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HomeMy WebLinkAbout2007-08-07Minutes of Regular Meeting of Board of Aldermen of City of Riverside, Missouri August 7, 2007 A regular meeting of the Boazd of Aldermen of the City of Riverside, Missouri, was held in the City Hall, of Riverside, Missouri, on August 7, 2007 at 6:30 p.m Those in attendance were Mayor Kathy Rose, Aldermen Fuller, Darata, Hurt, Salyer, Bruns and Super. Also present were David Blackburn, City Administrator, Louise Rusick, City Clerk, Chief Gregory Mills, Brent Miles, Duector of Planning & Economic Development and John McClelland, Jeff Rupp, Public Works Director and John McClelland, City Attorney. Agenda Amended Alderman Salyer moved to amend the agenda to move the closed session Approved that was previously posted, to start at 6:30 p.m for discussion of real estate to add the closed session at the end of the agenda, seconded by Alderman Dazata, the vote was: Aye: Aldermen Fuller, Bruns, Darata, Salyer, Hurt and Super. Motion carries. Visitor Comment Gloria Hickman, 416 NW Woodland told the boazd what a success the Household Hazardous Waste collection was last Saturday, August 4's. In three hours, 175 cazs came through, that's a car a minute. The people brought used motor oil, paint, pesticides, insecticides and many other hazardous waste materials. Gloria encourages everyone to participate next year and in the recycling program Gloria thanked the City for their support. Mayor Rose thanked Gloria for "stepping in" the Mayor's place to participate. Minutes of Alderman Darata moved to approve the minutes, as corrected for July 3, 2007, July 3, 2007 seconded by Alderman Hurt, the vote was: Approved Aye: Aldermen Salyer, Dazata, Fuller, Super and Hurt. Abstain: Alderman Bruns. Motion carries. Minutes of Alderman Super moved to approve the minutes of July 24, 2007, seconded by July 24, 2007, Alderman Bruns, the vote was: Approved Aye: Aldermen Dazata, Fuller, Salyer, Bruns, Hurt and Super. Motion carries. Damon Purcell Recycling Brent said this is the 4'" time Damon Purcell Recycling has requested Sunday Discussion operations. Mayor Rose asked if the citizens can participate in the composting and Brent said, "Yes". The board was offered to watch the process. Mins. 8/7/07 Damon Purcell Recycling Alderman Darata moved to a~prove Damon Purcell Recycling Center to operate on Ctr. to operate Oct. 13th, October 13`h and October 14 and to make this request only once a yeaz instead 14'h, Approved of twice, seconded by Alderman Super, the vote was: Aye: Aldermen Bruns, Super, Dazata, Hurt, Salyer and Fuller. Motion carries. NNI Winterization Mayor Rose said she received comments on the Home Repair Program and was Program Discussion thanked for the service. James Cianciaruso with Northland Neighborhoods, Inc. spoke to the board regazding a proposal. A proposal was presented to the City for education to the citizens and conservation kits provided. This program will function as the can ent repair Home Repair Program does. The program aims to reduce residential energy consumption and improve the energy health and safety of Riverside households. By reducing energy costs of low to moderate income families, weatherization reduces dependency and liberates homeowner funds for more pressing issues. The home operates as a dynamic system where the structure, insulation, and heating and cooling systems interact as one. NNI proposes to holistically approach this dynamic through a complete analysis of energy savings and provide the necessary repairs to "weatherize" the home against the elements. The Program will determine specific opportunities for energy and operational savings, costs to weatherize the home, utility measurement, and client satisfaction to determine impact. The result of this endeavor is a comprehensive detailed report that provides information needed to prioritize the recommendations based on the home's unique design, replacement costs, viable estimates of energy savings, and other financial information relating to the household. Energy Audit: An air-leakage test, thermograph test, and insulation test are the fundamental methods for determining how air within a home is replaced by outside air. Basically, these tests quantify and locate drafts and air leaks. NNI proposes to contract with an independent contractor to perform these audits. The audit will comply with National Energy Audit Standazds. NNI proposes to contract with one Contractor to perform all audits within Riverside. The unit cost for the delivery of an Eaergy audit is $400 - $500 per household. A report is generated about the structural and energy integrity of the home and recommendations are prioritized with the homeowner about the types of repairs necessary to weatherize the home. The report establishes the baseline of information that will duect where funding should be utilized. The communication of this report is shared by the contractor with the homeowner and NNI as part of the individualized education effort of the applicant. Weatherization Repairs: NNI projects that the types of repairs necessary to improve the energy efficiency of Riverside households will include, but are not limited to: Window and Door Replacement; Insulation Insertion; Heating and Cooling System Replacement; Caulking and Weather-stripping of Windows, Doors, Chimney and Furnace Flues, Wall Cavities; Sealing and Insulating Fireplace Dampers; Water Heater Replacement; Ductwork Repair/Replacement. NNI would utilize existing contractors or the contractor who performed the energy audit to conduct home repair services. Costs associated with providing weatherization services vary. Mins. 8/7/07 An estimated range of costs would be $0-$5,000 per household. The weatherization repair matrix should include an appropriate energy cost pay back period to help direct the use of funding. This cost pay back period enables the program manager to determine the appropriate amount of funding necessary to legitimatize the cost benefit of the conducted repair. A normal cost pay back period ranges between 5 to 7 years. Educatlon: Education programming is twofold. First, the Audit Contractor and NNI will conduct education specific to persons who are receiving weatherization services. Further materials will include education information from the State of Missouri's Department of Natural Resources and the U.S. Department of Energy. Second, NNI will partner with the Metropolitan Energy Center to conduct Education Workshops for Riverside City Staff and/or Alderman and the general Riverside population. Staff/Alderman Workshop Costs: Workshop Fee: $2,500 Materials: $30-$50 per person General Public Workshop (recommend conducting once in the falUwinter and once in the spring/summer) Workshop Fee: $1,200 Materials: $2 per person Weatherization Kits: In conjunction to providing weatherization repairs and homeowner education, NNI will provide home efficiency kits for Program Participants. NNI proposes to provide the kit primarily for weatherization recipients, but can allocate to other eligible residents who are not receiving specific weatherization services from Riverside. The kit can include the following material: Massage Showerhead; Kitchen Swivel Aerator; (2) Bathroom Aerators; Shrink-Fit Window Kit; (12) Draft Stoppers; (2) Foam Weather-Strips; (2-3) Florescent Light Bulbs; and an Energy Wheel. Costs for these kits range from $13-$15 each. NNI proposes to provide weatherization services that will include: an Energy Audit, Weatherization Repair Services, Individual and Community Education, and the provision of Conservation Kits. The Per Unit Hard Cost Weatherizatlon Deliverable: Energy Audit: $ 450.00 Weatherization Activity: $4,000.00 Conservation Kit: $ 15.00 Total Per Unit Hard Cost: $4,465.00 Education Workshops Staff/Alderman Workshop (Estimated 20 Person Attendance) Workshop Fee: $2,500 Materials: $1,000 (Material Costs are Estimated on the High End) Total Cost: $3,500 General Public Workshop (Estimated 100 Person Attendance) Workshop Fee: $1,200 Materials: $ 200 Total Cost: $1,400 Mins. 8/7/07 Weatherization Sits: It is estimated that we will provide approximately 200 kits to area residents: Weatherizatlon Kit Cost:$3,000 Total Cost: 15 Weatherization projects at $4,465: $66,975 Education Workshops: $ 4,900 Conservation Kits: $ 3,000 Total Hazd Cost: $74,875 Program Management: $25,000 Total Program Cost: $99,875 Alderman Salyer asked how it is determined who is eligible for this. Mt. Cianciaruso said there is an income threshold of 80% or less as a guide. The number of applications for the Home Repair request was azound 35. They prefer not to replace windows, only to caulk etc. because this is