Sec. 23-468. - Pension.
The city shall provide pension benefits to CMPTEC employees as set forth in chapter 22. In addition to those benefits, effective December 21, 2003, the 2.1 percent for each year, or portion thereof, of service (section 22-32) shall be increased to 2.25 percent. The cost of this additional percentage benefit has been determined by the actuary firm of Milliman and Robertson, Inc., to be 2.25 percent of total wages. Effective December 21, 2003, the city shall pay an additional 1.125 percent and the employee shall pay an additional 1.125 percent. Notwithstanding the above, CMPTEC employees, who otherwise qualify for a pension, may receive pension benefits of 2.25 percent of total wages between April 1, 2003 and April 30, 2003. The city shall pay the system all costs associated with this benefit, as determined by the finance director.
Effective on March 1, 2015, for payroll year 2013, the city shall retroactively pay an additional 2.00 percent of wages into the pension system as shown in the table below. In addition, for payroll year 2014, the city shall retroactively pay an additional 4.00 percent of wages into the pension system as shown in the table below. In addition, for payroll year 2015, the city shall pay an additional 1.00 percent of wages into the pension system as shown in the table below. CMPTEC employees will make its additional contributions to the pension system through benefit cuts.
Effective December 26, 2021, CMPTEC employees shall pay 10.13 percent of wages into the pension system and the city shall 18.83 percent of wages into the pension system as shown in the table below.
The following is the required contribution for each CMPTEC employee and the city into the pension system for the respective payroll year:
Payroll Year | City | Employee
2005 | 8.025% | 6.825%
2006 | 8.525% | 7.325%
2007 | 9.025% | 7.825%
2008 | 9.525% | 8.325%
2012 | 11.775% | 10.075%
2013 | Additional contribution - 2.00% TOTAL=13.775% | 10.075%
2014 | Additional contribution - 4.00% TOTAL=17.775% | 10.075%
2015 | Additional contribution - 1.00% TOTAL=18.775% | 10.075%
2016 | 18.775% | 10.075%
2017 | 18.775% | 10.075%
2018 | 18.775% | 10.075%
2019 | 18.775% | 10.075%
2020 | 18.775% | 10.075%
2025 | 18.83% | 10.13%
2026 | 18.83% | 10.13%
2027 | 18.83% | 10.13%
2028 | 18.83% | 10.13%
2029 | 18.83% | 10.13%
(Ord. No. 35625, § 1, 6-19-01; Ord. No. 36048, § 3, 9-24-02; Ord. No. 36196, § 1, 3-18-03; Ord. No. 37275, § 17, 1-31-06; Ord. No. 37444, § 12, 7-25-06; Ord. No. 38709, § 12, 4-20-10; Ord. No. 40253, § 9, 2-3-15; Ord. No. 42929, § 18, 4-12-22; Ord. No. 44504, § 15, 12-9-25)