[Adopted 6-24-1997 by Ord. No. 97-011]
Appointed and elected officials participating
in the City of Monroe Pension System are eligible to retire at 55
years of age with a minimum of 15 years of service. These requirements
are in addition to previous eligibility requirements:
[Added 11-1-2021 by Ord. No. 21-010]
A.
Notwithstanding any other provisions this § 127 of the
Code of the City of Monroe, the City desires to offer certain nonunion
employees of the City of Monroe, Michigan an early retirement incentive
under which they will voluntarily resign from employment with the
employer effective December 31, 2021, and, in consideration thereof,
be entitled to receive the incentive payments outlined in their separation
and release agreement, which include benefit enhancements under the
retirement system and retiree health plans.
B.
The City, in the discretion of the City Manager, may offer a voluntary
resignation incentive benefit to the following nonunion employees:
C.
In the event of a voluntary resignation from employment with the
City of Monroe pursuant to an executed separation and release agreement
containing the early retirement incentives, an employee shall receive
the enhanced retirement benefits under the retirement system and retiree
health plan as follows:
(1)
The Chief of the Fire Department shall be treated as attaining
the age of 50 and credited with 25 years of service as of December
31, 2021, for purposes of i) commencing an unreduced retirement allowance
under the retirement system; ii) computing his retirement allowances
under the retirement system; and iii) commencing and receiving retiree
health care coverage under the retiree health plan.
(2)
The Chief of Police shall be treated as attaining the age of
50 as of December 31, 2021, and shall receive one additional year's
credited service for purposes of i) commencing an unreduced retirement
allowance under the retirement system; ii) computing his retirement
allowances under the retirement system; and iii) commencing and receiving
retiree health care coverage under the City of Monroe, Michigan Retiree
Health Plan.
(3)
All other eligible nonunion employees covered by this amendment
shall receive one additional year's credited service for purposes
of computing their retirement allowances under the retirement system
and their retiree health coverage under the retiree health plan.
(4)
Notwithstanding anything to the contrary, the amount of any
severance payments made under separation and release agreements referred
to herein shall not be considered wages toward their final average
compensation under the retirement system.
(5)
Notwithstanding anything to the contrary under §§ 127-11A(2), 127-14E or 127-48B, a nonunion member who is covered by the early retirement program described in this § 127-52 and has reached the age and service requirements to retire normally with an unreduced retirement allowance under the retirement system shall be eligible to commence receiving his or her retirement allowance under this system even though such nonunion member continues to provide services to and receive compensation from the City on or after his or her retirement effective date as determined under the separation and release agreements. In this case, such nonunion member shall cease to be considered a member under this retirement system (i.e., shall cease to be treated as employed in a membership position), and, during such period of continued employment after this retirement effective date, he or she shall not accrue any additional credited service, benefits or compensation for purposes of computing his or her retirement allowance under this retirement system.
[Added 3-7-2022 by Ord.
No. 22-001]
There is no change in the present contribution rate for these officials, which rate shall be 2%. Appointed and elected officials participating in the City of Monroe Pension System shall have the option of electing to participate in the 1997 Amended DB-DC Plan, as set forth in § 127-48, within 90 days from the date of passage thereof. Effective July 1, 1997, all newly appointed and elected officials will participate in the amended plan, as outlined in § 127-48.