the most cost effective method. Mayor Rose asked how many weatherization projects are included in the Home Repair Program and the answer was some. There aze 15 programs included in the Winterization Program. Alderman Hurt believes education is necessary and would like to see what's in the $13-$15 kits. Mr. Cianciaruso said the kit includes several devices to help conserve utility costs; shower heads, aerators, window weatherization kit (plastic) energy wheel education document and fluorescent light bulbs. Alderman Super asked if NrII was included in the budget. Brent said $225,000 total was the amount budgeted, this includes $100,000 for 1VNI, $100,000 for commercial grant program and $25,000 for the dangerous building fund. One hundred fifty thousand has been advanced so far for the budget yeaz 2007-2008. Alderman Super is concerned about doing winterization now and it not budgeted. Alderman Hurt said the cost is more than he thought. Mayor Rose said this needs to be reviewed and suggestions made and brought back at another time. Public Works Director Jeff updated the board on the restroom repair at the E.H. Young Riverfront Discussion Pazk after the May 6th flooding. Jell' has been in contact with SEMA and FEMA. The restrooms have been closed since the flood due to potential health problems arising out of the contaminated walls which were determined to still hold water several days after the water had receded. An Architect was appointed under emergency conditions, Williams Spurgeon, Kuhl and Freshnock (WSKF) to expedite the process of restoration. The walls wicked upward causing moisture throughout the wall structure. The walls are made of a composite of ABS plywood with a Styrofoam type of insulation sandwiched between and glued to the plywood, which is glued to the exterior and interior steel siding/surfaces. FEMA is concerned with health issues and Jeff has consulted with WSKF to determine the costs for mold and fecal tests on the walls. The walls do need replaced. Additionally, winterization was scheduled to occur as a part of this year's budget and is now being made a part of this project. Mins. 8/7/07 Visitor presentation Rick Kuhl, WSKF spoke to the boazd about the restrooms. The facility (restroom building) consists of 890 square feet of enclosed space. Electrical service exists in the facility. The evaluation for the architectural part is limited primarily limited to the wall panels. The doors are noted as "hollow metal: which indicates the potential for water intrusion into the door cavity. The overhead door, toilets and plumbing fixtures appears to be salvageable. The ceiling panels appear to be in good condition. As the walls support the ceiling, the question to be addressed is to whether to reuse the existing panels. The panels were designed to work integrally with the wall panels and, therefore will require some modification for reuse with another wall type. It appears the superstructure is undamaged. All electrical equipment should be closely inspected for possible damage or deterioration as a result of the flooding. WSKF's recommendation is replacement of all wall panels with materials that are more durable and water resistant. Concrete Masonry Unit constmction might be considered traditional construction with walls being constructed of standard 8x16 concrete blocks or precast concrete constmction with walls constructed of "panels" of precast concrete. Concrete Form Masonry Unit construction is likely considered non-traditional construction. CFMU is a hybrid design product that blends unit masonry construction with cast-in-place concrete construction. Insulated Concrete Form Unit is non-traditional using a modulaz rigid insulation cavity form that is filled with concrete and reinforcing to create a solid wall. The existing trench footings appear to be adequate to accommodate any of the constmction materials listed above. It is recommended to install electrical equipment in a manner that it can be easily replaced. The most expensive equipment to replace is the panel board and service feeders. The building is 14' below the 100 yeaz flood plain. WSKF's cost estimate (low estimate) is $177,656.60 and (high estimate) is $213,620.55 for the Restroom Renovation at the E.H. Young Pazk. Alderman Super would like a breakdown of tasks 1,2,3 and 4, i.e. WSKF cost. Mayor Rose said WSKF was chosen on an emergency basis. Alderman Super said this is the first the boazd has heard of this when they received their packet. Alderman Salyer asked about the repairs to protect the electrical system There really isn't any good solution for the electrical. Rick said they would raise the panels (limited) based on code. Alderman Super would like to know how much repair and what repair has been done including cost. David said with this system, the restrooms will be opened 12 months of the yeaz and currently, they are shut down for 3 months, October through December. Alderman Fuller asked why the building can't be moved to higher ground. Jeff said because of cost of all the appurtenances to be rebuilt and it would still only be partially protected. Mins. 8/7/07 Rick said the cost to add the coating for graffiti is approximately 1,000-$1,500. WSKF"s (engineering) costs will be obtained and brought back at another meeting for discussion. Parks Report Brent said 2 streetscape committee meetings have been held and a 3`~ one is scheduled for August 16's. Brent said they've heard from the designer and he was very pleased of the uniformity and cost is being worked on for the August 16th meeting. Brent invited board members to attend. Brent said they are working on ways to phase the project. Mayor Roses' comment Mayor Rose announced the result of the annexation election: Yes-201 No-175 Mayor Rose was congratulated for all of her hard work on the election. Public Safety Chief Mills said it is his intention to have an authorized dealer purchase a vehicle Comments (preferably a truck) for the Criminal Investigations Unit. Doing so provides P.S. with a wide variety of vehicles to choose from and the inventory changes weekly. These vehicles, sold at auction prices, are essentially priced wholesale, and a person could not buy a vehicle cheaper from a caz dealer than you could buy at the auction. As such, this is a sole source purchase. The current budget has $15,000 allocated to purchase this vehicle. The difference in purchasing a vehicle in this manner vs. off of a dealer's lot is P.S. is unable to obtain compazable bids prior to the actual purchase taking place (a vehicle bought at auction must be paid for then). Chief Mills said he has spoken with Finance Officer Resz and she is comfortable with this being a sole source purchase. As such the Chief is asking for authorization from the Board of Aldermen to spend no more than $15,000 for a vehicle from the auction. Once the vehicle is purchased Chief Mills said he would report back to the Board on the type of vehicle purchased and the price. Purchase of a P.S. Alderman Fuller moved to approve the purchase of a P.S. Vehicle (preferably Vehicle, Approved a truck) for the Criminal Investigations Unit and have the purchase done by an authorized dealer for an approximate cost of $15,000 at the local auto auction, seconded by Alderman Salyer, the vote was: Aye: Aldermen Hurt, Salyer, Bruns, Fuller and Dazata. Abstain: Alderman Super. Motion carries. Procedural Instruction Alderman Super moved to approve Procedural Instruction for Citizen Complaints, for Citizen Complaints, seconded by Alderman Dazata, the vote was: Approved Aye: Aldermen Salyer, Bruns, Fuller, Super, Hurt and Darata. Motion carries. Mayor Roses' comment Mayor Rose said she was at National Night Out and the kids/adults seemed to be having a good time. Mins. 8/7/07 Temporary Liquor Alderman Hurt moved to approve a Temporary Liquor License to sell beer License for at the Riverfest, E.H. Young Riverfront Park, 1001 NW Argosy Pazkway Riverfest, Approved on September 14`h and 15th, seconded by Alderman Bruns, the vote was: Aye: Aldermen Salyer, Dazata, Fuller, Bruns, Super and Hurt. Motion carries. Bill No. 2007-87 Alderman Bruns moved to place Bill No. 2007-87 on its first reading, Payment of said Bill authorizing the payment of certain indebtedness listed therein, Indebtedness seconded by Alderman Dazata the vote was: Aye: Aldermen Dazata, Salyer, Bruns, Hurt, Fuller and Super. Motion carries. Ordinance No. 2007-87 Alderman Hurt moved to place Bill No. 2007-87 on its second reading, Approved and upon passage of same become Ordinance No. 2007-87, seconded by Alderman Salyer, the vote was: Aye: Aldermen Bruns, Super, Fuller, Dazata, Hurt and Salyer. Motion carries. Bill No. 2007-88 Aldemum Dazata