Title
Funding Purchase of Service Credits for Certain Employees in the Police and Fire Retirement Plan - For the purpose of authorizing the City of Annapolis to fund all or a portion of the cost of purchasing service credits or any actuarial or other fees and costs for certain employees in the Police and Fire Retirement Plan; and specifying that the City of Annapolis shall have the authority to determine the respective percentages that a certain employee and the City of Annapolis shall contribute towards the cost of purchasing service credits or any actuarial or other fees and costs towards participation in the Police and Fire Retirement Plan.
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CITY COUNCIL OF THE
City of Annapolis
Ordinance 25-14
Introduced by: Alderman Littmann, Alderman Budge,
Alderwoman Pindell-Charles, Alderwoman Finlayson,
Alderman Arnett and Alderman Paone
Referred to
Rules and City Government
A ORDINANCE concerning
Funding Purchase of Service Credits for Certain Employees in the Police and Fire Retirement Plan
FOR the purpose of authorizing the City of Annapolis to fund all or a portion of the cost of purchasing service credits or any actuarial or other fees and costs for certain employees in the Police and Fire Retirement Plan; and specifying that the City of Annapolis shall have the authority to determine the respective percentages that a certain employee and the City of Annapolis shall contribute towards the cost of purchasing service credits or any actuarial or other fees and costs towards participation in the Police and Fire Retirement Plan.
BY repealing and re-enacting with amendments the following portions of the Code of the City of Annapolis, 2012 Edition
Section 3.36.020
SECTION I: BE IT ESTABLISHED AND ORDAINED BY THE ANNAPOLIS CITY COUNCIL that the Code of the City of Annapolis shall be amended to read as follows:
CHAPTER 3.36 - POLICE AND FIRE RETIREMENT
3.36.030 Participation and application for benefits.
A. Eligibility to Participate. Each member who participated in this plan on June 30, 1980 shall continue to participate. Each other member will participate in and be covered by the provisions of this plan effective with the member's date of hire. Participation in this plan is a mandatory condition of employment.
B. Procedure to Establish Participation. A member shall obtain from, complete, and deliver to the City's Human Resources Director those forms pertaining to participation in this plan as, from time to time, may be prescribed.
C. Procedure for Obtaining Benefits. Any member who is eligible to receive benefits from the plan shall obtain from, complete, and deliver to the City's Human Resources Director those forms as, from time to time, may be prescribed.
D. Procedure for Withdrawal From Participation. Any member who withdraws from the plan because of termination of employment prior to the accrual of retirement or vested rights, shall obtain from, complete and deliver to the Human Resources Director those forms as, from time to time, may be prescribed.
E. Procedure for Obtaining Widow(er) or Surviving Spouse Annuity Benefits. Any person entitled to survivor's benefits under the plan, in order to obtain those benefits, shall obtain from, complete, and deliver to the Human Resources Director those forms as, from time to time, may be prescribed.
F. Highly compensated employees shall have the option to participate in this plan. In the event a highly compensated employee is not a member of the plan at the time of his or her appointment, he or she may elect to become a member. If he or she elects to become a member more than thirty days after his or her appointment, the highly compensated employee may purchase service credits retroactive to the date of his or her appointment. When such an election is made, the highly compensated employee shall pay for the purchase of service credits and any actuarial or other fees and costs, unless the City elects to fund all or a portion of the cost of purchasing such service credits or any actuarial or other fees and costs, in which case the City shall have the authority to determine the respective percentages that a highly compensated employee and the City shall contribute. (a) is solely responsible for the cost of making the necessary contributions to the plan to purchase the additional service credits; (b) shall make contributions in an amount equal to the actuarial cost of the service credits, as determined by the plan's actuary; and (c) shall pay any actuarial fee associated with such calculation.
SECTION II: AND BE IT FURTHER ESTABLISHED AND ORDAINED BY THE ANNAPOLIS CITY COUNCIL that this Ordinance shall take effect from the date of its passage.
EXPLANATION
CAPITAL LETTERS indicate matter added to existing law.
Strikethrough indicate matter stricken from existing law.
Underlining indicates amendments.