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Home My WebLink AboutORD 5866 AMEND 1945 RETIREMENT PLAN Augusta Richmond GA DOCUMENT NAME: () - ) 00(0 ,. St& ~ DOCUMENT TYPE: Ov1i I (/CLY?Ce. YEAR: I q9 (c BOX NUMBER: ;) FILE NUMBER: ) r;; S'E'1 4- NUMBER OF PAGES: a- " , , " . ORDINANCE NO. 5866 AN ORDINANCE TO AMEND THE 1945 RICHMOND COUNTY EMPLOYEES' PENSION FUND ACT (GA. L. 1945, pp. 748, AS AMENDED BY GA. L. 1949, pp. 1982, GA. L. 1951, pp. 3234, GA. L. 1953, pp. 2624, GA. L. 1966, pp. 3360, GA. L. 1971, pp. 3881, GA. L., 1976, pp. 4500, GA. L. 1980, pp. 4606, GA. L. 1985, pp. 5194; GA. L. 1990, pp. ,5290; AND GA. L. 1993, pp. 5438), ENACT:ED PURSUANT TO THE PROVISIONS OF THE CONSTITUTION OF THE STATE OF GEQRGIA THAT PROVIDE FOR HOME RULE FOR COUNTIES; SO AS TO CHANGE THE NAME OF THE ADMINISTRATOR OF THE PLAN AND FUND TO THE AUGUSTA- RICHMOND COUNTY COMMISSION-COUNCIL; TO ALLOW AN ENHANCED EARL YRETIREMENT FOR EMPLOYEES EMPLOYED ON THE EFFECTIVE DATE OF THE AMENDMENT; TO PROVIDE AN EFFECTIVE DATE; TO PROVIDE FOR REPEAL OF ENHANCED EARLY RETIREMENT ON A DATE CERTAIN; TO REPEAL CONFLICTING ORDINANCES; AND FOR OTHER PURPOSES. BE IT ORDAINED BY THE AUGUST A-RICHMOND COUNTY COMMISSION- COUNCIL, AS SUCCESSOR TO THE BOARD OF COMMISSIONERS OF RICHMOND COUNTY, GEORGIA, AND IT IS HEREBY ORDAINED BY AUTHORITY OF THE SAME AS FOLLOWS: Section 1. The Richmond County Employees' Pension Fund Act (Ga. L. 1945, pp. 748, as amended by Ga. L 1949, pp. 1982, Ga. L. 1951, pp. 3234, Ga. L. 1953, pp. 2624, Ga. L. 1966, pp. 3360, Ga. L. 1971, pp. 3881, Ga. L. 1976, pp. 4500, Ga. L. 1980, pp. 4606, Ga. L. 1985, pp. 5194; Ga. L. 1990, pp. 5290; and Ga. L. 5438) is hereby amended by substituting the "Augusta-Richmond County Commission-Council" for the "Board of Commissioners ofRiclunond County" in each and every reference to the Board of Commissioners in said Act. Section 2. The Richmond County Employees' Pension Fund Act (Ga. L. 1945, pp. 748, as amended) is hereby amended by adding a new section for Enhanced Early Retirement, to be known as Section 14.1, to read as follows: Section 14.1 Enhanced Early R(!tirement Participants who have attained, or who will have attained, the age of 50 on or before December 31, 1996, and who have completed 5 years of Credited Services as of July 1, 1996, and who are employed by Augusta-Riclunond County on the effective date of this Amendment, may elect to receive retirements benefits under this section. Such election must be made on a form designated by Augusta-Richmond County between October 1, 1996 and 4:00 p.m. on December 23, 1996. Any employee electing to retire early 1 '\ ,. l' pursuant to this ordinance shall have until 4:00 p.m. on the seventh (7th) day following such election to revoke same. A. Enhanced Early Retirement Date: The Enhanced Early Retirement Date of a Participant shall be the first day of the month immediately following the date he retires from the employ of the County under the provisions of this section. B. Amount of Retirement Benefit: The monthly retirement benefit payable to a Participant who retires on his Enhanced Early Retirement Date shall be an amount equal to 2% of the highest salary or wage or remuneration received as a permanent employee within the period of seventy-two (72) months immediately preceding his retirement for each year of Credited Service plus an additional ten (10) years of service to be added to the years of Credited Service for purposes of . computing the amount of the retirement benefit, up to a maximum of one hundred (100) per centum of average compensation for the Participant's high three (3) years of earnings any contrary provision of this Act notwithstanding. The amount of the monthly enhanced retirement benefit shall not be reduced for any month or time period by which the Early Retirement Date of a Participant precedes his Normal Retirement Date, notwithstanding any other provision of this Act. C. Prerequisite for Electing Enhanced Early Retirement: Any Participant electing Enhanced Early Retirement shall be required to execute a covenant not to sue in favor of Richmond County, Georgia and Augusta-Richmond County, Georgia and their officials, agents, and employees for any and all claims arising out of such employee's employment by Richmond County, Georgia and/or Augusta-Richmond County, Georgia, and agreeing not to seek or accept any further employment by Richmond County, or its Constitutional and elected officials. This provision shall not be construed as prohibiting any such person from seeking any elective position by the State of Georgia or Richmond County. Section 3. Election of the Enhanced Early Retirement benefits is completely voltmtary. Each Participant who is eligible for such benefit may decline or accept the Enhanced Early Retirement benefits on or before 4:00 p.m. on December 23, 1996. Section 4. The election to receive Enhanced Early Retirement ~eneifts pursuant to this ordinance shall be irrevocable after 4:00 p.m. on the seventh (7th) day following such election. Section 5. The rights and obligations under the Plan with respect to persons whose employment or term of office with Richmond County or Augusta-Richmond County was terminated for any reason whatsoever prior to the effective date of this amendment are fixed and shall be governed by such Plan as existed and was in effect at the time of such termination. , Section 6. Section 14.1 titled "Enh~Ulced Early Retirement" is repealed as of January 1, 1997; provided, however, such repeal shall not affect rights vested under said Section 14.1. 2 "" .. Section 7. This ordinance is adopted by the Augusta-Richmond County Commission Council pursuant to the provisions of the Constitution of the State of Georgia which provide for home rule by counties. Section 8. All laws or ordinances or parts of laws or ordinances in conflict with this ordinance are hereby repealed. Section 9. This ordinance shall become effective upon its being filed with the Secretary of State of Georgia in accordance with all applicable law. ADOPTED, this 20th day of August, 1996 and this 3rd day of September, 1996. ~~~ , Cle .-: --' : : .~I r: .-- . c:\wpdocs\pension\penJund.45 .:;:: :- -'" .....,... -, .- ,~ -- . ......-, ... r- .- - - - -~ ~ ."- ~h 3 -, . -; J, the undersigned, LENA BONNER, CLERK, do hereby certify that the foregoing is a true and correct copy of an ordinance adopted by the said Augusta-Richmond County Commission-Council at two consecutive meetings, held, on the following dates, to-wit: August 20, 1996, and September 3, 1996, as the same appear on the minutes of said Commission'-CounciL This 3 day of September, 199J Yl.!)~) Clerk. -- - - - 4