Source: https://ecode360.com/27054959
Timestamp: 2020-05-28 18:29:37
Document Index: 733353608

Matched Legal Cases: ['§ 126', '§ 126', '§ 126', '§ 126', '§ 126', '§ 126', '§ 1', '§ 2', '§ 3', '§ 4', '§ 5', '§ 6', '§ 189', '§ 1', '§ 9', '§ 1', '§ 1', '§ 4']

City of Norwalk, CT Pension Plan
§ 126-1 Authority.
§ 126-2 Pension Board.
§ 126-3 Duties of the Pension Board.
§ 126-4 Retirement allowances.
§ 126-5 Contracts.
§ 126-6 Pension plan; provisions.
City of Norwalk, CT / Appendix / Part II
Chapter 126 Pension Plan
[HISTORY: Adopted City of Norwalk Common Council 9-24-1963. Amendments noted where applicable.]
§ 1 Authority.
§ 2 Pension Board.
§ 3 Duties of the Pension Board.
§ 4 Retirement allowances.
§ 5 Contracts.
§ 6 Pension plan; provisions.
Pursuant to the authority granted to said Common Council of the City of Norwalk, Connecticut, in § 189[1] of the Norwalk City Charter, there shall be created and established for such city a pension plan for city employees as stated herein.[2]
Editor's Note: See § 1-189 of Charter and Related Laws.
Editor's Note: See also, Charter and Related Laws, Art. XXI, as to provisions for certain retired employees. As to the retirement of school custodians see Ch. 9, Administration, § 9-4.
There shall be appointed by the Mayor of the City of Norwalk, immediately upon the enactment of this ordinance and confirmed by a majority of the Norwalk Common Council, a Board consisting of five, who shall constitute the Board of Trustees for the Norwalk City Employees' Pension Fund, hereinafter referred to as the "Pension Board." The members of said Pension Board shall receive no compensation for serving as a Trustee.
The City Comptroller shall serve as an ex officio member of the Board. The other five members shall be appointed to serve terms of one year, two years, three years, four years and five years, respectively, and thereafter their successors shall be appointed for a term of five years on September 1 of each year.
The Pension Board shall perform the duties of the Trustees of the Norwalk City Employees' Pension Fund, relating to the management of such funds, except that the City Comptroller shall have the care and custody of all such funds and shall have the power, with approval of the Board, to invest such funds in securities legal for investment for trust funds.
[Amended 6-27-1984]
The Pension Board shall put into effect and provide a system or systems of retirement allowances for the city's regular, full-time paid employees, as more fully defined by the Board, except elected officials (other than each Registrar of Voters and the Town Clerk), policemen and firemen who are provided with pensions under provisions of the Norwalk City Charter §§ 1-319 through 1-332 and §§ 1-338 through 1-352, respectively, and professional employees of the Board of Education who are members of the State Teachers' Retirement System, and provide for contributions by such employees and the city to a fund or funds from which allowances shall be paid.
The Pension Board shall be empowered to contract with any insurance company, bank or trust company, or any other company with which it is legal to invest pension funds, for the purpose of insuring the whole or any part of its retirement plans, subject to the provisions of the City Charter and General Statutes of the State of Connecticut as made and provided.
The pension plan to be administered by the Pension Board shall contain the following minimum provisions:
The plan shall be a flexible split-funded retirement plan and shall be actuarially sound.
The plan shall include all permanent full-time city employees from the first date of their employment regardless of age except those stated in § 4.
All presently enrolled employees who commenced employment on or after September 1, 1965, and who have completed more than three years' continuous service for which they have not contributed to said pension plan may elect to be enrolled for an additional period not to exceed three years, provided that said employee agrees to contribute to said plan for the three additional years or any portion thereof, and provided that said election is submitted in writing to the Pension Board within six months from the effective date of this amendment.
[Amended 8-10-1965; 2-14-1967; 5-9-1967; 6-14-1977]
The pension plan shall include a voluntary retirement age of 62 for all city employees. In no event will an employee continue in the service of the city after the month in which he attains age 70.
The pension plan shall provide, at the option of the employee, for early retirement at age 55, with 15 years of service, in an actuarially reduced amount.
For all employees with at least 10 years of service, the pension plan shall provide, at the normal retirement age of 62, an annual retirement benefit equal to 2% of the final average salary [which is the average of the highest three years' salary during the final five years of employment] times the number of years of service up to a maximum of 30 years.
[Amended 2-9-1965; 8-10-1965; 6-14-1977]
For employees with between 25 and 30 years of service, the annual benefit amount so determined shall be converted to a monthly amount. This amount shall then be reduced by either $135 or the actual monthly amount of the social security benefit, whichever is less.
For employees with between 10 and 25 years of service, the annual benefit amount so determined shall be converted to a monthly amount. This amount shall then be reduced by the proportion of $135, or the actual monthly amount of the social security benefit, whichever is less, which the employee's actual years of service bear to 25.
