HomeMy WebLinkAboutIR 7007 A 7007
#ORMAL REPORT TO CITY COUNCIL MEMBERS No.
March 12, 1985
To the Mayor and Members of the City Council
Subject: RETIREMENTS
On November 6, 1984, (M&C G-6155), the City Council adopted a revised
ordinance concerning the Employees Retirement Fund. The major revision
in the ordinance was a change in eligibility for normal retirement to
the "Rule of 80." This change allows a member to retire and receive
full retirement benefits whenever the employee's total years of age plus
years of credited service equal 80 or more.
The actuary to the Retirement Fund projected that the adoption of this
provision would generate an initial increase in the level of retirements
but that it should not have a significant on-going impact on the number
of monthly retirements. The following schedule reflects the number of
normal retirements for the three months following the amendment of the
ordinance.
Normal Retirements
Deptartment December January February Total
'City Manager 1 1
Data Processing 1 1
Rousing & Human Services 1 . 1 2
Development 1 1
Finance 5 1 1 7
Transportation/Public
Works 9 7 1 17
City Services 4 3 7
Planning 1 1
Public Events 1 1
Police 4 16 10 30
Fire 3 12 2 17
Municipal Court 1 1
Water 8 6 14
Health 1 1 2
Park and Recreation 1 2 3
38 51 16 105
Average Age at Retirement 58.4
Average Years of Service at Retirement 26.7
Average Age & Years of Service at Retirement 85.1
Average Monthly Benefits = $1,025
Average Monthly Retirements for Preceding
Fiscal Year 13.5
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
A47ORMAL REPORT TO CITY COUNCIL MEMBERS No. 7007
To the Mayor and Members of the City Council March 12, 1985
RETIREMENTS
Subject:
Of the retiring employees, thirty-one would have been eligible for
retirement under the previous ordinance provisions.
If any additional information is desired, it will be furnished upon
request.
Sincerely,
A
Douglas C. Harman
City Manager
DCR:kcnn
00h,
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS