[Ord. No. 34-2013, 9-9-2013]
A. The Board of Aldermen of the City of Herculaneum, a "political subdivision,"
as defined in Sections 70.600 through 70.755, RSMo. (2000), as amended,
hereby elects to become a participating political subdivision of the
Missouri Local Government Employees' Retirement System, and to thereby
provide retirement benefits to all its eligible general employees,
Police Officers and Fire Fighters under Benefit Program L-l.
[Ord. No. 43-2020, 12-7-2020]
B. The Board of Aldermen of the City of Herculaneum hereby elects that
one hundred percent (100%) of prior employment be considered for prior
service credit in calculating benefits and contributions to LAGERS,
and further elects that employees eligible to become members of LAGERS
are those employees employed in positions normally requiring 1,500
hours of work a year, provided such employees are not members of another
governmental retirement plan, or are otherwise excluded from membership
in LAGERS by State law.
C. The Board of Aldermen of the City of Herculaneum hereby elects to
have the final average salary of its employee members determined over
a sixty-consecutive-month period.
D. The Board of Aldermen of the City of Herculaneum hereby elects to
require employees who become members of LAGERS to pay four percent
(4%) of gross salary and wages as employee contributions to LAGERS.
E. The Board of Aldermen of the City of Herculaneum hereby elects the
regular retirement age for all eligible employees.
F. The City Administrator is hereby authorized and directed to deduct
from the wages or salaries of each employee member, the employee contributions,
if any, required by Section 70.705, RSMo. (2000), and to promptly
remit such contributions to LAGERS, along with the employer contributions
required by Sections 70.705 and 70.730, RSMo. (2000), as amended.
It is understood there is no statutory provision for a participating
political subdivision to terminate its membership under LAGERS.
G. The City of Herculaneum's participation as a LAGERS political subdivision
will commence on the first day of November, 2013.