HomeMy Public PortalAbout05-15-1944 83 -
•
• MEETING OF THE COMMON COUNCIL SERVTNG AS A
COMMITTEE IN CHARGE OF THE OPERATION OF THE
• MUNICIPAL ELECTRIC LIGHTING & POIMI. PLANT
OF THE CITY OF RICHMOND, IDIANA.'
•
The Common Council of the City of Richmond, Indiana, serving as a
Committee in charge, of the -operation of the Municipal Electric Lighting
and Power Plant of said. City , met in the office of the Board. of Works,
Monday , May 15th, 19114 , at 8:30 P. M. , er,.Mesars. Cartwright, Hibberd,
Homan, Kinder, Marino, Russell, Tracy & Wilkins being present the follow-
ing proceedings were had to-wit;
The heading of the minutes of the preceding meeting vas=-.dispensed
with.
_ Mr. Stevens presented the proposed plan for the pensioning of the
. employees of the Municipal Light Plant which stated. all -employees would
retire at the age of 65 and that not more than 5 percent of a monthly
salary would be dnduct :d as their share paid in,the City Plant Funds
to _equal -that...amountylalso •N1r.,. .Stevens stated., it .would be necessary for ,
the Plant Funds -to b.e-:used•to-make payments for past services for the
The report _stated..,employgs.s..,«hp .ar..e 55 and Qne::hslf..yearA, of age or
over will not be entitled to pension until they have served an additional
10 years regardless of age.
•
Mr, Stevens stated about 66 employees would ber effected by the pension
plan which provides a guarantee of pension payment to the retired plant
employee or to his beneficiary for a period of ten years and retired
employees are entitled to receive pensions for life.
Death benefits will be paid only in the event of death prior to re-
tirement , but in case of disability of a participant in the pension plan
the participant may start pension payments at the time of disability ,or
may postpone such payments until retirement age.
•
During the next ten years the plant is obligated to pay an estimated
$210,000.00 in annual payments which will average. $21,500.00 to build up
credit for past service of present employees.
The control of the pension plan will be in the hands of a Beard to be
selected frois representatives of' employees, plant management and Council.
After further discussion with Mr. Stevens on the pension plan Mr. Hibberd
moved the plan be adopted as presented ;:::and placed -in effect on the date
recommended by Mr. Stevens. With a second by Kinder the motion was approved.
After allowing claims in the amount of $1.9,472.10 on proper motion the
Committee adjourned.. •
Press ent
Attest;
City Clerk