HomeMy WebLinkAboutORD 5867 AMEND 1977 RETIREMENT PLAN
Augusta Richmond GA
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DOCUMENT TYPE: QrctnC1rJ C e..
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ORDINANCE NO.5867
AN ORDINANCE TO AMEND THE RETIREMENT PLAN
FOR EMPLOYEES OF RICHMOND COUNTY, GEORGIA
EFFECTIVE JANUARY 1, 1977, SO AS TO SUBSTITUTE
THE "AUGUSTA-RICHMOND COUNTY COMMISSION-
COUNCIL" FOR THE "BOARD OF COMMISSIONERS OF
RICHMOND COUNTY" IN ALL REFERENCES TO THE
BOARD OF COMMISSIONERS IN SAID PLAN; SO AS TO
ALLOW AN ENHANCED EARLY RETIREMENT. FOR
EMPLOYEES EMPLOYED ON THE EFFECTIVE DATE
OF THIS AMENDMENT; TO PROVIDE FOR REPEAL OF
ENHANCED EARLY RETIREMENT ON A DATE
CERTAIN; TO REPEAL CONFLICTING ORDINANCES;
TO PROVIDE AN EFFECTIVE DATE; AND FOR OTHER
, PURPOSES.
BE IT ORDAINED BY THE AUGUSTA-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 Retirement' ,Plan for Employees of Richmond County, Georgia
effective January 1, 1977 is hereby amended by substituting the "Augusta-Richmond County
Commission-Council" for the "Board of Commissioners of Richmond County" in each and
evelY reference to the Board of ComlTIissioners in said Act.
Section 2. The, Retirement Plan for Employees of Richmond County, Georgia
effective January 1, 1977 is hereby amended by adding a new section for Enhanced Early
Retirement, to be known as Section 3.10 and to read as follows:
3.10 Enhanced Early Retirement
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
SelVices a"s of July 1, 1996, and who are employed by Augusta-Richmond
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 Augu"sta- Richmond County between October 1, 1996 and
4:00 p.m. on December 23, 1996. Any employee electing to retire early. .
pursuant to this ordinance shall have until 4:00 p.m. on the seventh (7th) day
following such election to revoke same.
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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.
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: (a) 1% of the Participant's Average
Earnings multiplied by (b) his Credited SelVice on and after January .
1, 1977 plus an additional ten (10) years of selVice 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.
Prerequisite for Electing 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 its 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 Augusta-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 Augusta-Richmond County.
Section 3. Election of the Enhanced Early Retirement benefits is completely
voluntary. 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 beneifts 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.
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Section 6. The effective date of this ordinance shall be September 3, 1996.
Section 7. Section 3.10, titled "Enhanced Early Retirement" is repealed as of January,
1, 1997; provided, however, such repeal shall not affect rights vested under said Section 3.10.
Section 8. All laws or ordinances or parts of laws or ordinances ih conflict with this
ordinance are hereby r~pealed. -
ADOPTED, this 20th day of August, 1996 and this 3rd day of September, 1996.
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I, 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.
Ibis L day of September, l~j, ~_ d
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