In no event shall a retirement benefit at the normal retirement date be less than the benefit computed as follows:
[Added 5-9-1967]
There shall first be determined the total benefit the employee would receive if he had 25 years of credited service.
From the amount determined in Subsection E(2)(a) shall be deducted the social security benefit, not to exceed $135 per month, to which the employee is entitled.
[Amended 2-9-1970; 6-14-1977]
In the case of employees of the City of Norwalk who are covered by an agreement between the city and the City of Norwalk Municipal Employees, Local 2405, AFSCME-AFL-CIO, dated July 1, 1976, and who are members of the pension plan, there shall be deducted from the amount determined in Subsection E(2)(a) the social security benefit, not to exceed $100 per month, to which the employee is entitled. The funds to provide for the added payments to employees covered by this Subsection E(2)(b)[1] shall be provided by the city from an account designated "Pension B Account" and not from any fund or funds provided for all other payments contemplated under the pension plan.
In the case of employees of the City of Norwalk who are covered by the agreement between the city and the Norwalk Municipal Employees Association and who are members of the pension plan, there shall be deducted from the amount determined in Subsection E(2)(a) the social security benefit, not to exceed $100 per month, to which the employee is entitled. The funds to provide for the added payments to employees covered by this Subsection E(2)(b)[2] shall be provided by the city from an account designated "Pension C Account" and not from any fund or funds provided for all other payments contemplated under the pension plan.
In the case of employees of the City of Norwalk who are covered by an agreement between the city and the Norwalk Public Health Nurses Unit, Connecticut Nurses Association, and who are members of the pension plan, said employees shall receive pension benefits equivalent to those provided for in Subsection E(2)(b)[2] above.
If the employee has 25 or more years of service, he shall receive the retirement benefit computed in Subsection E(2)(b) above.
If the employee has less than 25 years of service, he shall receive that portion of the amount computed in Subsection E(2)(b) above as his years of service relate to 25 years.
The pension plan shall provide a death benefit of at least 12 months' salary if death occurs prior to retirement.
[Amended 2-9-1965]
The pension plan shall provide total retirement income for 60 months in the event that death should occur after retirement.
The pension plan shall include, at termination of employment other than death or normal retirement:
[Amended 6-14-1977]
Full vesting as to each employee after 10 years' participation. Fully vested benefits begin at age 62.
A benefit payable at age 62, as computed in Subsection E above.
The employee, however, at his option, may elect, in lieu thereof, to receive contributions as made by him.
The pension plan shall include disability benefits to include the full-vesting rights for the employee in the event of total and permanent disability, which benefits shall be payable at the age of 62.
An employee who has 15 years of service and who becomes totally and permanently disabled shall be eligible to receive his benefits within six months of such total and permanent disability, in an actuarially reduced amount.
Commencing September 1, 1967, employee contributions to the plan shall be a maximum of 1 1/2% of the base salary which is subject to social security tax and 5% on the salary covered by the pension plan but not subject to social security tax.
[Amended 5-9-1967]
The city shall contribute from time to time such sums as are necessary to put said plan into effect and to maintain same on a sound actuarial basis.
Editor's Note: Former Subsection K, making the maximum age restriction for pension plan participation for future employees 55, was repealed 6-14-1977.
Participation in said plan shall be voluntary for city employees eligible for enrollment at the time and date of adoption of the plan by the Pension Board. Thereafter, participation by all new employees shall be mandatory except for such employees as are now employed by the city and have not heretofore been included in said plan. No new city employee who is receiving periodic retirement or disability benefits from any City of Norwalk pension plan will be allowed to contribute to or join any City of Norwalk pension plan.
[Amended 6-14-1977; 9-28-1982]
[Added 9-8-1970; amended 6-14-1977; 6-27-1984]
Any person who was employed on September 1, 1965, but did not enroll in said pension plan may enroll with full credit for past service, provided that an election for enrollment is made in writing to the Pension Board within one month from the effective date of this amendment and provided that said employee contributes all sums that would have been paid if said employee enrolled in the pension plan on September 1, 1965.
Any person who was employed on September 1, 1965, but who was not eligible to enroll in said pension plan because of either age or length of service and who subsequently enrolled in said pension plan may elect to be enrolled for an additional period not to exceed three years, provided that said employee agrees to contribute to said plan for the three additional years, or any portion thereof, and provided that said election is submitted in writing to the Pension Board within six months from the effective date of this amendment.
Any person presently employed by the city but who was not eligible to enroll in said pension plan because of either age or length of service may enroll with full credit for past service, provided that said employee contributes all sums that would have been paid if said employee enrolled in the pension plan on the date of his employment or on September 1, 1965, whichever shall be the later date.
Each Registrar of Voters and the Town Clerk previously not eligible to enroll in said pension plan may enroll with full credit for past service, provided that said official contributes all sums that would have been paid if said official enrolled in the pension plan on the date of his or her employment or on September 1, 1965, whichever shall be the later date. Only the Registrar of Voters or Town Clerk who are in office at the effective date of this ordinance, or thereafter, shall be entitled to inclusion in the pension plan.