moved to place Bill No. 2007-88 on its first reading, said Amend. Sect. 505.020 Bill Amending Section 505.02: "Wrecking, Demolishing or Razing of Buildings "Wrecking, Demolishing or Other Stmctures: of the Municipal Code of the City of Riverside, Missouri, or Razing Bldgs......... seconded by Alderman Super, the vote was: Aye: Aldermen Super, Salyer, Bruns, Hurt, Fuller and Darata. Motion carries. Ordinance No. 2007-88 Alderman Hurt moved to place Bill No. 2007-88 on its second reading, Approved and upon passage of same become Ordinance No. 2007-88, seconded by Alderman Bruns, the vote was: Aye: Aldermen Super, Fuller, Darata, Hurt, Salyer and Bruns. Motion carries. Bill No. 2007-89 Alderman Salyer moved to place Bill No. 2007-89 on its first reading, said Bill Hire Gordon A. Fowlston authorizing the City of Riverside, Missouri, to employ Gordon A. Fowlston as in P.S. Approved a Full Time Fire Marshal in the Department of Public Safety setting the salary of $51,000 annually and the start date is August 8, 2007, seconded by Alderman Fuller, the vote was: Aye: Aldermen Bruns, Hurt, Fuller, Super, Darata and Salyer. Motion carries. Ordinance No. 2007-89 Alderman Darata moved to place Bill No. 2007-89 on its second reading, Approved and upon passage of same become Ordinance No. 2007-89, seconded by Alderman Fuller, the vote was: Aye: Aldermen Fuller, Salyer, Dazata, Hurt, Bruns and Super. Mins. 8/7/07 Motion carries. Bill No. 2007-90 Alderman Darata moved to table Bill No. 2007-90 Selecting a Developer to hnple- Selecting aDeveloper ment the West Platte Road Redevelopment Plan, Approving A Redevelopment to Implement the W. Agreement, And Approving Other Actions Related Thereto, seconded by Platte Rd. Redev. Plan...... Alderman Fuller, the vote was: Tabled Aye: Aldermen Bruns, Hurt Fuller, Super, Salyer and Darata. Motion carries. Boazd of Alderren Alderman Fuller asked when building homes if testing is done on radon. Brent comments said the state monitors this and the city implements the rules. Alderman Fuller suggested placing this subject in the newsletter to inform the residents and businesses. Alderman Dazata asked when Northwood closed and routing traffic more on High Drive if P.S. would have a stronger presence. Chief Mills said "Yes" they will be watching High Drive closely. Alderman Salyer asked about "Hidden Acres". Brent said the developer has changed engineers, switching to, possibly Harrington, Cortelyou. Alderman Salyer asked about the issue in relation to the water line. Brent said there is a meeting scheduled with Missouri American Water Co. tomorrow. Alderman Salyer would like an update montlily on the capital projects and a progress chart. Alderman Hurt said we could make the citizens mindful to do winterization or maybe educate them. Recess A brief recess was called at 8:40 p.m Reconvened All Aldermen and the Mayor responded to roll call and the meeting reconvened at 8:53 p.m. Motion for Closed Alderman Darata moved that the meeting go into closed session, pursuant to Session at 8:53 p.m RSMo 610.021(2) Real Estate Issues with the City Attorney, seconded by Alderman Salyer, the vote was: Aldermen Salyer, Dazata, Fuller, Super, Bruns and Hurt. Motion carries. Motion for Open Alderman Dazata moved that the meeting go into open session, seconded by Session at 8:35 p.m Alderman Hurt the vote was: Aye: Aldermen Dazata, Fuller, Super, Bruns, Hurt and Salyer. Motion carries. Adjournment By unanimous decision, the meeting adjourned at 9:22 p r Ci Clerk Minn. 8/7/07 MINUTES SPECIAL MEETING BOARD OF ALDERMEN RIVERSIDE, MISSOURI Tuesday, August 14, 2007 6:30 p.m. The Board of Aldermen for the City of Riverside, Missouri, met in special session in the Board of Aldermen Chambers at City Hall, 2950 NW Vivion Road, Riverside, Missouri. Mayor Rose called the meeting to order. Those in attendance were Mayor Kathy Rose, Aldermen Mike Fuller, Bernie Bruns, Pam Darata, Dave Hurt, Mark Salyer and Ron Super. Also present were David Blackburn, City Administrator, Jane Henry, Executive Administration Assistant, Donna Resz, Finance Director, Chief Gregory Mills, Jeff Rupp, Public Works Director and John McClelland, City Attorney. City Administrator Update City Administrator David Blackburn asked Sabin Yanez to update the aldermen on the status of major road projects. Vivion Road Bridge -The project has received a letter of support from the Platte County Mayors' Council. Yanez said the City has been given the green light to go with the bridge proposal to MARC's Total Transportation Committee near the end of the month. Mayor Rose commented that it is a complicated and competitive process. Yanez added that engineering, politics and policy influence funding and scope of work decisions. • Vivion Road - MoDOT is working on improving the shoulders all along Vivion Road up to the bridge in Riverside. • I-635 to SB I-29 will be closed until December. Yanez is working to confirm the detour route. • Horizons South completion is slated for mid to late October. The interchange should be completed around September 15. Motion to approve the DPS Chief Greg Mills reported that his department, esp., Emergency purchase of the U3 Mobile Management Coordinator Mike Shelton, is concerned about heat related Vision Digital Evidence problems for Riverside citizens. Elderly citizens are particularly . Pro Solution for the in-car vulnerable to the heat so public safety officers canvassed the city during video system the recent heat wave looking for heat related problems among the senior population. One individual was identified as needing help because the home's air conditioning was not working due to an electrical problem. The problem was repaired and air conditioning restored. The city's efforts to reach out and help its citizens were considered newsworthy by local media and were featured on many evening newscasts. The city's community center was the first facility in Platte County to be established as a cooling center. Chief Mills said that after looking at several in-car video systems, his department was recommending the L-3 Mobile Vision Digital Evidence Pro Solution. He said that there was no opportunity to corrupt the video in this system and that the video system activates 60 seconds before an event occurs; e.g., an accident or a chase. It will be placed on fire trucks in addition to police cars. Mills asked the aldermen to approve $74,419 to U3 Systems for the purchase of the proprietary system. Alderman Fuller moved to approve the purchase and Alderman Salyer seconded. The vote was: Aye: Aldermen Darata, Fuller, Salyer, Bruns, Hurt, and Super. Motion carried. Discussion of Riverside City Administrator, David Blackburn explained that Alderman Hurt and Home Grant program he had met eazlier in the day with Jim Rice and James Cianciaruso of Northland Neighborhoods Incorporated (NNI) to talk about a weatherization program that would be administered through NNI. Rice said that theirs is an evolving business and that as they go forwazd, they can see that "home repair and weatherization should work hand in hand." Blackburn said there had been some concern about auditing the current grant program and that Finance Officer Donna Resz had agreed to perform the audit. Rice replied, "We welcome the audit " Alderman Darata asked what happens to people above the income level that want or need weatherization. Cianciaruso replied that the City can help set policies and procedures. Alderman Fuller asked what determines the income level to qualify. Cianciaruso answered that it is a combination of income and the number of people living in the home. Alderman Bruns asked if there was any way to help renters under the guidelines; he wants all residents to benefit from the energy saving improvements. Cianciaruso responded that it would be a dollaz for dollaz match for landlords and many landlords do not want to expend the money. Alderman Hurt added that there aze statutes and guidelines for what cities can do for commercial enterprises. Jim Rice said that there is a rental assistance part of the Kansas City program that is available to Riverside residents. He said there maybe more money available for weatherization than repair in that program. Alderman Dazata stressed the importance of education as a part of a weatherization program. Cianciaruso replied that the original proposal included conservation components. Mayor Rose suggested holding workshops to educate citizens. Darata said she would just like to help more people and not the same few. Alderman Fuller said that one of his constituents told him that he read in our newsletter that a furnace and air conditioner were purchased with the program money. Finance Officer Resz