§IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
AN ORDINANCE repealing section 1523., Jackson County Code, 1984, relating to the Employees' Pension Plan, and enacting, in lieu thereof, one new section relating to the same subject.
Intro
ORDINANCE # 3799, August 14, 2006
INTRODUCED BY Dennis Waits, County Legislator
Body
BE IT ORDAINED by the County Legislature of Jackson County, Missouri, as follows:
Section A. Enacting Clause. Sections 1523., Jackson County Code, 1984, relating to the Employees' Pension Plan, is hereby repealed, and one new section enacted in lieu thereof, to be known as sections 1523., to read as follows:
1523. Purchase of Prior Service Credit.
Those Elected Officials who are in office as of [January 1, 2004] August 31, 2006, may make a one-time irrevocable election to purchase Credited Service for purposes of calculating the Elected Official's Monthly Pension Income under section 1512.3, under the circumstances, terms and conditions provided in this section. The purchase of Credited Service may be made with either pre-tax contributions, such as rollover contributions or plan-to-plan transfers from other retirement arrangements qualified under sections 401(a), 403(a), 403(b), 457(b) or 408 of the Internal Revenue Code, or with after-tax amounts. Any Elected Official who elects to purchase Credited Service under this section may elect to purchase prior service with the employer. The election must be made no later than [June 1, 2005] September 30, 2006, and must be effected by paying to the Plan the amount the Elected Official would have contributed under section 1505.1 had such member been an employee for the number of years for which the member is purchasing credit, and had the Elected Official's compensation during such period been the same as the Elected Official's annual salary as of [December 31, 2003] August 31, 2006. However, the amount paid to purchase additional credit will not exceed the actuarial value of the credit being purchased, as calculated by the Plan's Actuary. Payment of the amount calculated under this section must be made by the Elected Official in a single payment (or rollover or transfer) no later than December 31, [2005] 2006.
(b) (b)
Any Elected Official may make a one-time election to purchase additional Credited Service made available by Section 1503.13(e). Such purchase must be in accordance with the general provisions of this Section 1523, except that payment of the amount calculated under this subsection 1523(a) must be made no later than December 31, 2005.
Enacted and Approved
Effective Date: This ordinance shall be effective immediately upon its signature by the County Executive.
APPROVED AS TO FORM:
_________________________ _______________________________
Chief Deputy County Counselor County Counselor
I hereby certify that the attached Ordinance, Ordinance # 3799 of August 14, 2006 was duly passed on August 21, 2006 by the Jackson County Legislature. In the votes thereon were as follows:
Yeas _______7________ Nays _______0________
Abstaining _____2______ Absents _____0_______
This Ordinance is hereby transmitted to the County Executive for her signature.
____________________ ________________________________
Date Mary Jo Spino, Clerk of Legislature
I hereby approve the attached Ordinance # 3799.
_________________ _________________________________
Date Katheryn J. Shields, County Executive