Title
An Ordinance creating Subsection 6-53(B)(8) of the Code of Ordinances relating to Pensions - other than Police and Firemen, Specifically, Pensions On retirement, to provide for an increase of five percent (5%) to each retiree’s base annuity or the annuity paid to the retiree’s widow or dependent children, effective January 1, 2024. [Council Clerk’s Office, Allan]
Summary
Authorization to amend Section 6-53 of the Code of Ordinances relating to the City Employee Pension Fund to provide for a five percent (5%) increase, effective January 1, 2024, to each retiree or beneficiary’s base annuity. The increase will apply to all annuity payments made after January 1, 2024. The pension is a “closed” fund, and as of July 1, 2023, there are 8 retirees and 21 beneficiaries participating in the fund, which is over 500% funded. (L1087-23) (Allan/Hamilton)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes: Ashleigh Bailey
Risk Management: NA
Fully Budgeted: Yes
Account Number: 5002-505004-0001-6XXXX
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
Body
BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That SubSection 6-53(b)(8) of the Code of Ordinances of the Lexington-Fayette Urban County Government be and hereby is created to read as follows:
(8) In the first pay period following January 1, 2024, all persons receiving a pension benefit shall receive an increase of five percent (5%) to the base amount of their pension benefit.
Section 2 - That this Ordinance shall become effective on January 1, 2024.
PASSED URBAN COUNTY COUNCIL:
________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL
PUBLISHED:
1087-23:ANB:X:\CASES\LAW\23-LE0001\LEG\00800204.DOCX