Bill Type and Number: Ordinance 2005-1007

Sponsor: Council President at the Request of the Pension Board of Trustees

Date of Introduction: August 23, 2005

Committee(s) of Reference: F

Date of Analysis: August 24, 2005

Type of Action: Ordinance Code Amendment

Bill Summary: This bill amends Section 120.206, Ordinance Code, to provide that an active member of the General Employees Pension Plan who has completed 20 or more years of credited service, regardless of age, may elect to retire and receive a normal retirement benefit, provided that such retirement commences between January 1, 2006, and June 30, 2006. A member retiring under this provision shall not receive cost of living adjustments until the later of the first full bi-weekly pay period following the April 1 occurring 5 years after the October 1 of the fiscal year in which the member’s retirement benefits commence, or the first full bi-weekly pay period following the April 1 occurring after the date the member reaches age 60. Additionally, a member retiring under this provision shall not receive monthly supplement benefits until the first full bi-weekly pay period following the date the member reaches age 55. It is required that the limited election period and rights created expire on June 30, 2006. The Pension Board of Trustees is authorized and empowered to make and adopt rules necessary to implement these benefits, and provision is made for severability.

Background Information: The Pension Advisory Committee for the General Employees Pension Plan has proposed the window to allow employees with 20 or more years of service to retire, regardless of age, and receive the normal retirement benefit. This proposal was approved by the Pension Board of Trustees at its June meeting.

Policy Impact Area: General Employees Pension Plan

Fiscal Impact: To be determined

Analyst: Campbell