said she would look specifically for that when she conducted the audit. She presented a copy of the 7 page document to the board outlining the guidelines for the Riverside program. Mayor's Discussion of the Mayor Rose spoke briefly about the Platte County Mayors' breakfast Harvest Ball she hosted recently. She said it was well attended and that Kansas City Mayor Funkhouser addressed the group about light rail and mass transit. Rose said the City had been asked to beatable host for the Harvest Ball. They need an answer in October. Alderman Super asked, "Have you asked a corporate host to co-host with us?" City Attorney John McClelland said that if they choose to do this, it will require a contract and an ordinance. Bill No. 2007-90 Nathaniel Hagedorn, project manager for Briarcliff Development, spoke An ordinance authorizing to the assemblage about the timeline for the Briarcliff development that the City of Riverside to will be built in Riverside. enter into a • Phase 1-Demolition of Best Battery and Tampa Sales will Redevelopment occur in September and October. The linear trail from west of Agreement Plan, Valley and on to West Platte will be completed in October - approving a November. Landscaping of the trail will be completed before Redevelopment the end of the yeaz. Agreement, and approving • Phase 2 - 75,000 square feet of commercial space will be other actions related constructed; 2 of the buildings will each have 15,000 squaze thereto feet. • Phase 3 -Sixteen (16) single family homes will be built east of Valley. • Phase 4 -Condominiums will be constructed in this phase. • Phase 5 - Cottages are scheduled for this phase. • Phase 6 -Forty two (42) single family homes will be constructed west of Valley. Hagedorn commented that the Levee Board had sent a letter of support for their project to the Corps. He added that the development company plans to levy a retail sales tax that would be used to support community events. All existing residents of Riverside as well as new residents can participate in these events. Alderman Super made a motion to place on its first reading Bill No. 2007-90, an ordinance authorizing the City of Riverside to enter into a Redevelopment Agreement Plan, approving a Redevelopment Agreement, and approving other actions related thereto. Alderman Fuller seconded and the vote was: Aye: Aldermen Darata, Salyer, Bruns, Hurt, Fuller, Super. Motion carried. Ordinance No. 2007-90 Alderman Dazata moved to place Bill No. 2007-90 on its second Approved reading and upon passage of the same become Ordinance No. 2007-90, and the motion was seconded by Alderman Hurt. The vote was: Aye: Darata, Super, Bruns, Fuller, Salyer, and Hurt. Motion carried. Bill No. 2007-91 Alderman Salyer moved to place Bill No. 2007-91, an ordinance An ordinance amending amending Ordinance No. 96-136 as amended by Ordinance No. 2002- Ordinance No. 96-136 as 93 electing changes under the Missouri Local Government Employees amended by Ordinance Retirement System on its first reading, and the motion was seconded by No. 2002-93 electing Alderman Hurt. The vote was: changes under the Missouri Local Aye: Hurt, Darata, Super, Bruns, Fuller, and Salyer. Government Employees Retirement System Motion carried. Ordinance No. 2007-91 Alderman Darata moved to place Bill No. 2007-91 on its second Approved reading, and upon passage of the same become Ordinance No. 2007-91, seconded by Alderman Bruns. The vote was: Aye: Darata, Super, Bruns, Fuller, Salyer, and Hurt. Motion carried. The supplemental Actuarial Valuation is part of these minutes. Bill No. 2007-92 Alderman Fuller moved to place Bill No. 2007-92 on its first reading, An ordinance authorizing said Bill authorizing and directing the Industrial Development Authority and directing the Industrial of the City of Riverside to grant to the city of Riverside certain Right of Development Authority of Ways and Easements on mortgaged property; and authorizing other the City of Riverside to documents and actions related thereto. Alderman Bruns seconded the grant to the city of motion and the vote was: Riverside certain Right of Ways and Easements on Aye: Hurt, Darata, Super, Bruns, Fuller, and Salyer. mortgaged property; and authorizing other Motion carried. documents and actions related thereto Ordinance No. 2007-92 Alderman Darata moved to place Bill No. 2007-92 on its second Approved reading, and upon passage of the same become Ordinance No. 2007-92. The motion was seconded by Alderman Fuller and the vote was: Aye: Darata, Super, Bruns, Fuller, Salyer, and Hurt. Motion carried. Alderman Super made a motion to take a short break before going into closed session and Alderman Hurt seconded. The motion carried by consensus. Motion for Closed Session Alderman Super moved that the meeting go into closed session, pursuant to RSMo 610.021(1) Legal Issues (2) Real Estate Issues (3) Personnel Issues with the City Attorney, and was seconded by Alderman Bruns, the vote was: Aye: Alderman Bruns, Hurt, Fuller, Super, Darata, Salyer. Motion carried. Motion for Open Session Alderman Bruns moved to enter into open session and Alderman Hurt seconded. The vote was: Aye: Alderman Bruns, Hurt, Fuller, Super, Darata, Salyer. Motion carried. Adjournment The meeting was adjourned by unanimous consent. Henry xecutive Admini n Assistant The City of Riverside Supplemental Actuarial Valuation of Alternate LAGERS Benefits February 28, 2006 GABRIEL ROEDER SMITH & COMPANY Table of Contents Page Actuary's Certification Letter ................... 1 Alternate Plan Employer Contribution Rates ........ 3 Appendix I Summary of Financial Assumptions Appendix II Summary of LAGERS Provisions Appendix III Benefit Illustrations G~(~ Gabriel Roeder Smith & Company One Towne Square 248.799.9000 phone J Consultants & Actuaries Suite 800 248.799.9020 fax Southfield, MI 48076-3723 www.gabrielroedetcom August 9, 2006 The City of Riverside Riverside, Missouri Ladies and Gentlemen: Submitted in this report are the results of an actuarial valuation prepared to determine the employer contribution rates required to support, for your employees, certain benefits provided by tie Missouri Local Government Employees Retirement System (LAGERS). This report contains the information needed to comply with Missouri state disclosure requirements regarding changes in LAGERS benefits by a political subdivision (Sections 105.660 - 105.685 RSMo). The contribution requirement for benefits likely to accrue as a result of the future service of your employees is described in this report as the current cost plus the disability cost. This contribution rate, expressed as a percent of active employee payroll, will depend on the benefit plan adopted. The contribution requirement to pay for benefits likely to result from service rendered by your employees prior to the valuation date, the liability for which is not covered by present employer account balances, is described in this report as the prior service cost. The prior service cost is the rate of contribution designed to pay for any unfunded actuarial accrued liability over a period of not more than 40 years. Section 70.730 of the Revised Statutes of Missouri requires participating employers to contribute the current cost, disability cost, and prior service cost for the benefit plan in effect. These contributions are mandatory. The actuarial assumptions and method used to determine the stated costs are described in Appendix I of this report. In our opinion, they do produce results which, in the aggregate, are reasonable. The computed contribution rates will permit the System to continue to operate in sound condition in accordance with the actuarial principles of level cost financing and the state law which governs LAGERS. Summary provisions of the law as well as benefit illustrations can be found in Appendices II and III. -1- hs accordance with 105.675 RSMo., note that this entire report must be available as public information for at least 45 calendar days prior to the date final official action is taken by your governing body to adopt an alternate benefit plan. You may wish to make notice of this report in the official minutes of the next meeting of your govenung body. This action would not be binding on your subdivision, yet would establish the beginning date of the 45 day waiting period. The statement of cost must also be provided to the Joint Committee on Public Employee Retirement, State Capitol, Room 219-A, Jefferson City, MO 65101. The valuation was based on the same data as was used in your February 28, 2006 annual actuarial valuation. If you have any questions concerning this report or LAGERS in general, please contact the LAGERS office in Jefferson City. Respectfully