Title
Ordinance amending the City Code at Title One: Administrative, Article XI: Human Resources, Chapter 192: Pensions, Section 192.01: Definitions, Section 192.20: Municipal Benefit Plan No. 2, Section 192.21: Establishment of Municipal Benefit Plan No. 2, Section 192.22: Membership, Section 192.23: Contributions by Members, Section 192.24: Contributions by the City, Section 192.26: Pension Allowance, and Section 192.27: Death Benefits, and adding a Section 192.22A: Membership in Municipal Benefit Plan No. 3, in order to remove the Social Security Offset for certain non-union members and to fund the removal of the offset.
(Public Hearing held 11/18/21)
Body
WHEREAS, pursuant to Section 192.26(4) of the City Code, pensions for employees who were hired after June 30, 2004, are reduced upon attainment of age sixty-five (65) by an amount equal to fifty (50) percent of the primary insurance paid or payable to such employee under the Federal Social Security Act (such reduction referred to as the "Social Security Offset"); and
WHEREAS, City Council has determined that due to improvement in the funding of the City's municipal pension system, and in the interest of retaining and attracting a talented workforce, it is in the best interest of the City to remove the Social Security Offset for certain City employees; and
WHEREAS, effective July 1, 2004, the contribution amount for employees hired after June 30, 2004, was set at five (5) percent of such employees' salary or wages, an increase from four (4) percent, but such increased contribution level has not yet been implemented; and
WHEREAS, to contribute to funding the removal of the Social Security Offset, City Council wishes to increase the contribution rate for those employees whose Social Security Offset will be removed to six (6) percent of such employees' salary and wages; and
WHEREAS, effective July 1, 2004, the contribution amount for employees hired before July 1, 2004, was incorrectly increased to five (...
Click here for full text