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Effective August 1, 1978, as to persons who have attained age 62 and effective on the first day of the month following attainment of age 62 for all others, the appropriate City officials shall increase any pension payable pursuant to Sections 202 through 211 of the former City Charter in an amount sufficient, when added to the pension presently payable to the person will increase that person’s annual pension in the amount of $3,000.00 per annum with further increases of 2.5% per annum thereafter. The increase in the annual pension shall take effect as of September 1, 1997 and shall be payable in such manner and under such conditions as provided in Sections 202 through 211 of the former City Charter.
(Ord. 2654, passed 7-24-1978; Ord. 2973, passed 10-28-1985; Ord. 3012, passed 10-13-1986; Ord. 3270, passed 3-14-1994; Ord. 3298, passed 5-22-1995; Ord. 3357, passed 11-10-1997; Ord. 3364, passed 2-23-1998; Ord. 3587, passed 6-24-2004)
(a) The appropriate City officials shall make available Blue Cross/Blue Shield or like benefit to all eligible surviving spouses of Charter pension retirees of the City not currently receiving the benefits and who submitted their request by December 31, 1984; or whose spouse has been deceased after that date, and until such time as they are covered by another plan or remarried, and who, individually, request the coverage.
(b) Commencing at age 65, the coverage provided shall be Blue Cross-65 Supplementary.
(Ord. 2917, passed 8-13-1984; Ord. 2942, passed 2-11-1985)
The City shall, in the year 1980, cause to be made a review of the annual service pension being paid by the retirement system to retirants who completed 15 or more years of service with the City prior to retirement. If, as a result of the review a determination is made that a significant number of the retirants are receiving annual service pensions below the level of low income budget for a retired couple published by the U.S. Department of Labor, the Board may adopt such formula as it deems appropriate for the improvement of annual service pensions payable to the retirants following a determination by the actuary that the improvement proposed is actually sound and capable of being funded from revenue available in the retirement system. Any formula adopted by the Board shall recognize the effective date of retirement, the age of the retirant at the time of retirement, and the years and months of service upon retirement. The amount of the improvement computed in accordance with the formula shall not, when added to the original service pension payable to any retirant, result in an annual pension which exceeds the level of the low income budget for a retired couple published by the U.S. Department of Labor. The adjusted annual service pension shall be payable thereafter in equal monthly installments throughout the life of the retirant.
(Ord. 2771, passed 6-9-1980; Ord. 2966, passed 8-26-1985)
(a) At the end of each calendar year, the Consultant shall determine the rate of investment return earned on retirement system assets during the calendar year based upon if the retirement system is a minimum of 90% funded, as determined by the actuary following sections shall be applicable.
(b) At the end of each calendar year, the retirement system’s Actuary shall determine the present value of pensions to be paid after the end of the calendar year to eligible retirants and retirement allowance beneficiaries in receipt of pensions at the end of the calendar year. The assumed interest rate used in the determination shall be 8% per year compounded annually.
(c) The distribution of income at the end of each calendar year shall be equal to the product of the present value of pensions determined in subsection (b) at the end of the calendar year times the positive excess, if any, of the rate of investment return determined in subsection (a) exceeding 8%. Commencing with the distribution of income for 2004 and continuing for any subsequent year, the amount distributed during any year shall not exceed $3,000,000.00 or the amount of excess earnings determined by the above formula, whichever is less.
(d) After the end of each calendar year, each eligible retirant and pension beneficiary in receipt of a pension at the end of the calendar year shall be credited with distribution units equal to the number of full years between the effective date of retirement and the end of the calendar year multiplied by the number of full years of service credit in force on the effective date of retirement. Distribution units shall not accumulate from one year to the next.
(e) The distribution amount for an eligible retirant or pension beneficiary shall be equal to the product of the distribution income determined in subsection (c) times the individual’s number of distribution units determined in subsection (d) divided by the total number of distribution units for all eligible retirants and pension beneficiaries in receipt of pensions at the end of the calendar year.
(f) The distribution amount for each eligible retirant or pension beneficiary shall be payable in the form of a supplemental payment prior to October 1, commencing with the calendar year 1985. If an eligible retirant dies before receipt of the retirant’s distribution amount, the payment shall be made to the retirant’s pension beneficiary, if any. If a pension beneficiary dies before receipt of the pension beneficiary’s distribution amount, no payment shall be made.
(g) Eligible retirants and beneficiaries are those who meet the following requirements:
(1) Commencing with the distribution of income for 2004 and continuing for any subsequent year, the annual amount of pension paid is less than or equal to the specified base amount of $24,852.00, adjusted annually by the City Council in accordance with the Consumer Price Index. If the retiree elected to avail himself or herself of the option of annuity withdrawal, the amount being paid for the purposes of this subsection (g)(1) shall be considered to be the annual amount which would have been paid if the annuity had not been withdrawn;
(2) The retirant or pension beneficiary in receipt of a pension must have attained 55 years of age;
(3) The retirant must have retired at least one year prior to January 1 of the year in which the thirteenth check payment is made; and
(4) The retirant must not have retired under Sections 202 through 211 of the former City Charter.