submitted, i~~~ . Mita D. Drazilov Gabriel Roeder Smith & Company -2- Alternate Plan Provisions Affecting Employer Contribution Rates The law governing LAGERS provides for either a contributory plan or anon-contributory plan, with benefits based on either a 5 year or 3 year Final Average Salary (FAS). Contributory Plan. Under the contnbutory plan, each covered member contributes 4% of compensation to LAGERS. If an employee terminates before being eligible for an immediate benefit, the member's contributions, plus any interest credited to the member's individual account, are refunded upon request. Non-Contributory Plan. Under the non-contributory plan, there is no individual employee contribution to the plan, no individual account maintained for each employee, and no refund paid to employees who ternunate before being eligible for a benefit. The law further provides for nine different benefit programs (benefit formula factors) and allows an employer to elect "rule of 80" eligibility for benefits. Under the Wile of 80, employees are eligible for unreduced benefits at the earlier of (i) attainment of their minimum service retirement age or (ii) such time as their years of age plus years of LAGERS credited service equals 80. In total this allows for 72 different combinations of benefit plans, giving employers considerable latitude in designing the retirement program which they feel best suits their particular situation. The applicable combinations of these items may be changed from time to time, however, there are limitations on the frequency of changes. Amore detailed description of plan provisions may be found in Appendix II of this report. -3- The City of Riverside er Contribution Rates -General Employees Computed Employ As of February 28; 2006 Present AltAlt-=ate Benefit Plans L-3 L-7 # Benefit Program: 5 yeaz 5 yeaz Final Average Salazy: Member Contributions: Non-Contributory Non-Contributory Regular Regular Retirement Eligibility: Present Plan Rates Current Service Cost 7.3% 0.4 Disability Cost Prior Service Cost 1.1 8.8% Total Alternate Plan 8.8% Current Service Cost Cost 0.4 Disability 1.9 Prior Service Cost* 11.1% Total INCREASE IN CONTRIBUTION RATE FOR ALTERNATE PLAN Employer contribution rates shown above are for the fiscal year begin ~ 2007, 2007. If the alternate plan is adopted prior to the fiscal year beginm~ effect 2,3% would be added to the employer contribution rate currently ' # Change in provisions from present plan. * The increase in the accrued liability which would result from adoption of the alternate plan was amortized over a period of 30 years. -4- The City of Riverside to er Contribution Rates -Police Employees Computed Emp Y As of February 28, 2006 Pr= t Alte_ Benefit Plans L-7 L-3 # Benefit Progi~: 5 y~r e Salary: 5 y~ Final Averag Non-Contributory Non-Contributory Member Contributions: Regular Regular Retirement Eligibility: Rates Present Plan 6.7% Current Service Cost 0.4 Disability Cost 4.7 Prior Service Cost 11.8% Total Alternate Plan 8.0% Current Service Cost 0.4 Disability Cost 5.6 Prior Service Cost* 14.0% Total INCREASE IN CONTRIBUTION o 9 RATE FOR ALTERNATE PLAN ear beginning in er'contribution rates shown ab nor to thoe fiscal Y ar beg~n~g ~ 2007, Empl°y lan is adopted p ~, effect. 2007. If the alternate p to er contribution rate currently ' 2.2% would be added to the emp y e ~ provisions from present plan. # Chang Lion of the alternate * The increase in the accrued liability which would result from adop plan was amortized over a period of 30 ye~• i I, -5- APPENDIX I SUMMARY OF ~A1~ICIAL ASSUMPTIONS ~ Summary of Assumptions Used in Actuarial Valuations Assumptions Adopted by Board of Trustees After Consulting With Actuary 1. The investment return rate used in making the valuafions was 7.5% per year, compounded annually. This rate of return is not the assumed real rate of return. The real rate of return is the rate of investment return in excess of the inflation rate. Considering other financial assumptions, the 7.5% investment return rate translates to an assumed real rate of return of 3.5%. Adopted ~ 2001. I 2. The mortality table used to evaluate mortality among active members was the RP-2000 Combined ' Healthy Table.set back 0 years for men and 0 years for women. It was assumed that 50% of pre- ~ retirement deaths would be duty related. Adopted 2006. 3. The mortality table used in evaluating allowances to be paid was the 1971 Group Annuity Mortality Table projected to 2000, set back 1 year for men and 7 years for women. The disability I post-retirement rates were equal to the standard rates set forward 10 years. Adopted 2001. 4. The probabilities of withdrawal from service, together with individual pay increase assumptions, ` ~ are shown in Schedule 1. Adopted 2006. 5. The probabilities of retirement with an age and service allowance are shown in Schedule 2. Adopted 2006. 6. Total active member payroll is assumed to increase 4% a year, which is the portion of the ~~ individual pay increase assumptions attnbutable to wage inflation. In effect, this assumes no change in the number of active members per employer. Adopted 1986. ' 7. An individual entry-age actuarial cost method of valuation was used in determining age and service allowance actuarial liabilities and normal cost. Adopted 1986. 8. The data about persons now covered was fwnished by the political subdivision. Although ~ examined for general reasonableness, the data was not audited by us. i 9. The actuarial valuation computations were made by or under the supervision of a Member of the ~~ American Academy of Actuaries (M.A.A.A.). it Schedule 1. Withdrawal From Active Employment Before Age & Service Retirement and Individual Pay Increase Assumptions Percent of Active Members Percent Increase in Separating Within Next Year Individual's Pay ~' ' Sample Years of General Members During Nest Year es Service Men Women Police Fire _ Excluding Fire i All 0 19.00% 21.00% 18.50% 8.00% 1 16.00 19.00 16.50 7.00 2 12.00 15.00 14.50 6.00 3 10.00 12.00 12.50 6.00 ~ 4 8.00 11.00 11.00 5.00 25 5 & Over 7.70 11.00 10.70 4.40 7.3°/0 i~ 30 6.80 9.60 9.00 3.80 6.5 35 5.40 7.90 6.90 3.10 6.0 40 4.20 6.60 5.50 2.50 5.5 45 3.50 5.00 4.40 1.80 5.0 y 50 3.00 4.30 3.50 1.00 4.6 55 2.30 3.00 1.00 0.50 4.4 60 1.20 1.40 0.00 0.00 4.3 ~~ 65 0.00 0.00 0.00 0.00 4.0 Percent Increase in Individual's Pay ~ ~ Sample During Next Year Ages Fire I 25 9.1°k 30 7.2 ~ 35 5.9 ~ 40 5.2 ,y 45 4.9 SO 4.6 55 4.4 1 ~ 60 4.3 ''~; 65 4.0 I Schedule 2. (Continued) Percent of Eligible Active Members Retn ing Within Next Year Without Rule of 80 Eligibility Early Retirement Retirement General Members Ages Men Women 55 2% 39b 56 2 3 57 2 3 58 2 3 59 2 3 Retirement Ages Police Fire 50 3% 3% 51 3 3 52 3 3 53 3 3 54 3 3 Normal Retirement `I Retirement General Members Ages Men Women 60 10% 10% 61 10 10 62 25 20 63 25 20 64 20 15 65 25 20 66 25 20 67 20 20 68 20 20 69 20 15 70 100 100 Retirement Ages Police Fire 55 10°Jo 20% 56 10 20 57 10 10 58 10 10 59 10 15 60 10 20 61 10 15 62 30 30 63 15 25 64 20 30 65 100 100 f Schedule 2. ~` i ~~ I. ~I I 1 Percent of Eligible Active Members Re 'tiring Within Nett Year With Rule of 80 Eligibility Retirement General Members es Men Women Police Fire 50 20°!0 20% 25 % 25 % 51 15 20 25 25 52 15 20 20 25 53 15 20 20 25 54 15 20 20 ~ 25 55 15 20 20 25 56 15 15 20 25 57 15 15 10 10 58 15 15 25 15 59 15 15 20 10 60 20 25 30 20 61 20 20 25 15 62 35 20 30 45 63 35 20 25 35 64 35 20 50 70 65 35 30 100 100 66 35 35 67 35 30 68 25 25 69 35 35 70 100 100 APPENDIX II SUMMARY OF LAGERS PROVISIONS Missouri LocAl Government Employees Retirement System Brief Summary of LAGERS Benefits and Conditions Evaluated and/or Considered as of February 28, 2006 (Section references are to RSMo) Voluntary Retirement. Sections 70.645 & 70.600. A member may retire with an age & service allowance after both (i) completing 5 years of credited service, and (ii) attaining the minimum service retirement age. The minimum service retirement age is age 60 for a general employee and age 55 for a police or fire employee. Optionally, employers may also elect to provide for unreduced benefits for employees whose combination of years of age and years df service equals 80 or more. Final Average Salary. Section 70.600. The average of a member's monthly compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) of credited service producing the highest monthly average, which period is contained within the 120 consecutive months of credited service immediately preceding retirement. Age & Service Allowance. Section 70.655. The allowance, payable monthly for life, equals a specified percent of a member's final average salary multiplied by the number