City of Troy, MO Article VII Miscellaneous Provisions

Section 115.330 Employees Retirement System.

[Ord. No. 1069, 7-29-2008]

A. The Board of Aldermen of the City of Troy, a "political subdivision", as defined in Sections 70.600 through 70.755, RSMo. (2000), as amended, hereby elects to become a participating political subdivision of the Missouri Local Government Employees Retirement System and to thereby provide retirement benefits to all its eligible general employees and all Police Officers under Benefit Program L-3; and

B. The Board of Aldermen of the City of Troy hereby elects that one hundred percent (100%) of the period of employment with the subdivision prior to July 1, 1997 shall be considered as "prior service" within the meaning of Section 70.600 (20), RSMo. (2002) and shall be considered for purposes of vesting and benefit calculation purposes; and further elects that such periods of employment with the subdivision from July 1, 1997 to the date the City of Troy becomes a participating political subdivision in the system shall be deemed to constitute "service credit" only for the purpose of determining the beginning date of employer contributions and for determining whether an employee is vested; but shall not be considered for benefit calculation purposes; and

C. "Membership service" refers to any period of employment beginning or rendered on or after the date the subdivision becomes a LAGERS participating political subdivision, which service shall be considered for purposes of vesting, calculating benefits and for determining the beginning date of employer contributions for employees hired and/or employed during this period and further elects that employees eligible to become members of LAGERS are those employees employed in positions normally requiring one thousand five hundred (1,500) hours of work a year, provided such employees are not members of another governmental retirement plan or are otherwise excluded from membership in LAGERS by State law; and

D. The Board of Aldermen of the City of Troy hereby elects to have the "final average salary" of its employee members determined over a sixty (60) consecutive-month period; and

E. The Board of Aldermen of the City of Troy elects to require employees who become members of LAGERS to pay no employee contributions to LAGERS; and

F. The Board of Aldermen of the City of Troy hereby elects the regular retirement age for all eligible employees; and

G. The Treasurer of the City of Troy is hereby authorized and directed to deduct from the wages or salaries of each employee member, the employee contributions, if any, required by Section 70.705, RSMo. (2000) and to promptly remit such contributions to LAGERS, along with the employer contributions required by Sections 70.705 and 70.730, RSMo. (2000), as amended.