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(a) As permitted by law, in addition to retirement allowances payable under this subchapter, the retirement system shall pay from the retirement system one-half of the premium for the retirant's and beneficiary's group health insurance plan participated in by the city. Effective after final termination and distribution of the 401(h) group health insurance fund, this premium will instead be paid from the OPEB 115 Trust Fund Agreement.
(b) As permitted by law, if a retirant or beneficiary is covered by a group insurance plan participated in by the city, and is permitted to and elects to continue coverage as a retirant, the retirant or beneficiary may authorize the board to have deducted from all retirement allowances the payments required to continue coverage under the group insurance plan.
(c) The benefits described in this section shall apply to any retired employee or officer who retires prior to January 1, 2014, is entitled to a retirement allowance and who shall have participated at least five years, immediately preceding separation from city employment in the group health insurance plan participated in by the city.
(d) All contributions from the retirement allowances for purposes of the retirant's and/or beneficiary's group insurance fund shall be reasonable and ascertainable.
(e) Contributions to fund the retirant's and beneficiary's 401(h) group health insurance plan must be subordinate to the contributions to the retirement system for retirement benefits. At no time shall the aggregate actual contributions to the 401(h) group health insurance fund (when added to actual contributions for life insurance protection under the plan, if any) be in excess of twenty-five percent (25%) of the total aggregate actual contributions made to the retirement system (not including contributions to fund past service credit, if applicable). The board shall annually determine whether the twenty-five percent (25%) test has been met. If at any time the 401(h) group health insurance fund (plus any life insurance contribution) would exceed the twenty-five percent (25%) test, the excess amount of contributions shall be transferred to the retirement system for retirement benefits.
(f) Forfeitures from the group health insurance fund shall not be allocated to individual accounts, but shall be used for account expenses.
(g) At no time prior to the satisfaction of all liabilities under the 401(h) group health insurance fund or termination of the retirement system shall any assets for purposes of group health insurance be used for, or diverted to, any purpose other than the providing of payment of the retirement system portion of the monthly retiree health insurance premium benefit in this section, and the payment of administrative expenses.
(h) The provisions of § 401(h)(5) of the Internal Revenue Code shall apply upon the satisfaction of all liabilities under law.
(i) Effective December 31, 2016, the 401(h) group health insurance fund shall be terminated. After satisfaction of all liabilities under the 401(h) group health insurance fund to provide certain retiree medical benefits, any amounts remaining in this fund must be returned to the city, pursuant to § 401(h)(5) of the Internal Revenue Code.
(j) Effective January 1, 2017, the OPEB Trust shall be created and effective pursuant to § 39.006. The OPEB 115 Trust Fund Agreement will be used to make the payments described in (a) of this section as soon thereafter as is administratively reasonable in the board's judgment.
(1957 Rev. Ords., § 2.541; 1992 Code, § 35-53) (Ord. 96-87, passed 11-16-1987; Ord. 26-98, passed 3-2-1998; Ord. 24-13, passed 5-7-2013; Ord. 118-16, passed 12-20-2016)
(a) Any officer or employee who retires from city employment with an immediate annuitized pension benefit after December 31, 2013, shall upon retirement receive a monthly stipend. The stipend shall be paid at the rate of $40 per month per year of service until such retirant is Medicare eligible or upon death, whichever is sooner. Such stipend shall be adjusted for inflation at an annual rate of 3% beginning in January, 2015.
(b) Credited service for purposes of calculation of the monthly stipend will be determined in the same manner as identified in § 39.224 for members that retire with a regular, early reduced, duty-incurred disability or non-duty-incurred disability retirement benefit.
(Ord. 24-13, passed 5-7-2013; Ord. 118-16, passed 12-20-2016)
All annuities, pensions, retirement allowances, the accumulated contributions of any member, or any other benefit whatsoever accrued or accruing to any member or beneficiary shall be unassignable and shall not be subject to execution, attachment, garnishment or any other process of law whatsoever, except as is specifically provided by this subchapter.
(1957 Rev. Ords., § 2.542; 1992 Code, § 35-54)
Should any change or error in the records result in any person receiving from the retirement system more or less than he or she would have been entitled to receive had the records been correct, the board shall correct the error and as far as practicable shall adjust the payment of benefit in a manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid.
