Title
An Ordinance to Amend Sections 1:552, 1:561, 1:562, 1:563, and 1:564 of Chapter 18 (Employees Retirement System) of Title I of the Code of the City of Ann Arbor (to Add the early retirement option Program for Ann Arbor Police Officers Association and the Command Officers Association of Michigan) (Ordinance No. ORD-09-17)
Memorandum
Attached for your review and approval is an amendment of several sections of Chapter 18, which is the Employees Retirement System (Pension) ordinance. Human Resources recommends that the ordinance be amended to reflect the negotiated Early Retirement Option Program (“Program”) for the Command Officers Association of Michigan and the Ann Arbor Police Officers Association. Highlights of the Program include:
1. The Early Retirement Option Program (“Program”) will have a final participation date of June 30, 2009, with retirement effective July 1, 2009.
2. Only employees who meet the Program’s eligibility requirements will be participants. The eligibility requirements are as follows:
a. Employees must meet all qualifications for retirement or early retirement pursuant to the requirements of the Pension Ordinance, with the additional years of service credit being offered by the City (See Paragraph 3a).
b. Employees must retire effective July 1, 2009.
c. Employees must sign a Separation Agreement containing a full and complete waiver of claims against the City (“Release”).
3. The Program’s features include the following:
d. The City will provide to eligible employees two (2) years of service credit (as determined in accordance with Section 1:561(a) of the Pension Ordinance), which will be applicable to eligibility for retirement, as well as calculation of pension benefits.
e. Employees can also purchase, at an actuarially determined rate individual to each participant, up to one (1) year of service credit (as determined in accordance with Section 1:561(a) of the Pension Ordinance), which will be utilized only for the determi...
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