of years of credited service. Each employer elects the percent applicable to its members, from the following programs: L-1 Benefit Frogram: 1.00% for life L-3 Benefit Program: 1.25% for life L-7 Benefit Program: 1.50% for life L-9 Benefit Program: 1.60% for life L-12 Benefit Program: 1.75% for life L-6 Benefit Program: 2.00% for life LT-4(65) Benefit Program: 1.00% for life, plus 1.00% to age 65 LT-5(65) Benefit Program: 1.25% for life, plus 0.75% to age 65 LT-8(65) Benefit Program: 1.50% for life, plus 0.50% to age 65 LT-10(65) Benefit Program: 1.60% for life, plus 0.40% to age 65 LT-14(65) Benefit Program: 1.75% for life, plus 0.25% to age 65 The only LT benefit programs available for adoption after August 1, 1994 are the LT(65) programs. Benefit programs L-9 and LT-10(65) are unavailable for adoption after August 1, 2005. Benefit program L-I1, available only to groups not covered by social security, provides for 2.5% for life. Subsequent to joining the System the governing body can elect to change benefit programs for the employees, but not more often than once every 2 years. Early Allowance. Section 70.670. A member may retire with an early allowance after both (i) completing 5 years of credited service, and (ii) attaining age 55 if a general employee or age 50 if a police or fire employee. The early allowance amount, payable monthly for life, is computed in the same manner as an age & service allowance, based upon the service and earnings record to time of early retirement, but reduced to reflect the fact that the age when payments begin is younger than the minimum service retirement ~~ age. The amount of the reduction is 1/2 of 1% (.005) for each month the age at retirement is younger ~~~. FS.a mi..i..+..rr. nw.rine ..s~i..u...n..{ nRS Deferred Allowance. Section 70.675. If a member leaves LAGERS-covered employment (i) before attaining the early retirement age, and (ii) after completing 5 years of credited service, the member becomes eligible for a deferred allowance; provided the former member lives to the minimum service retirement age and does not withdraw the accumulated contributions. The deferred allowance amount, payable monthly for life from the minimum service retirement age, is computed in the same manner as an age & service allowance, based upon the service and earnings record to time of leaving LAGERS coverage. Defen~ed allowances aze also payable any time after reaching the eazly retirement age, with the reduction for early retirement noted on the previous page. Non-Duty Disability Allowance. Section 70.680. A member with 5 or more years of credited service who becomes totally and permanently disabled from other than duty-connected causes becomes eligible to receive anon-duty disability allowance computed in the same manner as an age & service allowance, based upon the service & earnings record to time of disability. Duty Disability Allowance. Section 70.680. A member who becomes totally and permanently disabled from duty-connected causes bewmes eligible to receive a duty disability allowance computed in the same manner as an age & service allowance, based upon the earnings record to time of disability but based upon the years of credited service the member would have completed had the member continued in LAGERS-covered employment to age 60. ~, Death-in-Service. Section 70.661. Upon the death of a member who had completed 5 years of credited service, the eligible surviving dependents receive the following benefits: (a) The surviving spouse receives an allowance equal to the Option A allowance (joint and 75% I. survivor benefit) computed based upon the deceased members' service & earnings record to time of death. (b) When no spouse benefit is payable, the dependent children under age 18 (age 23 if they are full time students) each receive an equal shaze of 60% of an age & service allowance computed based upon the deceased member's service & earnings record to time of death. (c) If the death is determined to be duty related, the 5 yeaz service requirement is waived and the benefit is based on years of credited service the member would have completed had the member ~ continued in LAGERS-covered employment to age 60. i Benefit Changes After Retirement. Section 70.655. For retirements effective after September 28, ~ 1975, there is an annual redetermination of monthly benefit amount, beginning the October first following 12 months of retirement. As of each October first the amount of each eligible benefit is redetermined as follows: ' ~ (a) Subject to the maximum in (b), the redetermined amount is the amount other-wise payable multiplied by: 100% plus up to 4%, as determined by the LAGERS Board of Trustees, for each full year of retirement. (b) The redetermined amount may not exceed the amount otherwise payable multiplied by the j ratio of the Consumer Price Index for the immediately preceding month of June to the Consumer Price Index for the month of June immediately preceding retirement. Member Contributions. Sections 70.690 & 70.705. Each member contributes 4% of compensation beginning after completion of sufficient employment for 6 months of credited service. If a member leaves LAGERS-covered employment before an allowance is payable, the accumulated contributions are refimded to the member. If the member dies, his accumulated contnbutions are ' refunded to a designated beneficiary. The law governing LAGERS also has a provision for the adoption of a non-contnbutory plan in which the full cost of LAGERS participation is paid by the employer. Adoption of the non-contributory provisions may be done at the time of membership or a later date; however, a change from contributory to non-contributory or vice-versa may not be made more frequently than every 5 years. Under the non- 1~ contributory provisions there is no individual account maintained for each employee and no refund of contributions if an employee terminates before being eligible for a benefit. Employer Contributions. Section 70.730. Each employer contributes the remainder amounts necessary to finance the employees' participation in LAGERS. Contributions to LAGERS are determined based upon level-percent-of-payroll principles, so that contribution rates do not have to increase over decades of time. APPENDIX III BENEFIT ILLUSTRATIONS Missouri LAGERS Illustrations of A;e and Service Allowance Amounts For Sample Combinations of Service & Salary (I,-1 Benefit Program is Years of Credited Service times: 1.00% of FAS ~ ) ~ Final Estimated Esti mated i Average LAGERS Social Monthly Total Salary (FAS)1 BENEFIT s Security 2 $ °!o of FAS I 35 Years of Service: $1,500 $525 $856 $1,381 92% ~ 2,000 700 1,019 1,719 86% 2,500 875 1,180 2,055 82°b j 3,000 1,050 1,341 2,391 80 ~ 3,500 1,225 1,501 2,726 78% 4,000 1,400 1,589 2,989 75% 25 Years of Service: $1,500 $375 $856 $1,231 82% ' 2,000 500 1,019 1,519 76°6 2,500 625 1,180 1,805 72% 3,000 750 1,341 2,091 70°k 3,500 875 1,501 2,376 68~ 4,000 1,000 1,589 2,589 65% 7 15 Years of Service: $1,500 $225 $856 $1,081 72% 2,000 300 1,019 1,319 66% ~+ 2,500 375 1,180 1,555 62% 1 3,000 450 1,341 1,791 600 3,500 525 1,501 2,026 584fo 4,000 600 1,589 2,189 55% ~ "Final Average Salary" means the monthly average of an employee's compensation during the ' ~ period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. a "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might j be payable to an eligible spouse or children. a Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. Missouri LAGERS .Illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (L-3 Benefit Program is Years of Credited Service times: 1.25% of FAS ~ ) Final Estimated Estimated Average LAGERS Social Monthly Total Salary (FAS)1 BENEFIT' s Security a $ % of FAS 35 Years of Service: 1 $1,500 $656 $856 $1,512 101 % I 2,000 875 1,019 1,894 95% 2,500 1,094 1,180 2,274 91% i 3,000 1,313 1,341 2,654 88°b 3,500 1,531 1,501 3,032 87% ', 4,000 1,750 1,589 3,339 83% 25 Years Qf Service: $1,500 $469 $856 $1,325 88% 2,000 625 1,019 1,644 82% 2,500 781 1,180 1,961 78% ~ 3,000 938 1,341 2,279 76 °,b 3,500 1,094 1,501 2,595 74% j 4,000 I 1,250 1,589 2,839 71 % 15 Years of Service: ~ $1,500 $281 $856 $1,137 76°,b 2,000 375 1,019 1,394 70~ } 2,500 469 1,180 1,649 66% 7 3,000 563 1,341 1,904 63°,6 3,500 656 1,501 2,157 62% 4,000 750 1,589 2,339 58% ~ "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. ~ "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might be payable to an eligible spouse or children. ' a Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. Missouri LAGERS Illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (Ir7 Benefit Program is Years of Credited Service times: 1.50% of FAS ' ) ~ Final Estimated Estimated ' Average LAGERS Social Monthly Total Salary (FAS)1 BENEFIT s Security a $ % of FAS 35 Years of Service: i $1,500 $788 $856 $1,644 110% ~ 2,000 1,050 1,019 2,069 103 °,b 2,500 1,313 1,180 2,493 100% ~ 3,000 1,575 I 1,341 2,916 97°.b 3,500 1,838 1,501 3,339 95% ~, 4,000 2,100 i 1,589 3,689 92~ 25 Years of Service: $1,500 $563 $856 $1,419 95°b ! 