[R.O. 2013 §20-69; Ord. No. 5.19 (Bill No. 358) §1, 2-16-1978]
The provisions of this Article shall be considered the official pension plan for the organized police force of the City.
[R.O. 2013 §20-70; Ord. No. 5.19 (Bill No. 358) §2, 2-16-1978]
The effective date of this plan shall be considered as of May 4, 1978, and contributions by the participants and the City shall commence on the next full pay period following said date.
[R.O. 2013 §20-71; Ord. No. 5.19 (Bill No. 358) §3, 2-16-1978]
All members of the organized police force shall be eligible for participation in this plan as of its date of implementation, and all future members of the organized police force shall be eligible immediately upon their hiring. Police Officers employed on the police force as of the effective date will receive a past service credit for their previous employment with the City.
[R.O. 2013 §20-72; Ord. No. 5.19 (Bill No. 358) §4, 2-16-1978; Ord. No. 5.19 (Bill No. 842) §§1 — 4, 6, 9-5-1985; Ord. No. 5.19 (Bill No. 1225) §§1 — 2, 11-1-1990; Ord. No. 5.19 (Bill No. 1288) §2, 12-19-1991; Ord. No. 5.19 (Bill No. 2131) §1, 12-15-2005; Ord. No. 12.14 (Bill No. 2922), 2-19-2025]
As used in this Article, the following words and terms shall have the meanings ascribed to them:
The total of all amounts deducted from the compensations of a member and standing to his/her credit together with investment credits thereon.
A benefit, differing in time, period or manner of payment, of the same actuarial value as such stated benefit, determined by reference to the mortality and interest factors utilized by New England Life Insurance Company in its determination of its net non-participating group annuity purchase rates in effect for defined contribution plans on the date such benefit is to be determined; provided however, that in determining the "lump-sum actuarial equivalent" for purposes of distributing a benefit to a participant, beneficiary, spouse or other person under the plan, the factors in Section 200.760 shall be used.
The total of the annuity.
While the normal form of pension is that payable for life, the participant, when he/she retires, may select any one (1) of several alternate methods:
Pension payable for life, with the added guarantee that if he/she should die before receiving monthly payments for one hundred twenty (120), or one hundred eighty (180), or two hundred forty (240) months, his/her designated beneficiary would receive the balance of the unpaid monthly payments.
A pension payable to the participant for his/her lifetime, with either the same amount, or two-thirds (2/3) of this amount, or one-half (1/2) of this amount payable thereafter to his/her spouse.
Social Security adjustment option. This would be available only if the participant actually retires before being eligible for Social Security benefits. There is no pre-election requirement.
Cash option. A lump sum payment to the participant, in lieu of all other benefits otherwise payable under this plan. Such lump sum payment shall be equal to ninety-five percent (95%) of the annuity consideration otherwise required at the then age nearest birthday of the participant plus one (1) year to purchase the amount of monthly retirement annuity otherwise payable to the participant on the normal retirement pension.
A monthly amount payable by the plan throughout the life of a person or for a temporary period.
The total time of employment as an employee of the City of Arnold Police Department.
The first (1st) of the month coincident with or immediately following the participant's fiftieth (50th) birthday.
A participant shall receive an allowance for life equal to two and one-half percent (2 1/2%) of his/her final average salary multiplied by his/her number of years of credited service, not to exceed a maximum allowance of seventy-five percent (75%), reduced by one-fifteenth (1/15th) for each year the early retirement date precedes the participant's normal retirement date.
The monthly average of the base compensation, excluding holiday pay, longevity pay, overtime pay, and incentive pay, paid to an employee during the five (5) year period immediately preceding the retirement date. In addition, for all employees hired before January 1, 2026, the balance of any accrued vacation that is paid out upon retirement shall be included in the calculation.
The first (1st) of the month coincident with or immediately following the participant's fifty-fifth (55th) birthday.
A participant shall receive an allowance for life equal to two and one-half percent (2 1/2%) of his/her final average salary multiplied by his/her number of years of credited service, not to exceed a maximum allowance of seventy-five percent (75%). The maximum allowance is attained at thirty (30) years of credited service. The normal form of pension life only.