(Ord. 3641, passed 4-11-2005; Ord. 3662, passed 7-11-2005; Ord. 3765, passed 4-12-2010)
Persons identified as “Charter retirees,” per Section 9-204 of the City Charter, shall be paid an annual payment equal to 5% of their annual City pensions, as such pensions exist as of January 1, 2002. The payment shall be retroactive to January 1, 2002, and shall not be included in calculating the Charter retirees’ annual pension amount. This payment shall be made only when the Charter retirees are not entitled to a payment under § 35-16.2(a). Any payment due under this section shall be made in October, and a retiree must have received a pension for the entire preceding calendar year to be eligible. The initial payment under this section shall be made as soon as practicable after the effective date of this section.
(Ord. 3636, passed 3-14-2005)
(a) Except as otherwise provided in this retirement plan, should any member(s) leave the employ of the City or Hurley Medical Center for any reason, except his or her retirement or death, he or she shall thereupon cease to be a member and his or her credited service at the time shall be forfeited by him or her. In the event he or she is reemployed by the City or Hurley Medical Center prior to his or her attainment of age 70 years if he or she is a firefighter member of acquiring 25 years of credited service, if he or she is a police officer member, or age 70 years if he or she is a general member he or she shall again become a member. If his or her reemployment occurs within a period of five years from and after the date of his or her last separation from City employment his or her credit service last forfeited by him or her shall be restored to his or her credit, subject to § 35-35(d). Provided, however, that as to members represented by Local 1799, American Federation of State, County and Municipal Employees (AFSCME), AFL-CIO, if the reemployment occurs within a period of ten years from and after the date of their last separation from City employment, and as to general members not represented by recognized bargaining units and not employed by the Board of Hospital Managers if the reemployment occurs within a period of 12 years from and after the date of their last separation from City employment, their credited service last forfeited by them shall be restored to their credit, subject to § 35-35(d). A member who becomes a retirant or dies shall thereupon cease to be a member.
(b) General members, not represented by recognized bargaining units and not employed by the Board of Hospital Managers, subject to reinstatement of membership under this section, who between termination and subsequent reemployment may have credited service from the temporary employment by contribution to the employees’ savings fund of an amount equal to that which the member would have contributed had he or she been a member during the period of temporary employment and shall include interest computed in accordance with § 35-6.
(c) Present and future supervisory and administrative employees of the City of Flint, who are not represented by a collective bargaining unit, and who are not employed by the Board of Hospital Managers, may make application to buy back prior governmental service, and periods when the employees were employees of the City of Flint but, however, were temporarily laid off, or were on a leave of absence without pay (including maternity leave) consistent with the provisions of this section, provided however, that for these employees the computation of the payment to the retirement system shall be computed using the appropriate formula in effect as of the date of application as if the credit were for prior military service under § 35-19. Provided further, that any prior governmental time purchased before January 15, 1997, may be used for retirement purposes only including any minimum length of service or membership requirements. In addition, present and future supervisory or administrative employees of Hurley Medical Center who are otherwise excluded from membership in recognized bargaining units may make application to buy back prior governmental service consistent with the following terms and conditions. To be effective the application must be filed between the effective date of this section and the effective date of the member’s retirement. The Secretary shall compute the amount to be required as a contribution to this system on the same basis as if the compensation has been paid by the City of Flint or Hurley Medical Center and shall include the employee’s and employer’s contributions with interest, computed in accordance with § 35-6 hereof. The payment shall be equal to the actuarial present value as of the date of the buy-back of the person payable by this system attributable to the prior governmental service. The amount so determined shall be paid into the system by the applicant in one installment, payable not less than 90 days from the date the petition is filed. For present and future supervisory or administrative employees of Hurley Medical Center not represented by a recognized bargaining unit the amount so determined shall be paid into the system by the applicant in one installment, payable not more than 90 days from the date the application is filed and in case later than the effective date of the member’s retirement. In the event the required contribution is not made within that time, no credit shall be given for the prior service. The maximum credit for prior service with other governmental units shall be ten years and the member shall be required to complete a minimum of 15 years as a member of this system before becoming eligible for benefits under this section. Provided, however, that any applicant under this section who has vested pension rights with another governmental pension system shall not be entitled to any pension benefits under this section other than those earned for service with the City.
(Ord. 1860, passed 8-16-1965; Ord. 2496, passed 5-19-1975; Ord. 2558, passed 6-14-1976; Ord. 2583, passed 1-17-1977; Ord. 2699, passed 2-26-1979; Ord. 2897, passed 3-12-1984; Ord. 3172, passed 5-28-1991; Ord. 3201, passed 5-11-1992; Ord. 3280, passed 7-25-1994; Ord. 3282, passed 10-24-1994; Ord. 3326, passed 3-11-1996)
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