Section 103-621; Ord. 17521; Amending Chapter 18 RE: Police Pension Plan


Ordinance No.           17521               Council Bill No.           B 392-02            

AN ORDINANCE

amending Chapter 18 of the City Code as it relates to Police Pension 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. 18-41. Definitions.

For the purposes of this division, the following words and terms shall have the meanings respectively ascribed:
    
    Plan benefits.  Plan benefits include disability retirement benefits determined by Section 18-46, death benefits determined by Section 18-47 and benefits determined by subsections (1) or (2) below.  The plan benefits of subsection (1) below apply to covered employees hired after October 1, 1991 and covered employees employed on October 1, 1991 who elected the benefits of subsection (1).  The plan benefits of subsection (2) below apply to covered employees employed on October 1, 1991 who elected the benefits of subsection (2).

(1)    A covered employee retired due to age or service shall receive three (3) per cent of highest average salary per year of covered employment up to twenty (20) years. For each year of service in covered employment over twenty (20), the covered employee shall receive an additional two (2) per cent of highest average salary per year, up to a maximum of seventy (70) per cent for twenty-five (25) years of service. This benefit shall continue for life.  In the first month of each plan year, the retirement benefit shall be increased by 0.6% (i.e. annual compound COLA).

    (2)    A covered employee covered under this option of the plan shall receive, up to age sixty-two (62), a benefit as set out in subsection (1) above. In addition, a covered employee retiring prior to age sixty-two (62) according to the eligibility requirements of this plan shall receive an increase in the first month of each plan year after retirement of two (2) per cent of the retirement benefits per year up to age sixty-two (62). After age sixty-two (62), all employees retired under this option shall receive one and ninety-six hundredths (1.96) two and twenty hundredths (2.20) per cent of the highest average salary times the number of years of continuous service up to twenty (20) years. For each year over twenty (20), one and forty-six hundredths (1.46) one and seventy hundredths (1.70) per cent of highest average salary is added. The maximum benefit is forty-six and five tenths (46.5) fifty-two and five tenths (52.5) per cent of highest average salary with twenty-five (25) years of continuous service. The benefit calculated at age sixty-two (62) is then increased by two (2) per cent for each year from retirement to age sixty-one (61). The benefits calculated at age sixty-two (62) shall be increased each future year of retirement by two (2) per cent. The benefit calculated at age sixty-two (62) is then payable from age sixty-two (62) and increased in each future year by two (2) per cent of the preceding year's benefit amount.

. . .

    SECTION 2.  This ordinance shall be in full force and effect from and after its passage.

    PASSED this 18th day of November, 2002.