Table of Contents: Chapter 7

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701 EARLY RETIREMENT OF CITY EMPLOYEES

701.1 Purpose

This purpose of this policy is to set forth the parameters for early retirement of City employees including general, fire and police employees as set forth in the Revised Statutes of Missouri and the administrative rules for the Missouri Local Government Employees Retirement System (LAGERS) and the procedures utilized by the City.

701.2 Lagers Early Retirement

An eligible City employee may apply for early retirement provided that s/he or she has a minimum of five years of credited service, and, at the time of separation from service and the time specified for retirement, s/he or she is within five years of the minimum service retirement ages which are sixty years of age for general employees and fifty-five years of age for sworn employees in Police and Fire.

701.2.1 Minimum early retirement ages are:

General Employees - Fifty-five years of age

Sworn Police Employees - Fifty years of age

Sworn Fire Employees - Fifty years of age

701.2.2 Employees who chose to retire early will receive a percentage of the benefits to which they would have been entitled at regular retirement. The percentage is one hundred percent reduced by: One-half of the one percent multiplied by the number of months by which his or her age is younger than the minimum service retirement age.

701.3 City Initiated Early Retirement

701.3.1 When it is determined to be in the best interests of the City, the City may provide certain additional benefits for early retirement by an employee. The benefits will last for a specific limited period of time, and the granting of the benefits would be done so at the prerogative of the City. The circumstances for which additional benefits would be granted are extreme events that could not be expected by the City and excludes restructuring, lay-offs, or job elimination. A normal early retirement initiated by an employee will not be eligible for additional benefits.

The granting of additional early retirement benefits will be recommended by the City Manager with approval of the City Council.