Title
An Ordinance creating Subsection 6-53(b)(4) of the Code of Ordinances relating to the City Employees' Pension Fund to provide for a one-time supplement to pensioners and beneficiaries based on their current annual pension ranging from $200 to $700 and a one-time supplement based on their years of service or beneficiary status ranging from $200 to $500. [Council Clerk's Office, Nelson]
Summary
Authorization to approve a tiered supplement to retirees and beneficiaries of the City Employees' Pension Fund (CEPF). (L1225-13) (Nelson/Hamilton)
This is a request to approve a tiered supplement to retirees and beneficiaries of the CEPF. The one-time adjustments are based on the current annual pension and years of service (at retirement) of each pensioner or beneficiary. The estimated impact is $581,740.50 over the remaining life of the fund (never more than $80,698.98 on an annual basis). The impact for FY 2014 is $74,200. Funds are budgeted.
Budgetary Implications: Yes
Advance Document Review: Law/Risk Management
Fully Budgeted: Yes
Account Number: 5002-505004-0001-63641
This Fiscal Year Impact: @$74,200.00
Annual Impact:
Project:
Activity:
Budget Reference:
Current Balance: Funds are budgeted
Body
BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That Subsection 6-53(b)(4) of the Code of Ordinances, Lexington-Fayette Urban County Government, be and hereby is created to read as follows:
(4) (a) In the first pay period following January 1, 2014, all persons receiving a pension benefit shall be paid a one-time supplement as follows based on the amount of pension benefit being received on that date:
$0 - $10,000.00
$700
$10,000.01 - $20,000.00
$600
$20,000.01 - $30,000.00
$500
$30,000.01 - $40,000.00
$400
$40,001.01 - $50,000.00
$300
$50,000.01 and Above
$200
(b) In the first pay period following January 1, 2014 all persons receiving a pension benefit sha...
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