The Finance Director of the City of Arnold, Missouri.
When the participant actually retires, the participant shall receive an allowance for life equal to two and one-half percent (2 1/2%) of his/her final average salary multiplied by his/her number of years of credited service, not to exceed a maximum allowance of seventy-five percent (75%).
[R.O. 2013 §20-73; Ord. No. 5.19 (Bill No. 358) §5, 2-16-1978]
Each member of the organized police force eligible for a pension shall receive a pension in accordance with the aforesaid definition, respectively, depending upon his/her particular retirement status and date, and dependent upon whether or not he/she elected an alternative method of receiving his/her pension at retirement.
[R.O. 2013 §20-74; Ord. No. 5.19 (Bill No. 358) §6, 2-16-1978; Ord. No. 5.19 (Bill No. 842) §§7 — 8, 9-5-1985; Ord. No. 5.19 (Bill No. 1225) §§3 — 5, 11-1-1990]
A.
Vesting. Each member of the organized police force shall contribute eight and one-half percent (8 1/2%) of his/her salary to the pension plan. These contributions will always be fully vested in the participant. In addition, the participant's contributions will be credited with interest at the rate of five percent (5%), compounded annually, or at the rate the funds in the plan are earning, if less.
B.
Death Benefit. (Participant deceased before retirement, no survivors.) If a participant dies before retirement while an employee and has no surviving spouse or surviving dependent children eligible for a benefit under Subsection (C) of this Section, then his/her beneficiary will be entitled to the value of the participant's contributions with interest. If there be no such designated person surviving at termination, such amount shall be paid to the participant's estate.
C.
Survivor's Benefit. (Participant deceased before retirement, surviving spouse or dependent children entitled to benefits.)
1.
If a participant with five (5) or more years of credited service dies before retirement while an employee, the applicable benefits provided in Subparagraphs (2), (3) and (4) of this Subsection shall be paid, subject to the provisions of Subparagraph (6).
2.
His/her surviving spouse to whom he/she was married for not less than six (6) months immediately preceding the time of his/her death shall receive an allowance of sixty percent (60%) of an allowance computed in the same manner in all respects as if such participant had retired the date of his/her death with an allowance for life based upon his/her credited service and final average salary to time of death and without reduction if his/her age was younger than his/her minimum service retirement age and he/she had nominated such spouse as beneficiary. If such spouse had not attained age forty (40) at the time of the participant's death, such spouse allowance shall be payable for the remaining life of such spouse, but in no event for more than one hundred twenty (120) months.
3.
If a spouse benefit is not payable under the provisions of Subparagraph (2) of this Subsection, or when such spouse benefit has ceased to be payable, each dependent child of the deceased participant shall receive an allowance of an equal share of sixty percent (60%) of an allowance computed in the same manner in all respects as if such participant had retired the date of his/her death with an allowance for life based upon his/her credited service and final average salary to time of death and without reduction if his/her age was younger than his/her minimum service retirement age. A child shall be a dependent child until his/her death or his/her marriage or his/her attainment of age eighteen (18) whichever occurs first; provided the age eighteen (18) maximum shall be extended as long as the child continues uninterruptedly being a full-time student at an accredited secondary school or college or university, but in no event beyond his/her attainment of age twenty-three (23); provided further, the age eighteen (18) maximum shall be extended for any child who has been found totally incapacitated by a court of competent jurisdiction for as long as such incapacity exists. Upon a child ceasing to be a dependent child, his/her allowance shall terminate, and there shall be a redetermination of the amounts payable to any remaining dependent children.
4.
In the event all the allowances provided for in this Subsection, payable on account of the death of a member, terminate before there has been paid an aggregate amount equal to his/her accumulated contributions with interest standing to his/her credit at the time of his/her death, the difference between such accumulated contributions and such aggregate amount of allowance payments shall be paid to such person as he/she shall have nominated by written designation duly filed. If there be no such designated person surviving at termination, such difference shall be paid to the participant's estate.
