provisions are made by the Board of Trustees with the concurrence of the Board of
Aldermen. The Public Works Employees’ Retirement System does not issue independent
financial statements. Administrative costs are financed by Trust earnings.
Membership of each plan consisted of the following at July 1, 2020, the date of the latest
actuarial valuation:
inactive plan members or beneficiaries receiving benefits 112
Inactive plan members entitled to but not yet
receiving benefits 10
Active plan members _167_
Total 289
Benefits Provided
The System provides for retirement and death benefits. The retirement allowance benefit
is up to a maximum 65% of final compensation reduced proportionately for creditable
services less than 25 years (30 if hired after July 1, 2010). Benefit payments are based upon
a member’s age and length of creditable service. Members become fully vested after 10
years of creditable service. A retirement allowance may be received upon reaching ago 60
with 10 years of credited service or upon attaining 25 years (30 years if hired after July 1,
2010) of continuous service with the Board of Public Works. The plan also provides for
early retirement for 65% of final compensation reduced by 0.555% for each month between
age 60 and the member’s early retirement date. In addition, the System provides for
disability retirement allowance if age 60 or older with a minimum of 10 years of creditable
service, 65% (60% if under age 60) of final compensation reduced proportionately for
creditable service less than 25 years (30 years if hired after July 1, 2010).
The death allowance benefits are based upon creditable service and classification. Members
become vested after 10 years of creditable service. Employee contributions must be left in
the plan for the deferred vested benefit to be payable. Pre-retirement spouse benefits are paid
at 50% of the benefit to which the member would have been entitled had the member retired
on the date of death, when accidental death benefits are not payable, and if the member has
10 or more years of service.
Post-Retirement benefits of $3,000 are paid to beneficiaries of retired members upon the
death of the retired member. Accidental death benefits are 65% of final compensation to
spouse until death or remarriage, or dependent child to age 18, or dependent parent for life.
Contributions
The City employees each contribute 9.15% of their base salary, as specified by ordinance. The
City’s contribution is determined by the actuarial valuation. The City’s contribution to the
System for the year ended June 30, 2021 was $907,292, which was equal to its annual
required contribution.
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