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Ordinance 0999Alameda Ordinance No. 999 City Ordinance New Series NEW SERIES AN ORDINANCE AMENDING ORDINANCE NO. 673 NEW SERIES. ENTITLED "AN 0RDINANCE ES- TABLISHING A RETIREMENT, PENSION AND INSURANCE SYS- TEM FOR OFFICERS AND EM- PLOYEES OF THE CITY OF ALAMEDA" BY AMENDING, ADDING; AND REPEALING CER- TAIN SECTIONS THERE0F. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF ALA - MEDA as follows. SECTION 1. Subdlvislon (e) (f) and (g) of Section 2 of Ordinance No 673, New Series, referred to in the title hereof, as amended by Or- dinance No. 857, New ,Series, is here- by amended to read as follows: (e) "Compensation" shall mean the compensation payable in cash plus the monetary value, as deter- mined by the Retirement hoard, of any allowance in lieu thereof, but such compensation shall not exceed six hundred dollars ($600.00) per month. (f) "Compensation earnable" by a member shall meaan the compens�a- tion, as determined by the Retire- ment Board, which would have been earned by the member had he worked, throughout the period under consideration, the average number of days ordinarily worked by persons in the same grade or class of positions as the position held by hint during such period, and at the r ates of pay attached to such positions, it being assumed that dur- ing any absence said member was in the position held by him at the beginning of the absence, but such compensation earnable shall not be taken to exceed six hundred dollars ($600.00) per month. (g) "Final compensation" shall mean the average annual compen- sation earnable by a member dur- ing' the five (5) ,years immediately preceding his retirement, but such final compensation shall not exceed seven thousand two hundred dollars ($7200.00) per year. SECTION 2. Subdivisions (a) and (c) of Section 7 of Ordinance No, 673, New Series, referred to in the title hereof, as amended by Ordi- nance No. 8:57, New Series, and Or- dinance No" 861, New Series, 1 hereby amended to read as follows: (a) The rates of contribution shall be so fixed as to provide on the average an annuity at age sixty -five (65) equal to one one - hundred and twentieth (1/120) of the final com- pensation of members for each year of current service rendered after entering the system, based on tables adopted by the Board. Until revised as a t c s 31t of the actuarial valua- tion provided for in Section 5 (e), the rate of contribution of each member shall be that percentage of his c inpensation shown In the fol- Iowing tables accordln to sex and age at the nearest birthday at the time o entry into the retirement system: Percentage of A ;'e of Entry Compensation Into System Male Female 20 or under ................ 5.36 5.93 21 ............... ......... .... .._._ 5.41 5.98 22 ... ......................... . . .... 5.46 6.03 23 ------ --------- _ ....... ........ 5.51 6.08 24 ... . . . .. ......................... 5.56 6.14 25 ................. 5.61 6.20 26 __ ------- ...... °.._ ------ _..... 5.66 6.26 27 ...... ........ 5.71 6.32 28 ... ............................... 5.76 6.38 29 ----- -- --- ---- ------- ---- --- ----- 5.81 6 45 30 ._.__ ...................°...- -- 5.87 6.52 31 --- ...... ......... _ ...... ..._.. 5.93 6.59 32 ............ . •-- ...•......._.... 5.99 6.66 33 ... ........ ................. . . . . .. 6.05 6.73 34 ____ ------------ ___._._. °.. 6.11 6.80 35 ------ 6.85 36 ...... . . .... ...... .............. 6.23 6.96 37 ...... 6.30 7.04 38 ---_-------------- -------- 6 -37 7.1.3 39 ... ............................... 6.44 7.22 40 ... ... ......... •___......m.------- 6.51 7.31 41 ... ........ ___ .......... ___ 6.58 7.40 42 ---- ------------ - .-................ 6.66 7.49 43 ..... . .... .... .. ................ 6.74 7.55 44 ............ ..................... 6.82 7.67 45 __. ..._. °...._- •..._• ............. 6.90 7.77 46 ... .... ........................... 6.98, 7.87 47 ---- -- ------ - - ---- ------ - - ---- 7.06 297 48 -------------------- --------- 7.14 8.08 49 ----- _---------- __ ------ __------- _ 7.22 8.19 50 . °.._. __ ._. ..................... 7.31 &30 51 ......... ---- --. _ 7.40 8.41. 52 __..•• . . . . ... ........ ---------- 7.49 S.52 53 ----- ---- --- -- - -•• ----- --- ---- -- 7.58 8.63 54 ... .... ..... ------ --- .......... 7.67 8.74 55 __. -- -------------- ,.- ... --- ...... 7.76 8.85 56 -------------------- ------------ 7.86 8.96 57 --- - -- ------- ----- -- - ------- - - --- - 7.96 9.08 58 ................ ... ....... ..W...._ 8.06 9.20 59 .----- °-._ ... .......... _------- °_. 8.:16 9.32 66 ------ ____ -------- ___ 8.27 9.49 61 ....... ---•----------------------- 8.37 9.56 62 ... .. .................... 8.48 9.68 63 ----------- ......... ... ......... .. 8.50 9.80 64 or over --- --------- 8.70 9.92 (c) The Retirement Board shall certify to the head of each office or department or City board, the rate of contribution for each mem- ber provided for in subdivision (a) of this section. The head of eact, . office or department and the chief administrative officer of each City board, shall apply such rate of contribution to so much of the compensation of a member as does not exceed Six hundred dollars ($600.00) per month and shall certify to the Auditor on each and every payroll to the amount to be con- tributed, and shall furnish immedi- ately to the Retirement Board a copy of each and every such pay- ment; and each of said amounts shall be deducted by the Auditor and a warrant, payable to the Re- tirement Fund for the amount of the total deductions shall be, drawn by the Auditor and paid into the Retirement Fund, and the retire- ment Board shall credit the indi- vidual account of each member with the amount deducted from his compensation. Ordinance No. 999 Alameda City Ordinances New Scries S1+1CTION 3. Section 11 of Ordi- nance No, 673, New Series, referred to in the title hereof, is hereby amended to read as follows: Section 11. There