5.
For the purpose of computing the amount of the allowance payable under this Section and for the purpose of determining eligibility pursuant to Subparagraph (1) of this Subsection, credited service shall be given for the period from the date of the participant's death to the date he/she would have attained age fifty-five (55), if the death was the natural and proximate result of a personal injury or disease arising out of and in the course of his/her actual performance of duty as a Police Officer.
6.
In no case, however, would the amount of this survivor benefit together with any similar benefit the beneficiary is also receiving under any Workers' Compensation or similar law on account of the same death and/or any benefit payable from the Federal Social Security program on account of the same death exceed his/her average compensation from the City at the time of his/her death.
[R.O. 2013 §20-75; Ord. No. 5.19 (Bill No. 358) §7, 2-16-1978; Ord. No. 5.19 (Bill No. 1225) §7, 11-1-1990]
A.
Any participant in service who has not attained the age and service requirements of a normal retirement pension and who becomes totally and permanently physically or mentally incapacitated for his/her duty as a Police Officer, as the natural and proximate result of a personal injury or disease which the Plan Administrator finds to have arisen out of and in the course of his/her actual performance of duty as a Police Officer, may be retired upon written application filed with the Plan Administrator; provided that after a medical examination of such member made by or under the direction of a medical committee consisting of three (3) physicians, one (1) of whom shall be selected by the Plan Administrator, one (1) by or on behalf of such participant, and the third (3rd) by the first two (2) physicians so named if necessary, the medical committee reports to the Plan Administrator, by majority opinion in writing, that such participant is physically or mentally totally incapacitated for the further performance of duty, that such incapacity will probably be permanent, and that such participant should be retired.
B.
Upon disability retirement as provided in Subsection (A) of this Section, a participant shall receive an allowance for life provided under a normal retirement pension; provided that for the sole purpose of computing the amount of such allowance for any retirant younger than normal retirement age at the beginning of such disability, he/she shall be given credited service for the period from the date of his/her disability retirement to the date he/she would attain age fifty-five (55). He/she shall have the right to elect an option provided for in Section 200.630(1), (2) or (3) in the definition of ALTERNATE METHODS OF RECEIVING PENSION AT RETIREMENT. His/her disability retirement and allowance shall be subject to the provisions of Subsections (E) and (F) of this Section.
C.
Any participant in service with five (5) or more years of credited service who has not attained the age and service requirements for an early retirement pension or a normal retirement pension and who becomes totally and permanently physically or mentally incapacitated for his/her duty as a Police Officer, as the result of a personal injury or disease, may be retired upon written application filed with the Plan Administrator; provided that after a medical examination of such member made by or under the direction of a medical committee consisting of three (3) physicians, one (1) of whom shall be selected by the Plan Administrator, one (1) by or on behalf of such participant, and the third (3rd) by the first two (2) physicians so named if necessary, the medical committee reports to the Plan Administrator, by majority opinion in writing, that such participant is physically or mentally totally incapacitated for the further performance of duty, that such incapacity will probably be permanent, and that such participant should be retired.
D.
Upon disability retirement as provided in Subsection (C) of this Section, a participant shall receive an allowance for life provided under a normal retirement pension and shall have the right to elect an option provided for in Section 200.630 (1), (2) or (3) in the definition of ALTERNATE METHODS OF RECEIVING PENSION AT RETIREMENT. His/her disability retirement and allowance shall be subject to the provisions of Subsections (E) and (F) of this Section.
E.
