(a) General applicability. The provisions of the modified contributory program shall apply to all Hurley Medical Center employees except for those employees who elect, pursuant to § 35-23.3., to participate in the Hurley alternative pension plan or who elect pursuant to § 35-23.2. to retain their existing retirement plan.
(b) Employee contributions.
(1) Exempt Hurley employees shall contribute to the modified contributory plan at the rate of 4.5% of the first $4,200.00 of their annual compensation and 6.5% of all compensation paid in excess of $4,200.00.
(2) All other Hurley employees shall contribute to the modified contributory plan at the rate of 7.0% of their annual compensation.
(c) Final average compensation. Final average compensation for modified contributory plan members shall be determined by taking the average of their richest annual compensation paid during any three years of their credited service contained within their five years of credited service immediately preceding the date that their employment with Hurley Medical Center terminated.
(d) Determination of straight life pension. Members of the modified contributory plan shall receive a straight life pension which is the sum of the following:
(1) For the first 15 years of service, the pension shall be computed by taking 2.2% of the final average compensation times the years of service within this range, not to exceed 15;
(2) For 16 through 25 years of service the pension shall be computed by taking 2.4% of the final average compensation times the years or service within this range, not to exceed ten; and
(3) For all years of service over 25 years the pension shall the computed by taking 1.0% of the final average compensation and multiplying that figure by the number of years exceeding 25.
(e) Plan administration.
(1) This plan shall be administered in accordance with the ordinances governing the administration of the City employees’ retirement system.
(2) All other provisions of the retirement plan for the City retirement system shall remain in full force and effect as modified by this section.
(f) Applicability. This section shall apply to all Hurley Medical Center employees employed at the medical center as of January 1, 1987 and those who hired in or retired after that date.
(Ord. 3029, passed 3-9-1987; Ord. 3491, passed 3-25-2002)