HomeMy WebLinkAbout86-89 - Amending Retirement Plan for Safety EmployeesRESOLUTION NO. 86-89
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, AMENDING THE RETIREMENT
PLAN FOR SAFETY EMPLOYEES OF THE CITY OF COSTA
MESA.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
WHEREAS, the Retirement Plan for safety employees of the City of Costa
Mesa, established as of July 1, 1962, amended and restated effective Janu-
ary 1, 1984, is hereby amended as follows:
Section 4.3 Late Retirement Benefit
The monthly amount of retirement benefit payable to a Participant
commencing on his Late Retirement Date shall be the percentage amount
provided in the applicable part of TABLE A based upon the Partici-
pant's age and years of Credited Service times his Final Average
Earnings as of the date of termination of employment.
TABLE A, covering Plan members terminating employment on or after
December 1, 1985, will be replaced with a new TABLE A covering Plan members
terminating employment on or after December 1, 1985.
NOW, THEREFORE, BE IT RESOLVED that the effective date of this amend-
ment shall be January 1, 1986.
BE IT FURTHER RESOLVED that nothing contained in this amendment to
the restated Retirement Plan shall be held to alter or affect any of the
provisions of this Plan other than as herein specifically provided.
PASSED AND ADOPTED this 18th day of August, 1986.
Mayo f the City of Co sa
ATTEST:
C y Clerk of - e City of Costa N6sa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Resolution No. 86-89 was duly and regularly passed and adopted by the
said City Council at a regular meeting thereof, held on the 18th day of
August, 1986.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 19th day of August, 1986.
K5d- L
CiTy Clerk and ex -officio Clerk of e
City Council of the City of Costa sa
TABLE A
Resolution No. 86-89
RETIREMENT PLAN
FOR SAFETY
EMPLOYEES OF THE CITY OF COSTA MESA
COVERING PLAN MEMBERS TERMINATING
EMPLOYMENT
ON OR AFTER
12-1-85
Service
Age:
55
Years
50
51
52
53
54
or More
10
20.00
21.40
22.80
24.20
25.60
27.00
11
22.00
23.54
25.08
26.62
28.16
29.70
12
24.00
25.68
27.36
29.04
30.72
32.40
13
26.00
27.82
29.64
31.46
33.28
35.10
14
28.00
29.96
31.92
33.88
35.84
37.80
15
30.00
32.10
34.20
36.30
38.40
40.50
16
32.00
34.24
36.48
38.72
40.96
43.20
17
34.00
36.38
38.76
41.14
43.52
45.90
18
36.00
38.52
41.04
43.56
46.08
48.60
19
38.00
40.66
43.32
45.98
48.64
51.30
20
40.00
42.80
45.60
48.40
51.20
54.00
21
42.00
44.94
47.88
50.82
53.76
56.70
22
44.00
47.08
50.16
53.24
56.32
59.40
23
46.00
49.22
52.44
55.66
58.88
62.10
24
48.00
51.36
54.72
58.08
61.44
64.80
25
50.00
53.50
57.00
60.50
64.00
67.50
26
52.00
55.64
59.28
62.92
66.56
70.20
27
54.00
57.78
61.56
65.34
69.12
72.90
28
56.00
59.92
63.84
67.76
71.68
75.00
29
58.00
62.06
66.12
70.18
74.24
75.00
30
60.00
64.20
68.40
72.60
75.00
75.00
31
62.00
66.34
70.68
75.00
75.00
75.00
32
64.00
68.48
72.96
75.00
75.00
75.00