At least once each year during the first five (5) years following a participant's retirement on account of disability, and at least once in each three-year period thereafter, any disability retirant who has not attained the age of fifty (50) shall undergo a medical examination by a physician designated by the Plan Administrator. If the retirant refuses to submit to medical examination in any such period, his/her disability allowance shall be suspended until his/her withdrawal of such refusal. If such refusal continues for one (1) year, all his/her rights in and to a disability allowance shall be revoked. If, upon medical examination of the retirant, the physician reports to the Plan Administrator that the retirant is physically and mentally able and capable of resuming his/her duty as an employee in the position held by him/her at the time of his/her disability retirement, then the Plan Administrator shall, if demanded by the retirant, arrange a further medical examination of such participant made by or under the direction of a medical committee consisting of three (3) physicians, one (1) of whom shall be selected by the Plan Administrator, one (1) by or on behalf of such participant, and the third (3rd) by the first two (2) physicians so named if necessary. Should the medical committee concur, by majority opinion in writing, the disability retirant is capable of resumption of duty, his/her disability retirement shall terminate, his/her credited service at the time of disability retirement shall be restored to his/her credit, and the amount of his/her accumulated contributions at the time of his/her disability retirement shall be restored to his/her credit. If he/she was in receipt of a duty disability allowance provided for in Subsection (A) of this Section, he/she shall also be given service credit for the period he/she was in receipt of the duty disability allowance.
F.
Should a disability retirant who has not attained age fifty (50) receive remuneration for his/her personal services rendered in any gainful occupation, then in no event shall the amount of his/her disability allowance together with such remuneration and/or any similar benefit the retirant is also receiving under any Workers' Compensation or similar law on account of the same disability and/or any benefit payable from the Federal Social Security program on account of the same disability exceed his/her average compensation from the City at the time of his/her disability.
[R.O. 2013 §20-76; Ord. No. 5.19 (Bill No. 358) §8, 2-16-1978]
Each member of the organized police force of the City who qualifies for a disability benefit under the definitions as set forth in this plan shall receive said benefit in accordance with the particular definition applicable to his/her particular disability.
[R.O. 2013 §20-77; Ord. No. 5.19 (Bill No. 358) §9, 2-16-1978; Ord. No. 5.19 (Bill No. 2091), §1, 4-21-2005; Ord. No. 5.19 (Bill No. 2131) §§2 — 3, 12-15-2005]
A.
Contributions Fully Vested. Should a member of the organized police force of the City terminate his/her employment in a manner other than by death, disability or retirement, his/her contributions shall be fully vested, together with interest credited thereon.
B.
Definition Of Accrued Benefit. Accrued benefit is equal to a participant's pension benefit computed by the method for determining the normal retirement pension, with salary averaged at the time of such termination, multiplied by the ratio of his/her actual years of participation to the total number of years of participation he/she would have had to his/her normal retirement date.
C.
Vesting In Accrued Benefit.
1.
A participant's interest in his/her accrued benefit shall be fully vested and non-forfeitable upon the occurrence of any of the following events: his/her total and permanent disability after satisfying any age and/or service requirements specified in Section 200.660, his/her attainment of his/her early retirement date or normal retirement age while in the service of the employer, and the termination of the plan. Prior to the occurrence of any of the preceding events, the participant's vested interest in his/her accrued benefit shall be determined in accordance with the following vesting provisions, subject to the provisions of this Article.
2.
Any participant who has not completed at least five (5) years of vesting service but who has made any mandatory contributions under the plan shall be entitled to receive a lump sum payment equal to the value of the participant's contributions with interest. Such participant shall not be entitled to any further benefit derived from employer contributions.
3.
Any participant who has completed at least five (5) years of vesting service on his/her termination date shall be entitled to choose between Option 1 and Option 2 below (provided that Option 2 shall be deemed to have been chosen unless the participant elects Option 1 prior to his/her normal retirement date):
Option 1: | A lump sum payment equal to the value of the participant's contributions with interest. Such a participant shall not be entitled to any further benefit derived from employer contributions. | ||
Option 2: | A monthly benefit, payable commencing at normal retirement date on the normal form of annuity, equal to the participant's accrued benefit. | ||
"Years of vesting service" shall mean all years of service. | |||
D.
Mandatory Distribution Greater Than One Thousand Dollars ($1,000.00). In the event of a mandatory distribution greater than one thousand dollars ($1,000.00) in accordance with the provision of this Section, if the participant does not elect to have such distribution paid directly to an eligible retirement plan specified by the participant in a direct rollover or to receive the distribution directly, then the Plan Administrator will pay the distribution in a direct rollover to an individual retirement plan designated by the Plan Administrator.