(1957 Rev. Ords., § 2.543; 1992 Code, § 35-55)
(a) The board of trustees shall provide annual post-retirement redetermination of retirement allowances. The redetermined amount shall not be less than the amount of retirement allowances otherwise payable. Any provision of this subchapter which limits the amount of retirement allowances shall not apply to the operation of this section in redetermining the amount of retirement allowances. The application of any provision redetermining retirement allowance amounts may be restricted to retirement allowances having an effective date of payment either prior to or subsequent to a specified date. Any post-retirement redetermination of one or more retirement allowances within a retirement system shall be prefunded and may not bring the retirement system into noncompliance with the provisions of § 39.252(c).
(b) Pursuant to division (a) above, the retirement allowance upon which redeterminations of retirement allowances are made shall be increased once on January 1, 1986, by 0.5% for each year of retirement based on the current retirement allowance for each person retiring on or before December 31, 1974, and 0.5% for each year of retirement based on the original retirement allowance for each person retiring after December 31, 1974.
(c) (1) Starting January 1, 1991, on the first of the month following the thirty-sixth full month of retirement, the board shall redetermine the retirement allowances of those retirants and beneficiaries whose retirement allowances were effective 36 full months prior to the date of redetermination, and the retirement allowances shall be increased as provided in this section effective on the first of the month following the thirty-sixth full month of retirement. On January 1, 1991, and thereafter on each January 1, the board shall redetermine the retirement allowances of all retirants and beneficiaries, and the retirement allowances shall be increased as provided in this section. The retirement allowance and forecast base shall be increased by an amount equal to the current base times the pension increase percentage. The pension increase percentage shall be equal to the percentage increase, to a maximum of 3%, in the Consumer Price Index for All Urban Consumers, as computed by the United States Department of Labor, for the year ending in the month of June preceding the January 1 redetermination date.
(2) Any calculation of benefits required in this section shall be made effective as of the dates mentioned in this section, and the calculation of benefits may be made on a later date. Changes in amounts paid to retirants and beneficiaries shall be paid as soon as practicable after the end of the calendar year.
(1957 Rev. Ords., § 2.546; 1992 Code, § 35-56) (Ord. 2695, passed 7-27-1970; Ord. 108-85, passed 12-2-1985; Ord. 96-87, passed 11-16-1987; Ord. 110-89, passed 10-16-1989; Ord. 110-90, passed 12-3-1990; Ord. 83-93, passed 11-22-1993; Ord. 118-16, passed 12-20-2016)
No other provisions of ordinance which provide wholly or partly at the expense of the city for pensions or retirement benefits, except federal social security benefits, for employees of the city, their widows/widowers, children or other dependents, shall apply to members, retirants and beneficiaries of the retirement system, except as is specifically provided in this subchapter.
(1957 Rev. Ords., § 2.544; 1992 Code, § 35-57)
(a) As of December 21, 1983, the city shall adopt, for the benefit of and on behalf of the current employees of the department of community development, an agency of the city, the employee's pension plan and trust previously established by the agency on January 13, 1970, as amended.
(b) (1) Effective on January 10, 1984, continued participation in the department of community development employee's pension plan and trust will be limited to those employees who have attained 55 years of age on that date and are currently employed by the department of community development. The plan shall be funded with contributions to be made by the city in the same net percentage as that made on behalf of the general members under the city Employee's Retirement System together with employee contributions to be deducted from community development employee's compensation in the same percentage as that contributed by other general members of the city Employee's Retirement System, not to exceed 5% of the compensation paid to the employees by the city, unless increased by a two-thirds majority vote of the members of the retirement board.
(2) The remaining members, except those mentioned in this section, along with any other current employees and any future employees, will start their years of service effective on January 10, 1984, and participate in the city Employee's Retirement System in the same manner and upon the same conditions as other general members of the city's Employee's Retirement System.
(c) All future employees of the department of community development shall be ineligible to participate under the department of community development employee's pension plan and trust.
(d) The department of community development employee's pension plan and trust shall continue to provide benefits to its participants upon death, retirement or termination of employment from the agency, until a time as all funds have been distributed from the trust or until an earlier time as authorized by the council.
(e) A copy of the employee pension plan of the department of community development is on file in the city clerk of records' office.
(1992 Code, § 35-58) (Ord. 102-83, passed 12-12-1983; Ord. 78-84, passed 5-3-1984; Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)
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