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§ 22-809. Pension Credit for Former F.P.T.F. Employees. 156
(1) For purposes of this Section, an F.P.T.F. Employee shall mean any person hired by the Fairmount Park Trust Funds, the Fairmount Park Ranger Fund, the Commissioner of Fairmount Park - Natural Lands Restoration and Environmental Education Program or the Robert W. Ryerss Bequest who became a member of Plan Y effective July 1, 2013, and is a member of Plan Y on the date a request is made to purchase credited service as an F.P.T.F. Employee in accordance with subsection 22-809(2).
(2) Pursuant to agreements between the City and District Councils 33 and 47, and specifically the documents titled Memorandum of Agreement, Transition of Benefits for Former Fairmount Park Trust Fund Employees, an F.P.T.F. Employee who continued in employment with the City after June 30, 2013, shall be entitled, at his or her individual option, to purchase credited service under the Retirement System for the period of his or her service as an F.P.T.F. Employee. This Section 22-809 shall apply to nonrepresented F.P.T.F. Employees in the same manner as it applies to represented F.P.T.F. Employees. In order to purchase such credited service, the F.P.T.F. Employee shall make payment to the Retirement System of a sum which is the product of: (a) the normal cost rate (employer plus employee) for Plan Y in effect on the date of purchase, multiplied by (b) the number of years of service as an F.P.T.F. Employee, multiplied by (c) the F.P.T.F. employee's rate of compensation (annualized) as of June 30, 2013. The F.P.T.F. Employee shall not pay interest on the amount calculated pursuant to the immediately preceding sentence if credited service is purchased within one (1) year of the date the notice of entitlement to distribution from the Fairmount Park Commission 401(a) Plan is sent to the F.P.T.F. Employee. A F.P.T.F. Employee who fails to purchase credited service within one (1) year of the date that the notice of entitlement to distribution from the Fairmount Park Commission 401(a) Plan is sent to the F.P.T.F. Employee shall be personally responsible for the payment of interest accrued following one (1) year of the date that the notice of entitlement to distribution from the Fairmount Park Commission 401(a) Plan is sent to the F.P.T.F. Employee. Such interest shall be paid in accordance with the interest rate provided for in Section 22-807.
Added, Bill No. 150235 (approved May 20, 2015), effective July 1, 2013.