[R.O. 2013 §20-78; Ord. No. 5.19 (Bill No. 358) §10, 2-16-1978]
The City agrees to pay the additional costs of the pension plan over and above the participant contributions, subject to the limits of Section 200.700.
[R.O. 2013 §20-79; Ord. No. 5.19 (Bill No. 358) §11, 2-16-1978]
In no event and under no circumstances shall anything in this Article be held or construed to impose upon the City any duty or liability in excess of the amount appropriated in the annual budget as set forth in the annual budget adopted each year.
[R.O. 2013 §20-80; Ord. No. 5.19 (Bill No. 358) §12, 2-16-1978]
The Council of the City shall have the same right to amend this Article in every particular, without the necessity of approval by the electorate, as it has to amend or alter any ordinance originally adopted by the said Council.
[R.O. 2013 §20-81; Ord. No. 5.19 (Bill No. 358) §13, 2-16-1978]
Any person who shall knowingly or willfully make any false statement for the purpose of securing benefits under the provisions of this Article, or shall falsify, cause or permit to be falsified any record or records of this pension and disability plan in any attempt to defraud shall be guilty of an ordinance violation and shall be punishable therefor under the laws of the City; and all his/her rights, interests and privileges under and by virtue of this Article shall be forfeited.
[R.O. 2013 §20-82; Ord. No. 5.19 (Bill No. 358) §14, 2-16-1978]
The benefits payable from the funds provided for by this Article shall not be assignable, subject to counterclaim, recoupment or setoff, nor shall they be subject to assignment, garnishment, sequestration, execution, injunction or any other decree, order, process or proceeding in any court for the payment of any debt of the participants or their beneficiaries; and the benefits shall be held and distributed for the purpose of this Article and for no other purpose whatsoever.
[R.O. 2013 §20-83; Ord. No. 5.19 (Bill No. 358) §15, 2-16-1978]
This Article shall not take effect in the City until approved by the voters thereof. The City Council shall by resolution cause this pension plan to be submitted to the qualified voters of the City at a general or municipal election. The City Clerk shall publish thereof as follows: "Shall the police pension plan be approved?" If the majority of the voters casting votes thereon at the election is in favor of the question, this pension plan shall take effect in the City thirty (30) days after the election. Notice of this election shall be published at least once a week for at least three (3) weeks in a newspaper of general circulation in the City, last publication to be not more than three (3) nor less than two (2) weeks next preceding the election.
[R.O. 2013 §20-84; Ord. No. 5.19 (Bill No. 1228) §1, 11-1-1990; Ord. No. 5.19 (Bill No. 1246) §2, 5-2-1991]
There is hereby established a Pension Plan Review Committee for the police pension plan. The Committee shall consist of five (5) persons: the Mayor, a member of the City Council appointed by the Council, the Plan Administrator, the Chief of Police, and one (1) plan member elected by the membership of the pension plan. The Committee shall meet annually to review the results of the plan for the year ended the past August thirty-first (31st). Upon completion of their review, the Committee shall prepare a report of their findings for distribution to the Council and the membership of the pension plan.
[R.O. 2013 §20-85; Ord. No. 5.19 (Bill No. 2131) §4, 12-15-2005]
For purposes of determining the alternative cash option benefit, also known as the lump sum actuarial equivalent benefit outlined in Section 200.630(4) in the definition of ALTERNATE METHODS OF RECEIVING PENSION AT RETIREMENT, the following factors shall be used:
Age | Immediate Lump Sum Factor | |
|---|---|---|
50 | 173.61 | |
51 | 171.76 | |
52 | 169.80 | |
53 | 167.62 | |
54 | 165.54 | |
55 | 163.24 | |
56 | 160.82 | |
57 | 158.40 | |
58 | 155.87 | |
59 | 153.22 | |
60 | 150.57 | |
61 | 147.80 | |
62 | 144.92 | |
63 | 142.04 | |
64 | 139.05 | |
65 | 136.05 |