retirement income equal to one
and eight-five hundredths per cent (1.85 a) of the employee'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 pursuant to Section
28.44(11) hereof. The 1.85 formula shall be used for all
retirements that occur after July 1, 1991, and also for those
retirements that occurred before that date until such persons
have been retired for five years.11
"(a) to the surviving spouse, an annuity payable in monthly
installments, equal to: 60% x years of service x 1.85% x
highest average earnings; but, not less than the smaller
of 60% x 40% x highest average earnings or 60% x years
of service to age 60 x 1.85% x highest average
earnings."
Section Two. All ordinances or parts of ordinances in conflict
herewith shall be repealed to the extent of such conflict if any.
Section Three. This ordinance shall be in full force and effect
from and after its passage and publication as required by law.
Passed this 3rd day of Decembpr 1991.
Nancy' Dionigi; ity Clerk Larry R. ur is, Mayor
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