Section 101-531 Ord. 16632; Amending Chapter 18 RE: Firefighers' Retirement Plan


Ordinance No.            16632              Council Bill No.           B 327-00            

AN ORDINANCE

amending Chapter 18 of the City Code as it relates to the firefighters’ retirement plan; and fixing the time when this ordinance shall become effective.

BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:

    SECTION 1.  Chapter 18 of the Code of Ordinances of the City of Columbia, Missouri, is hereby amended as follows:

    Material to be deleted in strikeout; material to be added underlined.

Sec. 18-65. Contributions from covered employees.

(a)    Each covered firefighter employee shall be assessed and required to pay into the fund an amount equal to the cost of twenty (20) year service retirement benefits as established herein less six and seven tenths (6.7) per cent of the employee's compensation. The cost is hereby defined to be the cost of a retirement benefit permitting the retirement of a covered employee with twenty (20) years or more of covered service at the level of benefits herein established, less the cost of a retirement benefit at the established level allowing covered employees to retire at age sixty (60) with twenty-five (25) years or more service in covered employment. The calculation of the respective costs of providing and maintaining these benefits shall be calculated annually by an actuary chosen by the administrator, upon the recommendation of the FRB, and shall be reported to the city council by July first of each year. After October 1, 1996, t The contribution of each firefighter employee shall be ten and fifty-five sixteen and twenty four hundredths (10.55 16.24) per cent of that employee's compensation.
. . .

Sec. 18-70. Retirement benefits due to age or service.

    There shall be paid by the administrator to covered firefighter employees eligible for retirement due to age or service, the following benefits:

. . .

    (2)    To a covered employee retired after August 21, 1995 October 2, 2000, on account of length of service and who has completed at least twenty (20) years of service, a normal retirement benefit equal to sixty (60) seventy (70) per cent of his highest average salary plus two (2) per cent per year for each year of active service in excess of twenty (20) years, up to a maximum benefit of eighty (80) per cent of the highest average salary of the covered employee.

. . .

    SECTION 2.  The City Council hereby finds that a statement regarding the cost of this amendment has been available as public information for at least 45 calendar days prior to the passage of this ordinance and that the statement has been filed in the office of the City Clerk and with the Joint Committee on Public Employee Retirement.

    SECTION 3.  This ordinance shall be in full force and effect from and after its passage.

    PASSED this 2nd day of October, 2000.