shall be paid into the Retirement Fund by con- tributions of the City the amounts necessary to pay all - pensions and all other benefits allowable under t ordinance to members on account of prior service. Until the amount accumulated in the Retire- ment Fund, together with the actu- arial present value of future con- tributions of the then existing members and niatchin-­ contribu- tions of the City become at least as lard as the net actuarial present value of all amounts thereafter payable from said fund on behalf of the then active and retired mem- bers, the LIMOUILL �WIILMIJY due from the City to said fund under this Section shall be an amount recom- mended by the Retirement :Board on the advice of the Actuary neces- sary to amortize the remaining obligations of the City over a spe- cified Period of years to be adopted by the Retirement Board. SECTION 4. Section 13 of Ordi- nance No. 673, New Series, referred to in the title hereof, is hereby amended by amendments and addi- tions thereto to read as follows: Section 13 (a), Should the City service of any member be termi- nated except by death or retire- ment prior to the completion of te : years (10) of service, the axnounts of his accumulated contri- butions shall be Paid to him within six (6) months after his termina- tion of service. The corresponding a mount of contributions made by the City shall thereupon be included in fundis available for prior service and other obligations of the City hereunder and be retained for such purpose, until the amount accumu- lated in the Retirement Fund, to- gether with the actuarial present value of the future contributions of the then existing members and the matching contribut: of the City become at least as large as the net present Value of all 'amount's there- after Payable from said fund on be- half of the then active and retired member,-,. (b) Should the City Service of any member be terminated except by death or retirement after the completion of ten (10) years of service, a member may &Ieft in writ- ing to leave his accumulated con- tributions in the Retirement Fund and be granted a Deferred Retire- ment allowance to become effective, upon the written request of the member, at any time after the mem- ber has attained the age of sixty (60) years, but in no event later than the first day of the month fol- lowing that in which he attains the age of seventy (70) years. (c) A member, having elected to leave his accumulated contributions in the Retirement Fund may, at any time, prior to his being granted a retirement allowance, rescind this election in writing and withdraw his aecumulate contributions as , irovided -,"or in Section 13 (a) hereof. (d) Should a member who hats elected to leave his accurnulated contribution•s in the Retirement 14'rind die before a retirement allow- ance has been granted, his accumu- lated contributions shall be paid to Iris estate or to such person as he may have nominated, as provided for in Section 20, ' (e) Upon retirement, a member 6�ecting Deferred Retirement shall receive a retirement allowance as provided in Section 16 (a)-1, 2 and 3. (f) The Retirement allowance shall be calculated according to the provisions of this ordinance and the mortality and interest assumptionts in effect at the time of the com- mencement of the retirement allow- ance. SECTION 5. Sulmection 3 of subdi- vision (a) of Section 16 of Ordinance No. 673, New Series, referred to in the title hereof, as said Section was amended by Ordinance No. 857, New Series, is hereby amended to read as follows. I if the member is entitled to credit for prior service, an addi- tional pension derived from the contributions of the City equal to one tine-sixtieth (1/60) of his final compensation rnultiDlied by the number of years of prior service credited to him, except that if a member retire, before attaining ti age of sixty-five (65) years, suc additional pension shall be reduced , ,,o that amount which the value of tile Pension conipu,•ed as provided in this paragraph if deferred to age sixty -five (65), will provide at the actual age of retire-merit. SECTI()-N 6. E'ection 18.3 of Ordi- nance No. 673, New Series, referred to in the title hereof, as added by Ord No. 857, New Series, is hereby repealed. SE,CTION 7. Section 20 of Ordi- minec No. 673, New Series, referred to in the title hereof, is hereby amended to read as follows: Section 20 Upon the death of a member beiore retirement for serv- ice or disability there shall be paid to his estate or to such person hav- in�g an insurable interest in his life ors he has nominated by writtea des duly executed and filed with the Retirement Board, the amount of his accumulated contri- butions. The corresponding amount of coribribution�s made by the City shall thereupon be included in funds available for Prior service and other obligations of the City here- u.ider and be retained for such pur- pose until the amount accumulated in the Retirement Fund, together with the actuarial Present value of the future contributions of the then existing members and the matching , contributions of the city become at least as large as the net present value of a;II amounts thereafter No. payable from said fund on behalf of the then active and retired m em1b er s. SECTION 8, This Ordinance shall be in full force and effect from and after August 1, 1950. W. J. BRANSCHEID, Presiding Officer of the Council. Attest: J P. CLARK, City Clerk. I, the underksigned, hereby certify that the foregoing Ordinance was duly and reigularly adopted and passed by the Council of the City of Alameda in regular meeting as- sembled on the 20th day of June, 1950, by the following vote, to wit: AYES: Councilmen A n d e r s o n , Jones, Osborn, Sweeney and Presi- dent Branscheid, (5). NOES: None. ABSENT: None. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said City this 21st day of dune, 1950. (SEAL) J. P. CLARK, City Clerk of the City of Alarm eda. Publish June 21, 1950.