2,000 750 1,019 1,769 88 k 2,500 938 1,180 2,118 85% 3,000 1,125 1,341 2,466 82% 3,500 1,313 1,501 2,814 80% 4,000 1,500 1,589 3,089 77% 15 Years of Service: $1,500 $338 $856 $1,194 80% 2,000 450 1,019 1,469 73 ~ 2,500 563 ~ 1,180 1,743 70°b ~ 3,000 675 1,341 2,016 67% 3,500 788 1,501 2,289 65~ 1 4,000 900 1,589 2,489 62% ' "Final Average Salary" means the monthly average of an employee's compensation during the ~ period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, ~ contained within the last 120 months of Credited Service. Z "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might be payable to an eligible spouse or children. s Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. i Missouri LAGERS { illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary ~ (Ir9 Benefit Program is Years of Credited Service times: 1.60% of FAS ~ ) Final Estimated Estimated Average LAGERS Social Monthly Total Salary (FAS)1 BENEFIT s Security s $ % of FAS 35 Years of Service: $1,500 $840 $856 $1,696 113 % ~ 2,000 1,120 1,019 2,139 107% 2,500 1,400 1,180 2,580 103 % ' 3,000 1,680 1,341 3,021 101% 3,500 1,960 1,501 3,461 99 % 4,000 2,240 1,589 3,829 96% 25 Years of Service: $1,500 $600 $856 $1,456 97% 2,000 800 1,019 1,819 91% 2,500 1,000 1,180 2,180 87% i 3,000 1,200 1,341 2,541 85% 3,500 1,400 1,501 2,901 83 % 4,000 1,600 1,589 3,189 80% 15 Years of Service: ~ $1,500 I $360 $856 $1,216 819b 2,000 480 1,019 1,499 75% j 2,500 600 1,18U 1,78U 71% 3,000 720 1,341 2,061 69% 3,500 840 1,501 2,341 67°6 j 4,000 960. 1,589 2,549 64% ~ "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. I ~ "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might ~ be payable to an eligible spouse or children. s Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. Missouri LAGERS '~ IDustrations of Age and Service Allowance Amounts ' For Sample Combinations of Service & Salary ~, (Ir12 Benefit Program is Years of Credited Service ~ times: 1.75% of FAS ' ) i Fi~all Estimated Estimated Average LAGERS Social Monthly Total ~ Salary (FAS)1 BENEFIT s Security z $ % of FAS 35 Years of Service: j $1,500 $919 $856 $1,775 118% 2,000 1,225 1,019 2,244 112% ~ 2,500 1,531 1,180 2,711 108% j 3,000 1,838 1,341 3,179 106 % 3,500 2,144 1,501 3,645 104% ,j 4,000 2,450 1,589 4,039 101% 25 Years of Service: $1,500 $656 $856 $1,512 101% 2,000 875 1,019 1,894 95°6 2,500 1,094 1,180 2,274 91 °,b 3,000 1,313 1,341 2,654 88°rb 3,500 1,531 1,501 3,032 87~ 4,000 1,750 1,589 3,339 83 ~ 15 Years of Service: $1,500 $394 $856 $1,250 83Rb 2,000 525 1,019 1,544 77°b ~ 2,500 656 1,180 1,836 739b 3,000 788 1,341 2,129 71 °.b 3,500 919 1,501 2,420 69% 4,000 1,050 1,589 2,639 66°,b ' "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. s "Estimated Social Security" means, for an employee covered by Socia] Security, an employee's - estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might ~ be payable to an eligible spouse or children. s Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. i Missouri LAGERS ` Illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (Ir6 Benefit Program is Years of Credited Service ~ times: 2.00% of FAS ' ) Final Estimated Estimated ~. ~ Average LAGERS Social Monthly Total ~ Salary (FAS)1 BENEFIT s Security z $ % of FAS 35 Years of Service: $1,500 $1,050 $856 $1,906 127% 2,000 1,400 1,019 2,419 121 % 2,500 1,750 1,180 2,930 117% 3,000 2,100 1,341 3,441 115% 3,500 2,450 1,501 3,951 113% 4,000 2,800 1,589 4,389 110% ' 25 Years of Service: 1 $1,500 $750 $856 $1,606 107 ~ 2,000 1,000 1,019 2,019 101 2,500 1,250 1,180 2,430 97% y 3,000 1,500 1,341 2,841 95 3,500 1,750 1,501 3,251 93 % 4,000 2,000 1,589 3,589 90~ 15 Years of Service: $1,500 $450 $856 $1,306 87% 2,000 600 1,019 1,619 81% 2,500 750 1,180 1,930 77% 3,000 900 1,341 2,241 75 % 3,500 1,050 1,501 2,551 73 % j 4,000 1,200 1,589 2,789 70% ' "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, ' contained within the last 120 months of Credited Service. a "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might ~ be payable to an eligible spouse or children. ~' Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. i Missouri LAGERS Illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (Irl l Benefit Program is Years of Credited Service ~ times: 2S0% of FAS t ) Final Estimated Estimated Average LAGERS Social Monthly Total Salary (FAS)1 BENEFIT s Security z $ % of FAS 35 Years of Service: ~ $1,500 $1,313 $1,313 88% 2,000 1,750 1,750 88% 2,500 2,188 2,188 88 ~ 3,000 2,625 2,625 88°Jo 3,500 3,063 3,063 88% ~ 4,000 3,500 3,500 88% ' 25 Years of Service: '~ $1,500 $938 $938 63% ' 2,000 1,250 1,250 63 ~ 2,500 1,563 1,563 63 °,b 3,000 1,875 1,875 63% 3,500 2,188 2,188 63 % I 4,000 2,500 2,500 63 % 15 Years of Service: $1,500 $563 $563 38% 2,000 750 750 38 2,500 938 938 38% ~ 3,000 1,125 1,125 38% 3,500 1,313 1,313 38°,~ ~ 4,000 I 1,500 1,500 38~ 1 "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. z "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might be payable to an eligible spouse or children. s Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. i Missouri LAGERS IDustrations of Age and Service Allowance Amounts ~ For Sample Combinations of Service & Salary i (LT-4(62) Benefit Program is Years of Credited Service ~ times: 2.00% of FAS I to age 62) 1.00% of FAS ~ at age 62) Final LAGERS Estimated Estimated Percent Average BENEFIT s Social Monthly Total of FAS Salary (FAS)1 To 62 At 62 Security z To 62 At 62 To 62 At 62 35 Years of Service: ~ $1,500 $1,050 $525 $648 $1,050 $1,173 70% 78% 2,000 1,400 700 769 1,400 1,469 70% _ 73% 2,500 1,750 875 890 1,750 1,765 70% 71°6 ' 3,000 2,100 1,050 1,011 2,100 2,061 70% 69% i 3,500 2,450 1,225 1,133 2,450 2,358 70% 67~ i 4,000 2,800 1,400 1,242 2,800 2,642 70% 66% ~ 25 Years of Service: ~ $1,500 $750 $375 $648 $750 $1,023 50% 68% 2,000 1,000 500 769 1,000 1,269 509b 63 °b 2,500 1,250 625 890 1,250 1,515 50°,b 61% 3,000 1,500 750 1,011 1,500 1,761 50% 59% 3,500 1,750 875 1,133 1,750 2,008 50% 57% 4,000 2,000 1,000 1,242 2,000 2,242 50°,6 56% 15 Years of Service: i $1,500 $450 $225 $648 $450 $873 30% 5886 2,000 600 300 769 600 1,069 30°b 53% 2,500 750 375 890 750 1,265 3096 51% 3,000 900 450 1,011 900 1,461 3046 49% 3,500 1,050 525 1,133 1,050 1,658 30% 47% 4,000 1,200 600 1,242 1,200 1,842 30% 46% ~ "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. ~ "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 62 in 2006 - it does not include any amounts which might be payable to an eligible spouse or children. 3 Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. Missouri LAGERS Illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (LT-4(65) Beneftt Program is Years of Credited Service times: 2.00% of FAS'to age 65) 1.00% of FAS' at age 65) Final LAGERS Estimated Estimated Percent Average BENEFIT s Social Monthly Total of FAS Salary (FAS)1 To 65 At 65 Security z To 65 At 65 To 65 At 65 35 Years of Service: ~ $1,500 $1,050 $525 $856 $1,050 $1,381 70% 92% 2,000 1,400 700 1,019 1,400 1,719 70°b 86% 2,500 1,750 875 1,180 1,750 2,055 70% 82% 3,000 2,100 1,050 1,341 2,100 2,391 70% 80°.b 3,500 2,450 1,225 1,501 2,450 2,726 70% 78°6 4,000 2,800 1,400 1,589 2,800 2,989 70% 75% 25 Years of Service: $1,500 $750 $375 $856 $750 $1,231 50% 82% 2,000 1,000 500 1,019 1,000 1,519 50% 76% 2,500 1,250 625 1,180 1,250 1,805 50°6 72% 3,000 1,500 750 1,341 1,500 2,091 50% 70% ~ 3,500 1,750 875 1,501 1,750 2,376 50% 68% ~ 4,000 2,000 1,000 1,589 2,000 2,589 50°b 65% 15 Yeazs of Service: $1,500 $450 $225 $856 $450 $1,081 30% 72,°6 2,000 600 300 1,019 600 1,319 30% 66% 2,500 750 375 1,180 750 1,555 30% 62% 3,000 900 450 1,341 900 1,791 30°rb 60% 3,500 1,050 525 1,501 1,050 2,026 30% 5846 4,000 1,200 600 1,589 1,200 2,189 30% 55% ' "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. ' "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might I be payable to an eligible spouse or children. i e Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. i Missouri LAGERS Illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (LT-5(62) BeneSt Program is Years of Credited Service times: 2.00% of FAS' to age 62) 1.25% of FAS' at age 62) Final LAGERS Estimated Estimated Percent Average BENEFIT 3 Social Monthly Total of FAS Salary (FAS)1 To 62 At 62 Security s To 62 At 62 To 62 At 62 35 Years of Service: ~ $1,500 $1,050 $656 $648 $1,050 $1,304 70°6 87% 2,000 1,400 875 