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HomeMy WebLinkAbout~Master - Amending Ordinance 607 (Retirement) ORDINANCE NO. 718 AN ORDINANCE AMIENDING ORDINANCE NO. 607 AS AMENDED BY ORDINANCE NO. 632, AN ORDINANCE PROVIDING FOR AN ANNUITIES RETIREM�:NT SYSTEM FOR EMPLOYEES OF AMES MUNICIPAL WATER AND ELECTRIC UTILITIES. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF AMES, STORY COUNTY, IOWA. Sectica,j� 1. That Section 4 "Definitions" of Ordinance No. 607 as amended by Ordinance No. 632 of the City Ordinances of the City of Ames, Story County, Iowa, is hereby specifically repealed and the following shall hereinafter be known as Section 4 of said Ordinance. "Section 4. "Definitions". The following words and phrases, unless a different meaning is clearly indicated by the context, shall have the following respective.. meanings: 1. City The City of Ames, Iowa 2. Utilities Utilities shall be limited to any Waterworks, Gas, Electric Light and Power Plants or Sewage Treatment Plants, managed, operated , or owned by the City of Ames, Iowa. 3. Board The Board of Trustees at any time acting hereunder. 4. Employee A person in the employment of the Utilities of the City of Ames, Iowa, on or after the effective date of this ordinance who received regular compensation from the said Utilities for personal services rendered in connection with the operation, maintenance or management of the said Utilities of the city in a position ordinarily requiring 1,200 hours per year or more. 5. Earnings Amounts paid by the City to an Employee of the Utilities for personal services. Larnings prior to the effective date will be assumed to be at a rate equal to the average of the earnings during the period of service within the three years immediately preceding the effective date of this ordinance. 6. Prior Service The period beginning on the first day upon which any Employee was first employed by the Utilities and ending on the effective date hereof excluding the intervening periods during which such Employee was separated from the service following a resignation, dismissal, lay-off or expiration of any term of appointment, but not excluding active military service of the state or nation. 7. Current Service The period beginning on the first day upon which the Employee first becomes a participating employee and ending on the day of the latest separation from service of the Utilities, excludinF,�:Lll intervening periods orther than those during emergencies in which the Employee was in active military service of the state or nation but including resignations, dismissal and lay-off in excess of thirty (30) days. 8. Annuity A series of unifo-­m monthly payments payable to a retired Employee, the first such payment to be made as of the beginning of the month following the date such annuity begins and the last payment to be made as of the begi n-folla�uing.--the da-t-e---& c -annuity begins and the last payr�ett�e-tn- de as of the beginning of the month in which death of the retired Employee occurs. 9. Effective Date This ordinance shall be in full force and effect upon passage and publication as provided by law. Notwithstanding any provisions to the contrary, no benefits other than Disability or Death to be paid before January 1, 1947. 10. Regular Interest 3% per year compounded annually. 11. Beneficiary Any person who shall have been designated in writing by any partici- pating employee to receive all or part of the death benefits to which such employee had or might become entitled. " Section 2. All ordinances or parts of ordinances in conflict with the provisions of this amendment is hereby repealed. Section 3. This amendment to Ordinance No. 607 as amended by rdinance No. 632 of the City Ordinances of the City of Ames, Iowa ;shall be in ull force and effect from and after its passage and publication as provided by aw. Passed this 5th day of August, 1952. J. W. Prather, City Clerk IV U L. Allan, Mayor k Moved by Griffith and seconded by Moore that Ordinance No. 718 be passed on its first reading. Voting Aye: Griffith, Bauge, Smith, De Hart, Iverson and Moo e Voting Nay: None Absent: None ,Moved by Bauge and seconded by Smith that the rules governing the passage of Ordinances be azspended and the second and third readings omitted and Ordinance No. 718 be placed on its final passage. Voting Aye: Griffith, Bauge, Smith, De Hart, Iverson and Moore Voting Nay: None Absent: None oved by Smith and seconded by Iverson that Ordinance No. 718 do now pass. Voting Aye: Griffith, Bauge, Smith, De Hart, Iverson and Moo e Voting Nay: None Absent; None ayor Allan declared Ordinance No. 718 duly passed. J. W. Prather, City Clerk of the City of Ames, Iowa, do hereby certify that the Bove and foregoing Ordinance No. 718 was duly and properly passed at a meeting of he City Council on the 5th day of August, 1952 atid published in the Ames Daily Tribune on the 7th day of August, 1952. i J. W. Prather, City Clerk