HomeMy Public PortalAboutORD12301 A � YAi'vKw3Y (dBSd�txdlUd4iuw.s�twa:.
BILL NO. 95-6
SPONSORED BY COUNCILMAN ,
. MQD9Well &Nil ML—
ORDINANCE NO. 1230E
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, ELECTING THE "80 AND I BENEFIT OUT" RETIREMENT BENEFIT OPTION FOR ITS EMPLOYEES 1IiEMEN'T SYSTEM-
WHEREAS, RAM IN
THE MISSOURI LOCAL.GOVERNMENT EMPLOYEES
the City has obtained, distributed, and made available as public information, on April
17, 1995, an actuarial review of the cost associated with adopting the 1180 and Out"
retirement benefit for its employees as required by Sections 105.665 and 105.675,
RSMo 1994; and
WHEREAS, more than forty-five (45) days have elapsed since the cost statement was made
available before final adoption by the Council;
r BE IT ENACTED BY THE COUNCIL. OF THE CITY OF JEFFERSON, MISSOURI, AS
FOLLOWS:
1 L The City of Jefferson hereby elects the alternate retirement eligibility option"80
Section t and Out" in accordance with the provisions of Section 70.646, RSMo 1994. The "s of credited
and Out"
option provides that the member has an option of retirement upon attaining age and years
service in force with a minimum of five years of credited service which total 80 or more.
Se9ti2n_,. The City Clerk shall certify this election to the Missouri Local Government
Employees'Retirement System within ten days hereof. Such election shall be effective on the first
day of July, 1995. _
` Passed: u e 9 995 Approved: I)I�i-4 -
L 1
r �
eliding Officer President Pro T. ore
ATTEST:
Cle
Ordinance was vetoed by Mayor Schreimann on July 5, 1995: Veto was overridden by
ie Council at July 10, 1995, Council Meeting. President Pro Tempore Bill Byrd signed the
' ordinance.
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BILL NO. 95-6
SPONSORED BY COUNCILMAN McDowell &Nil eg_s
ORDINANCE NO. 12301 ..�
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, ELECTING THE "80 AND
OUT" RETIREMENT BENEFIT OPTION FOR ITS EMPLOYEES' BENEFIT PROGRAM IN
THE MISSOURI LOCAL GOVERNMENT EMPLOYEES RETIREMENT SYSTEM.
WBEREAS, the City has obtained,distributed, and made available as public information, on April
17, 1995, an actuarial review of the cost associated with adopting the"80 and Out"
retirement benefit for its employees as required by Sections 105.665 and 105.675,
RSMo 1994; and
WHEREAS, more than forty-five (45) days have elapsed since the cost statement was made
available before final adoption by the Council;
BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI, AS
FOLLOWS:
Section 1. The City of Jefferson hereby elects the alternate retirement eligibility option"80
and Out" in accordance with the provisions of Section 70.646, RSMo 1994. The "80 and Out"
option provides that the member has an option of retirement upon attaining age and years of credited
service in force with a minimum of five years of credited service which total 80 or more.
Seplion 2. The City Clerk shall certify this election to the Missouri Local Government
Employees'Retirement System within ten days hereof Such election shall be effective on the first
day of July, 1995.
Passed: June 19, 1995 Approved: . 5
I he.4 10
eliding Officer President Pro Te ore
ATTEST:
y.:Qlerk
{
Ordinance was vetoed by Mayor Schreimann on July 5, 1995. Veto was overridden by
Council at July 10, 1995, Council Meeting. President Pro Tempore Bill Byrd signed the
ordinance.
4
of J
r
City of Jefferson Q Duane Schreimann
w Mayor
W
July 5, 1995
Tear Council Members:
After considerable thought and study, I have decided that I
must veto Bill No. 95-6, 1180 and Out. " Based upon the payroll
figures I have reviewed, together with the estimated payroll
figures for the next budget year, it appears that the cost of 1180
and Out" for the remaining part of -this fiscal year is
approximately $50, 000. 00 to $52, 000.00, which is over the budget
. , estimate by $5,000. 00 to $7, 000. 00. While this cost could
probably be absorbed this year, I am not confident that the
anticipated cost of 1180 and Out" can be easily absorbed in future
budget years.
Based on current estimated payroll figures for next year, it
appears that it will cost the city approximately $165,000.00 to
' a $172, 000. 00 to fund 1180 and Out" in the upcoming budget year, and
I truly believe that these estimates are conservative. Over the
next five years, the total cost of the 1180 and Out" program,
assuming continued increase in city payroll, could equal or
exceed $1 Million. If the city commits itself to this program,
the resulting cost could negatively impact the ability of the
city to consider cost-of-living and merit raises for its
employees in the ensuing budget years and could result in the
reduction of the city's ability to provide necessary services
in future budget years.
As you are aware, there are other retirement options
f available which may be more beneficial to the great majority of
city employees and which could cost less than the 1180 and Out"
option. I believe these other options should be expolored as a
part of the overall budget process. While many city employees "
might have an earlier retirement date under 1180 and Out" rather
than under other retirement options, I do not believe that very
many of the eligible employees would actually elect to retire
early because of the difference in their retirement pay versus
their actual pay.
Lastly, while I understand the importance of city
government's allegiance to its workforce, I believe a greater
allegiance is owed the citizens and taxpayers, and the cost of
1:80 and Out" exceeds any overall benefit to the citizens at
large. /V�MT trul Yo s,
l- Duane Schreimann, Mayor
t-
�'.<•:�.� ���.� }{L�,i"�,�f{?'�TL°,'f- ��: :�5�"`Fi fl ',,.,!�'�.331} Ky�+ ''"�"����.. t•i�'.°r'.,�o-r'u:f?p�c ^ka.l�+t
rr
t
' BILL NO. 95:6.
` SPONSORED BY COUNCILMAN McDowell 8,d il&
i
ORDINANCE NO. 12301_
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, ELECTING THE "8O AND
OUT" RETIREMENT BENEFIT OPTION FOP.ITS EMPLOYEES'BENEFIT PROGRAM IN
THE MISSOURI LOCAL GOVERNMENT EMPLOYEES RETIREMENT SYSTEM.
WHEREAS, the City has obtained, distributed, and made available as public information, on April
17, 1995, an actuarial review of the cost associated with adopting the"80 and Out"
retirement benefit for its employees as required by Sections 105.665 and 105.6'75y
RSMo 1994; and
WHEREAS, more than forty-five (45) days have elapsed since the cost statement was made
available before final adoption by the Council;
BE IT ENACTED BY THE COUNCIL OF TIC CITY OF JEFFERSON, MISSOURI, AS
{. FOLLOWS:
. Section 1• The City of Jefferson hereby elects the alternate retirement eligibility option"80
and Out" in accordance with the provisions of Section 70.646, RSMo 1994. The "80 and Out
option provides that the member has an option of retirement upon attaining age and years of credited
service in force with a minimum of five years of credited service which total 80 or more.
Section 2. The City Clerk shall certify this election to the Missouri Local Government
Employees'Retirement System within ten days hereof. Such election shall be effective on the first
day of July, 1995.
Passed: June 19. 1995 Approved:
Presiding Officer Mayor
ATTEST:
City Clerk
4,
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