Title
An Ordinance creating Subsection 6-53(b)(7) 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, 2023. [Council Clerk’s Office, Allan]
Summary
Authorization to amend Section 6-53 of the Code of Ordinances to provide for a five percent (5%) increase to each retiree’s base annuity starting in 2023. The Board unanimously approved a motion to provide this increase. The Ordinance would be effective January 1, 2023 and would apply to payments received after January 1, 2023. (L0776-22) (Allan/Hamilton)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes: Completed by [Michael Cravens, 8/8/22]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted: Yes
Account Number: 5002-505004-0001-6XXXX
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance: $1,087,500.00 Budgeted for FY 23
Body
BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That Subsection 6-53(b)(7) of the Code of Ordinances of the Lexington-Fayette Urban County Government be and hereby is created to read as follows:
(7) In the first pay period following January 1, 2023, 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, 2023.
PASSED URBAN COUNTY COUNCIL:
________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL
PUBLISHED:
776-22:MSC:X:\CASES\MAYOR\22-LE0003\LEG\00762897.DOCX