HomeMy WebLinkAbout~Master - Increasing Utility Retirement Benefit ORDINANCE NO. 3229
AN ORDINANCE TO AMEND THE MUNICIPAL CODE OF THE CITY OF
AMES, IOWA, BY REPEALING SECTION 28.426 AND SUBSECTION
28.435(2)(a) AND REENACTING THE SAME REVISED FOR THE PUR-
POSE OF INCREASING RETIREMENT BENEFITS; REPEALING ALL ORDI-
NANCES IN CONFLICT HEREWITH; 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 is hereby
amended by repealing Section 28.426 and re-enacting the same revised to read as
follows:
"Sec. 28.426. AMOUNT OF PAYMENT.
Each person retired on or after their normal retirement date is enti-
tled to a monthly normal retirement income equal to one and ninety-five
hundredths per cent (1.95%) of the employee's highest average earn-
ings 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 additional retirement income as is, from time to time,
authorized by the board of trustees pursuant to Section 28.402(11)
hereof. The 1.95 formula shall be used for all retirements that occur
after July 1, 1993, and also for those retirements that occurred 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 28.435(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 1.95% 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 1.95% x highest average earn-
ings."
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shall be repealed to the extent of such conflict if any.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 22nd day of June 1993.
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Sandra L. Ryan, City Clerk Larry . Curtis, Mayor
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