HomeMy WebLinkAbout~Master - Revising Utility Retirement System ORDINANCE NO. 3180
AN ORDINANCE TO AMEND THE MUNICIPAL CODE OF THE
CITY OF AMES, IOWA, BY REPEALING SECTION 28.68 SUB-
SECTION 28.78(2)(A) AND RE-ENACTING THE SAME RE-
VISED FOR THE PURPOSE OF INCREASING RETIREMENTS
BENEFITS AND ENACTING A NEW SUBSECTION 28.74(4) TO
PROVIDE A REDUCTION IN DISABILITY BENEFITS BASED
ON THE EARNED INCOME OF THE PERSON RECEIVING DIS-
ABILITY BENEFITS; REPEALING ALL ORDINANCES OR
PARTS OF ORDINANCES IN CONFLICT HEREWITH; ESTAB-
LISHING 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 28.68 and re-enacting the same
revised to read as follows:
"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 nine-tenths per cent (1.9%) 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 one-tenth percent (2.1%) of the said
highest average earnings. In addition to the aforesaid normal
retirement income, a retired employee may receive such addi-
tional retirement income as is, from time to time, authorized
by the board of trustees pursuant to Section 28.44(11) hereof.
The 1 .9 formula shall be used for all retirements that occur
after July 1, 1992, and also for those retirements that oc-
curred before that date until such persons have been retired
for five years."
Section Two. The Municipal Code of the City of Ames, Iowa is
amended by repealing Subsection 28.78(2)(a) and re-enacting the same
to read as follows:
"(a) to the surviving spouse, an annuity payable in monthly
installments, equal to: 60% x years of service x 1.9% 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 1.9% x highest average earnings."
Section Three. The Municipal Code of the City of Ames, Iowa is
amended by enacting a new Subsection 28.74(4) to read as follows:
"(4) There shall be a reduction in the amount of a person's
disability benefit payment in response to that person's
earned income. The person's disability benefit payment
shall be decreased when the annual payment plus the
person's annual earned income would exceed 100 0 of that
person's base pay as stated on the current city payroll
form for the employee at the time of disability. The
reduction shall be $1.00 less of disability benefit
payments for every $2.00 of earned income received in
excess of the aforesaid limit. Earned income shall mean
payments of wages or salaries and not any other forms
of income."
Section four. 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 23rd day of June 1992.
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Nanc§ Dioni ', City Clerk Larry R. Curtis, Mayor
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