IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
AN ORDINANCE amending §1503.35 and 1536., Jackson County Code, 1984, relating to the Jackson County Employees' Pension Plan.
Intro
ORDINANCE #2770, December 15, 1997
INTRODUCED BY Lisa White Hardwick, Fred Arbanas, John Patrick Burnett, Carl W. Bussey, Dennis Waits, Victor E. Callahan, Dan Tarwater, Dixie M. Flynn, and John C. Graham, County Legislators
Body
WHEREAS, at its meeting of November 6, 1997, the Jackson County Pension Plan Administration Committee recommended that the Plan be amended to provide a normal retirement benefit to those active employees who have reached the age of fifty-five, and whose years of age and credited service total eighty years; and,
WHEREAS, the Plan's actuary, KPMG Peat Marwick, has advised that the County can provide this benefit at no additional cost to the Plan if, in connection therewith, the authority in the Plan for an annual cost-of-living increase is reduced from 3% to 1.5%; and,
WHEREAS, since the County has never exercised its authority to award a cost-of-living increase to Plan beneficiaries, the Legislature believes it is in the best interests of the health, welfare, and safety of the citizens of Jackson County to amend the Plan as recommended; now therefore,
BE IT ORDAINED by the County Legislature of Jackson County, Missouri as follows:
Section A. Enacting Clause. Sections 1503.35 and 1536., Jackson County Code, 1984, are hereby amended as follows:
1503.35 Normal Retirement Date.
The term "Normal Retirement Date" shall mean the earlier date of: a.) the first day of the month next following the month during which the sum of the Member's age in years and Credited Service first equals eighty (80) years, but not earlier than the first day of the month next following the Member's fifty-fifth (55th) birthday; or b.) the first day of the month next following the Member's sixty-fifth (65th) birthday, provided than no Member who i...
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