§ 12-3. Same—Amendments of 1988.

(a)

An ordinance establishing a retirement plan for the employees of the city and setting forth the joint trust agreement and the contract for the administration of such plan between the city and the joint municipal employees benefit system as provided by O.C.G.A. § 47-5-1 et seq., is hereby amended by striking paragraph "b" from Article III, section 3, and substituting in lieu thereof, a new paragraph "b," to read as follows:

"b. Each full-time employee hired after the effective date of the plan shall be eligible to participate in the plan as a new employee on the first day of the month immediately following or coinciding with the date such employee completes one (1) year of continuous service subsequent to such employee's most recent employment date. Each employee who, as of May 1, 1988, was previously excluded from participation in the plan because such employee was over the plan's maximum entry age, shall be eligible to participate in the plan on the later of: May 1, 1988, or the first day of the month immediately following or coinciding with the date he completes one (1) year of continuous service. An employee who was previously excluded from participation because of age shall receive credit for all service, including service prior to May 1, 1988."

(b)

Such ordinance is further amended by striking section 2 from Article IV, and substituting in lieu thereof a new section 2, to read as follows:

"Section 2. Normal retirement date.

a. The normal retirement date of a participant who is a full-time employee shall be the first day of the month coinciding with or next following the date such employee has attained age sixty-five (65) and has completed five (5) years of total credited service.

b. The normal retirement date of a participant who is an elected or appointed member of the governing authority shall be the first day of the month coinciding with or next following the date such person has attained age sixty-five (65)."

(c)

Such ordinance is further amended by striking subparagraph (1) from Article V, section 1b, and substituting in lieu thereof a new subparagraph (1), to read as follows:

"(1) Credited past service shall be as defined in Article II, section 25, except, however, that any eligible employee or any elected or appointed member of the governing authority who does not elect to become a participant as of the date such person is first qualified to do so may elect to become a participant on the first day of any succeeding month; provided, however, that the credited past service of such participant shall not include the period of service from the date such participant was first qualified to become a participant to the date such participant elects to become a participant, or any creditable past service due such participant on the date such participant was first qualified to become a participant under the plan."

(d)

Such ordinance is further amended by striking section 1 from Article VII, and substituting in lieu thereof, a new section 1 to read as follows:

"Section 1. Death prior to retirement.

a. Upon becoming eligible for participation in accordance with Article III, a participant may designate one (1) and only one (1) beneficiary on a form provided for that purpose. In so doing, such participant specifically provides thereby that in the event the participant's employment or term of office is terminated by reason of such participant's death, there shall be paid to such participant's designated beneficiary a monthly death benefit actuarially equivalent to the reserve required for the participant's anticipated normal retirement benefit. In calculating the normal retirement benefit under the provisions of this section, the following assumptions shall be used:

(1)

The participant's age at the time of such participant's death is sixty-five (65), or such participant attained age if such participant's attained age is greater than sixty-five (65); and,

(2)

Total credited service shall include the amount of credited service accrued prior to the date of the participant's death plus one-half of the service between such date of death and what would otherwise have been the participant's normal retirement date. In no event shall the amount of total credited service exceed the sum of the actual service performed plus ten (10) calendar years. The death benefit under this section shall be calculated in accordance with Article VIII, section 5

b. Designation of a beneficiary may be changed by the participant in writing on a form provided for that purpose at any time prior to actual retirement. Only the last such designation of a beneficiary prior to retirement shall have effect and any new designation of a beneficiary invalidates, supersedes and revokes any prior designation."

(e)

Such ordinance is further amended by striking section 5 and section 6 from Article VIII, and substituting in lieu thereof, a new section 5, section 6 and section 7, to read as follows:

"Section 5. Life annuity factors to be used for computing benefits in the event of death prior to retirement.

Age	Factor	Age	Factor
21	12.5773	43	11.4236
22	12.5567	44	11.3274
23	12.5337	45	11.2264
24	12.5082	46	11.1207
25	12.4804	47	11.0102
26	12.4501	48	10.8952
27	12.4170	49	10.7755
28	12.3809	50	10.6509
29	12.3416	51	10.5213
30	12.2994	52	10.3869
31	12.2541	53	10.2479
32	12.2056	54	10.1041
33	12.1535	55	9.9552
34	12.0976	56	9.8010
35	12.0383	57	9.6415
36	11.9754	58	9.4769
37	11.9088	59	9.3076
38	11.8384	60	9.1331
39	11.7640	61	8.9537
40	11.6855	62	8.7698
41	11.6026	63	8.5818
42	11.5154	64	8.3903
		65	8.1958

 

"Section 6. Other annuity forms. Conversion factors for other annuity forms shall be computed by an enrolled actuary on an actuarially equivalent basis assuming that the participant is retiring at age sixty-five (65) and using the UP-1984 Mortality Table without age setback with interest at eight (8) percent, regardless of the actual age and sex of any participant or beneficiary. If appropriate, such factors may vary by the difference between the participant's age and the beneficiary's age.

"Section 7. Other forms of payment. Other forms of benefit payment made upon plan termination or, if required for compliance with section 401(a)(9) of the Internal Revenue Code, shall be computed on the basis of the actual age of the participant and/or beneficiary at the time of distribution and under the following actuarial assumptions:

a. Interest: Rates that would be used to value the benefits for a Pension Benefit Guaranty Corporation trusteed single-employer plan which terminates on the first day of the plan year in which the distribution is made.

b. Mortality: The mortality basis in use at the time of payment by the Pension Benefit Guaranty Corporation for male retirees regardless of the actual sex of any participant or beneficiary.

c. Age at which payments begin: The greater of normal retirement date or the age at time of distribution of the participant and/or beneficiary."

(f)

The rights and obligations under the plan with respect to persons whose employment or term of office with the city was terminated for any reason whatsoever prior to the effective date of this amendment are fixed and shall be governed by such plan as existed and was in effect at the time of such termination.

(g)

The effective date of these amendments shall be November 1, 1988.

(Ord. of 10-24-88, §§ 1—6)