Title
An Ordinance creating Subsection 6-53(b)(9) of the Code of Ordinances relating to pensions - other than Police and Firemen, specifically, pensions on retirement, to provide for an increase of three percent (3%) to each retiree’s base annuity or the annuity paid to the retiree’s widow or dependent children, effective January 1, 2025. [Council Clerk's Office, Allan]
Summary
Authorization to amend Section 6-53 of the Code of Ordinances to provide for a three percent (3%) increase, effective January 1, 2025, to each retiree or beneficiary’s base annuity. The increase will apply to all annuity payments made after January 1, 2025. The pension is a “closed” fund, and as of September 2024, there are 7 retirees and 19 beneficiaries participating in the fund, which is over 500% funded. (L1006-24) (Allan/Hamilton)
Budgetary Implications [select]: NO
Advance Document Review:
Law: { Select Yes/No, Completed by [Attorney Name, Date]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes
Account Number: 5002-505004-0001-6XXXX
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
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Current Balance:
Body
BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That SubSection 6-53(b)(9) of the Code of Ordinances of the Lexington-Fayette Urban County Government be and hereby is created to read as follows:
(9) In the first pay period following January 1, 2025, all persons receiving a pension benefit shall receive an increase of three percent (3%) to the base amount of their pension benefit.
Section 2 - That this Ordinance shall become effective on January 1, 2025.
PASSED URBAN COUNTY COUNCIL:
________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL
PUBLISHED:
1006-24:ANB:4893-9984-0491, v. 2