IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
AN ORDINANCE repealing section 1512., Jackson County Code, 1984, relating to the Employees' Pension Plan and enacting, in lieu thereof, one new section relating to the same subject, with an effective date.
Intro
ORDINANCE NO. 5819, November 27, 2023
INTRODUCED BY DaRon McGee, County Legislator
Body
WHEREAS, the Legislature believes it to be appropriate to provide a modest increase to the pension benefits earned by Jackson County associates; and,
WHEREAS, a study dated September 5, 2023, authorized by Cheiron, the Jackson County Pension Plan Board of Trustees' retained actuary, determined that the benefits increase enacted in this Ordinance will result in an increase in the normal cost and Actuarial Liability of the Jackson County, MO Revised Pension Plan because the larger pension multiplier results in larger pension benefits; and,
WHEREAS, the proposed benefits increase is in the best interest of the health, welfare, and safety of the citizens of Jackson County; now therefore,
BE IT ORDAINED by the Legislature of Jackson County, Missouri, as follows:
Section A. Enacting Clause. Section 1512., Jackson County Code, 1984, is hereby repealed, and one new section, in lieu thereof, to be known as section 1512., to read as follows:
1512. Pension Income, Calculations.
When a Member lives to his Normal Retirement Date, he shall be entitled to retire and receive a Monthly Pension Income in an amount calculated by the Actuary and certified to the Trustee by the Pension Plan Administration Committee. For Members other than Elected Officials, the Monthly Pension Income under the basic form and payable on his Normal Retirement Date shall be the amount calculated under section 1512.1, but in no event less than the amount calculated under section 1512.2. For Elected Officials, the Monthly Pension Income under the basic form and payable on his Normal Retirement Date shall be the greater of the amount prov...
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