769 1,400 1,644 70% 82% 2,500 1,750 1,094 890 1,750 1,984 70°6 79% 3,000 2,100 1,313 1,011 2,100 2,324 70% 77% i 3,500 2,450 1,531 1,133 2,450 2,664 70~ 76°l0 ~ 4,000 2,800 1,750 1,242 2,800 2,992 70% 75% 25 Years of Service: $1,500 $750 $469 $648 $750 $1,117 50°b 74% 2,000 1,000 625 769 1,000 1,394 50% 70% 2,500 1,250 781 890 1,250 1,671 50°b 67% 3,000 1,500 938 1,011 1,500 1,949 50% 65! '~ 3,500 1,750 1,094 1,133 1,750 2,227 50°b 64°b 4,000 2,000 1,250 1,242 2,000 2,492 50% 62% 15 Years of Service: ~ $1,500 $450 $281 $648 $450 $929 30% 62°b ~ 2,000 600 375 769 600 1,144 30Rb 57% 2,500 750 469 890 750 1,359 30% 54% 3,000 900 563 1,011 900 1,574 30°b 52% 3,500 1,050 656 1,133 1,050 1,789 30% 51 °b 4,000 1,200 750 1,242 1,200 1,992 309b 50% ' "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. ~ "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 62 in 2006 - it does not include any amounts which might be payable to an eligible spouse or children. i a Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. Missouri LAGERS IDustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (LT-5(65) Benefit Program is Years of Credited Service times: 2.00% of FAS' to age 65) 1.25% of FAS' at age 65) Final LAGERS Estimated Estimated Percent Average BENEFIT 3 Social Monthly Total of FAS Salary (FAS)1 To 65 At 65 Security ~ To 65 At 65 To 65 At 65 35 Years of Service: ~ $1,500 $1,050 $656 $856 $1,050 $1,512 70% 101% 2,000 1,400 875 1,019 1,400 1,894 70%._ 95°6 2,500 1,750 1,094 1,180 1,750 2,274 70°6 91% 3,000 2,100 1,313 1,341 2,100 2,654 7096 88% 3,500 2,450 1,531 1,501 2,450 3,032 7096 87% 4,000 2,800 1,750 1,589 2,800 3,339 70% 83% 25 Years of Service: $1,500 $750 $469 $856 $750 $1,325 50% 88% ~ 2,000 1,000 625 1,019 1,000 1,644 50% 82% ~ 2,500 1,250 781 1,180 1,250 1,961 50°6 78% 3,000 1,500 938 1,341 1,500 2,279 50% 76% 3,500 1,750 1,094 1,501 1,750 2,595 50°b 74% 4,000 2,000 1,250 1,589 2,000 2,839 50% 71 % i 15 Years of Service: I $1,500 $450 $281 $856 $450 $1,137 30% 76% 2,000 600 375 1,019 600 1,394 30% 70% 2,500 750 469 1,180 750 1,649 30% 66% 3,000 900 563 1,341 900 1,904 30% 63% i 3,500 1,050 656 1,501 1,050 2,157 30~ 6296 4,000 1,200 750 1,589 1,200 2,339 30% 5896 ' "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. z "Estimated Social Security" means for an employee covered by Social Security an employee's , , estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might be payable to an eligible spouse or children. j 3 Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. Missouri LAGERS Illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (LT-8(62) BeneSt Program is Years of Credited Service times: 2.00% of FAS'to age 62) 150% of FAS' at age 62) Final LAGERS Estimated Estimated Percent Average BENEFIT 3 Social Monthly Total of FAS Salary (FAS)1 To 62 At 62 Security ~ To 62 At 62 To 62 At 62 35 Years of Service: ~ $1,500 $1,050 $788 $648 $1,050 $1,436 7096 96% 2,000 1,400 1,050 769 1,400 1,819 70% _ 91% 2,500 1,750 1,313 890 1,750 2,203 70% 88% 3,000 2,100 1,575 1,011 2,100 2,586 7096 86% 3,500 2,450 1,838 1,133 2,450 2,971 70% 85% 4,000 2,800 2,100 1,242 2,800 3,342 70% 84% 25 Years of Service: $1,500 $750 $563 $648 $750 $1,211 50% 81 % 2,000 1,000 750 769 1,000 1,519 50% 76% 2,500 1,250 938 890 1,250 1,828 50°b 73% 3,000 1,500 1,125 1,011 1,500 2,136 50% 71% 3,500 1,750 1,313 1,133 1,750 2,446 50% 70% 4,000 2,000 1,500 1,242 2,000 2,742 50% 6996 15 Years of Service: $1,500 $450 $338 $648 $450 $986 30% 66% 2,000 600 450 769 600 1,219 30°b 6196 2,500 750 563 890 750 1,453 30% 5896 3,000 900 675 1,011 900 1,686 30% 56% 3,500 1,050 788 1,133 1,050 1,921 30% 55~ 4,000 1,200 900 1,242 1,200 2,142 30% 54% ' "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. z "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 62 in 2006 - it does not include any amounts which might ~ be payable to an eligible spouse or children. s Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. Missouri LAGERS Illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (LT-8(65) Benefit Program is Years of Credited Service times: 2.00% of FAS'to age 65) 1S0% of FAS' at age 65) Final LAGERS Estimated Estimated Percent Average BENEFIT s Social MontWy Total of FAS Salary (FAS)1 To 65 At 65 Security Z To 65 At 65 To 65 At 65 35 Years of Service: $1,500 $1,050 $788 $856 $1,050 $1,644 709b 110% 2,000 1,400 1,050 1,019 1,400 2,069 70% _ 103% 2,500 1,750 1,313 1,180 1,750 2,493 70°,b 100% 3,000 2,100 1,575 1,341 2,100 2,916 70% 97% 3,500 2,450 1,838 1,501 2,450 3,339 70% 95% 4,000 2,800 2,100 1,589 2,800 3,689 70% 92% 25 Years of Service: $1,500 $750 $563 $856 $750 $1,419 50°b 95 °,b 2,000 1,000 750 1,019 1,000 1,769 50~ 88% 2,500 1,250 938 1,180 1,250 2,118 509b 85% 3,000 1,500 1,125 1,341 1,500 2,466 50°.6 82% 3,500 1,750 1,313 1,501 1,750 2,814 50% 80% 4,000 2,000 1,500 1,589 2,000 3,089 50% 77°!0 15 Years of Service: $1,500 $450 $338 $856 $450 $1,194 30% 80°6 2,000 600 450 1,019 600 1,469 30°,6 73% 2,500 750 563 1,180 750 1,743 30°6 70% 3,000 900 675 1,341 900 2,016 30% 67% 3,500 1,050 788 1,501 1,050 2,289 30% 65% 4,000 1,200 900 1,589 1,200 2,489 30~ 62% ' "Final Average Salary" means tbe monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. ~ a "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might be payable to an eligible spouse or children. s Amounts are shown to nearest $1, for sunplicity; actual amounts are to nearest 1 ¢. i Missouri LAGERS Illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (LT-10(65) Benefit Program is Years of Credited Service times: 2.00% of FAS ~ to age 65) 1.60% of FAS ~ at age 65) Final LAGERS Estimated Estimated Percent Average BENEFIT s Social Monthly Total of FAS Salary (FAS)1 To 65 At 65 Security a To 65 At 65 To 65 At 65 35 Years of Service: $1,500 $1,050 $840 $856 $1,050 $1,696 70% 113% 2,000 1,400 1,120 1,019 1,400 2,139 70% 107% 2,500 1,750 1,400 1,180 1,750 2,580 _ 70.°6 103% 3,000 2,100 1,680 1,341 2,100 3,021 70% 101% 3,500 2,450 1,960 1,501 2,450 3,461 70°.6 99% 4,000 2,800 2,240 1,589 2,800 3,829 70% 96% 25 Years of Service: ' $1,500 $750 $600 $856 $750 $1,456 50% 97% 2,000 1,000 800 1,019 1,000 1,819 50% 91 % 2,500 1,250 1,000 1,180 1,250 2,180 50% 87°6 3,000 1,500 1,200 1,341 1,500 2,541 50% 85% 3,500 1,750 1,400 1,501 1,750 2,901 50°6 8346 4,000 2,000 1,600 1,589 2,000 3,189 50% 80°b 15 Years of Service: $1,500 $450 $360 $856 $450 $1,216 30% 81% i 2,000 600 480 1,019 600 1,499 30% 75~ 2,500 750 600 1,180 750 1,780 309b 71% 3,000 900 720 1,341 900 2,061 30% 69% 3,500 1,050 840 1,501 1,050 2,341 3096 67% 4,000 1,200 960 1,589 1,200 2,549 30°,6 64% ~ "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. z "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might be payable to an eligible spouse or children. I ' Amounts are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢. i Missouri LAGERS Illustrations of Age and Service Allowance Amounts For Sample Combinations of Service & Salary (LT-14(65) Bene$t Program is Years of Credited Service times: 2.00% of FAS' to age 65) 1.75% of FAS' at age 65) Final LAGERS Estimated Estimated Percent Average BENEFIT s Social Monthly Total of FAS Salary (FAS)1 To 65 At 65 ~ Security z To 65 At 65 To 65 At 65 35 Years of Service: $1,500 $1,050 $919 $856 $1,050 $1,775 70°6 118% 2,000 1,400 1,225 1,019 1,400 2,244 70°6 . _ 112% 2,500 1,750 1,531 1,180 1,750 2,711 7046 1089b 3,000 2,100 1,838 1,341 2,100 3,179 70% 10696 3,500 2,450 2,144 1,501 2,450 3,645 70°6 104% 4,000 2,800 2,450 1,589 2,800 4,039 7096 101% 25 Years of Service: $1,500 $750 $656 $856 $750 $1,512 50% 101% 2,000 1,000 875 1,019 1,000 1,894 50% 95% 2,500 1,250 1,094 1,180 1,250 2,274 50% 91% 3,000 1,500 1,313 1,341 1,500 2,654 504& 88°b 3,500 1,750 1,531 1,501 1,750 3,032 50% 8796 4,000 2,000 1,750 1,589 2,000 3,339 50% 83°b 15 Years of Service: $1,500 $450 $394 $856 $450 $1,250 30% 83% 2,000 600 525 1,019 600 1,544 3096 77% 2,500 750 656 1,180 750 1,836 3096 73% 3,000 900 788 1,341 900 2,129 30~ 71~ 3,500 1,050 919 1,501 1,050 2,420 30% 6996 4,000 1,200 1,050 1,589 1,200 2,639 30% 66% ' "Final Average Salary" means the monthly average of an employee's compensation during the period of 60 consecutive months (or optionally, 36 consecutive months) when they were highest, contained within the last 120 months of Credited Service. ~ ' "Estimated Social Security" means, for an employee covered by Social Security, an employee's estimated OASDI retirement benefit and is based upon an estimated "average indexed monthly earnings" for an employee retiring at age 65 in 2006 - it does not include any amounts which might be payable to an eligible spouse or children. s Amour are shown to nearest $1, for simplicity; actual amounts are to nearest 1 ¢.