HomeMy WebLinkAbout1986-656-11.17.1986 RESOLUTION NO. 1986-656
RESOLUTION AUTHORIZING EARLY RETIREMENT PROGRAM FOR
CITY EMPLOYEES IN ACCORDANCE WITH SENATE FILE 2242.
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WHEREAS, the Iowa State Legislature adopted Senate File 2242,
authorizing local governments to offer early retirement programs to
qualified employees, and
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WHEREAS, the City of Waterloo has deemed it in its best interest
coto Offer said program to employees and shall be in effect from
r December 1, 1986 through June 30, 1987.
s : NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Waterloo, Iowa, that the following described early retirement program
as described in Exhibit "A" and adopted by reference be and the same
hereby approved and authorized.
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`° m EXHIBIT "A"
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m EARLY RETIREMENT PROGRAM BENEFITS
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Any full-time City employee who has completed four years of
continuous service and attains the age of fifty-nine on or before
June 30, 1987 and notifies the Personnel Department in writing, by
March 1, 1987 of their intention of retiring and do so retire on or
before the 30th day of June 1987 shall be eligible for the following
beP fits:
Medical , dental and prescription benefits, paid for by the City of
Waterloo under the insurance coverage held by the employee at the time
of retirement shall be available to an employee who qualifies under the
Early Retirement Program. Such benefits shall be extended to the
qualified employee and to that employee's eligible dependents as
currently defined. Insurance benefits shall remain in effect until the
employee reaches the age of sixty-five. Upon reaching the age of
sixty-five the employee shall have the option of purchasing, at their
expense, if available at the City's group rates, what is commonly known
and referred to as a Medicare Carve-Out Policy. If the employee dies
prior to reaching the age of sixty-five, remaining eligible dependents
of the employee shall have the option of remaining under the City's
group plan, at their cost, by remitting the mandatory payment for
either single or family coverage to the City Clerk's Office.
Except as previously defined, upon the death of an employee or the
employee's attainment of age sixty-five, the City shall have no further
obligation to either the employee or the employee's dependents. These
benefits, as defined, shall not change, alter or detract from other
benefits or compensation available to the employee at the time of
retirement as outlined in the respective bargaining agreements and
policy manual for non-bargaining unit employees .
Passed and adopted this 17th day of November, 1986.
_ernard L. K n1ey, P ayor ,7
ATTEST:
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