Title
An Ordinance to Amend Section 1:562(2) of Chapter 18, Employees Retirement System, of Title I of the Code of the City of Ann Arbor (Ordinance No. ORD-12-25)
Memorandum
The following amendment to Section 1:562(2) of Chapter 18, Employees Retirement System of the City Code is an IRS requested technical qualification amendment, the adoption of which is required as a condition of the favorable IRS tax qualification ruling letter dated June 20, 2012 being effective.
In 2011, City Council repealed and replaced in its entirety Chapter 18, Employees Retirement System, of the City Code in part to address changes required by federal tax laws to meet tax qualification requirements of the Internal Revenue Code. This technical amendment completes that process.
Approval is recommended.
Staff
Prepared by: Nancy Niemela, Senior Assistant City Attorney and Mary Joan Fales, Senior Assistant City Attorney
Reviewed by: Stephen K. Postema, City Attorney
Approved by: Steven D. Powers, City Administrator
Body
ORDINANCE NO. ORD-12-25
First Reading: August 9, 2012 Published: September 5, 2012
Public Hearing: August 20, 2012 Effective: September 15, 2012
EMPLOYEES RETIREMENT SYSTEM
An Ordinance to Amend Section 1:562(2) of Chapter 18, Employees Retirement System, of Title I of the Code of the City of Ann Arbor.
The City of Ann Arbor Ordains:
Section 1. That Section 1:562(2) of Chapter 18 of Title I of the Code of the City of Ann Arbor be amended to read as follows:
1:562. - Normal or Early Retirement.
A Member may retire upon satisfaction of the applicable age and service requirements as follows:
(1) Early Retirement.
(a) General City Members-Age 50 with 20 or more years of Service.
(b) Firefighter or Police Officer Members-Age 50 with 20 or more years of Service.
(2) Normal Retirement.
(a) General City Members hired or rehired prior to July 1, 2011-Age 60 with 5 or more years of Service, or age 50 with 25 or more years of Service.
(b...
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