§ 19-30. Retirement dates and allowances.
(a)
Normal retirement.
(1)
Eligibility—Regular employee. A regular employee is eligible for a normal retirement allowance on the earlier of the date he has:
a.
Completed ten (10) years of service and attained age sixty-five (65);
b.
Completed twenty (20) years of service and attained age fifty-five (55); or
c.
Completed twenty-eight (28) years of service regardless of age.
d.
Notwithstanding the above, a regular employee hired after December 31, 2012, is eligible for a normal retirement allowance on the earlier of the date he has:
i.
Completed ten (10) years of service and attained of age sixty-five (65), or
ii.
Completed twenty-five (25) years of service and attained of age fifty-five (55), or
iii.
Completed thirty (30) years of service regardless of age.
(2)
Eligibility—Elected official. An elected official is eligible for a normal retirement allowance once he has completed ten (10) years of service as an elected official and attained age fifty-five (55).
(3)
Normal retirement allowance. The normal retirement allowance of a member whose benefit begins to be paid (or is paid in lump sum) after September 16, 1999, is equal to the larger of:
a.
A monthly benefit of two and one-tenth (2.1) percent of his final average compensation multiplied by his years of service after December 31, 1988 plus three and two-tenths (3.2) percent of his final average compensation multiplied by his years of service prior to January 1, 1989;
b.
A monthly benefit of fifty (50) percent of his final average compensation if he has ten (10) or more years of service as an elected official.
Example 1: If an elected official has twenty (20) years of service prior to January 1, 1989 as a regular employee and ten (10) years of service after January 1, 1989 as an elected official, after August 2, 2004, he will receive a normal retirement allowance equal to eighty-five (85) percent of his final average compensation (since this allowance is larger than the fifty (50) percent final average compensation allowance he would be entitled to as an elected official).
Example 2: If a regular employee has eight (8) years of service prior to January 1, 1989 as a regular employee and ten (10) years of service after January 1, 1989 as an elected official, after August 2, 2004, he will receive a normal retirement allowance equal to fifty (50) percent of his final average compensation (since this allowance is larger than the forty-six and six-tenths (46.6) percent of final average compensation allowance he would be entitled to as a regular employee).
(4)
Beginning date. A member's normal retirement allowance will begin to be paid (or if permitted, be paid in lump sum) to him on the first day of the month following the date on which he has satisfied the age and service requirements for the benefit and had a severance from employment, or as soon as is administratively practical following this date.
(5)
Prior law. A member whose normal retirement allowance began being paid (or was paid in lump sum) prior to August 2, 2004, received the allowance calculated according to the terms of the system in existence at the time the benefit began being paid (or was paid in lump sum).
(b)
Early retirement.
(1)
Eligibility. A regular employee is eligible for an early retirement allowance once he has completed ten (10) years of service and attained age fifty (50). Elected officials are not eligible for an early retirement allowance.
(2)
Early retirement allowance. The early retirement allowance of a regular employee whose benefit begins to be paid (or is paid in lump sum) after August 2, 2004, is equal to a monthly benefit of two and one-tenth (2.1) percent of his final average compensation multiplied by his years of service after December 31, 1988, plus three and two-tenths (3.2) percent of his final average compensation multiplied by his years of service prior to January 1, 1989.
(3)
Beginning date. A regular employee's early retirement allowance will begin to be paid (or if permitted, be paid in lump sum) to him on the date at which he becomes eligible to receive a normal retirement allowance. With the consent of the retirement board, a retirement allowance which is the actuarial equivalent of the early retirement allowance described in the previous sentence may begin to be paid (or if permitted, be paid in lump sum) to the member on the first day of the month following the date he has a severance from employment, or as soon as is administratively practical following this date.
(4)
Reserved.
(c)
Disability retirement.
(1)
Eligibility. A member who has completed ten (10) years of service and becomes disabled while in service will receive a disability retirement allowance for so long as he continues to be disabled. If a member is still disabled at the date at which he would have otherwise become eligible to receive a normal retirement allowance had he continued in service, he will continue to receive the disability allowance until his death regardless of his recovery from disability.
(2)
Recovery from disability. If a disabled member recovers from disability, is re-employed and required to further participate in the system under section 19-28, paragraph (b), the retirement board will restore his years of service to the date of his disability retirement. The recovered member will then continue to accrue benefits under the system based on his years of service at and after the disability.
(3)
Disability definition. "Disabled" means that the member, because of a physical or mental disability, is unable to perform the duties of his customary position of employment or is unable to engage in any substantial gainful activity for an indefinite period which the retirement board considers will be of long continued duration. The retirement board may require the member to submit to the physical examination of as many as two (2) physicians in order to confirm disability. The retirement board may require a member to submit evidence of his continued eligibility for the disability allowance at any time he is receiving the disability allowance. The retirement board may not require such evidence to be furnished more frequently than semi-annually. In the event that a disabled member refuses or fails to submit evidence of his continued disability when requested by the retirement board, the trustee upon written notice from the retirement board will discontinue the disability allowance until the member submits satisfactory evidence of his continued disability.
(4)
Disability retirement allowance. The disability retirement allowance of a member whose benefit begins to be paid (or is paid in lump sum) after August 2, 2004, is equal to the larger of:
a.
A monthly benefit of two and one-tenth (2.1) percent of his final average compensation multiplied by his years of service after December 31, 1988, plus three and two-tenths (3.2) percent of his final average compensation multiplied by his years of service prior to January 1, 1989;
b.
A monthly benefit of fifty (50) percent of his final average compensation if he has ten (10) or more years of service as an elected official.
(5)
Beginning date. A member's disability retirement allowance will begin to be paid to him on the first day of the month following the date his disability is determined by the retirement board, or as soon as is administratively practical following this date. The disability retirement allowance will not be actuarially reduced for payment prior to the time the member would have otherwise become eligible to receive a normal retirement allowance had he continued in service.
(6)
Prior law. A member whose disability retirement allowance began being paid (or was paid in lump sum) prior to August 2, 2004, received the allowance calculated according to the terms of the system in existence at the time the benefit began being paid (or was paid in lump sum).
(d)
Deferred retirement.
(1)
Eligibility. If a member has a severance from employment with ten (10) or more years of service but he has not satisfied the age requirement for a normal retirement allowance, he can become eligible for a deferred retirement allowance by electing not to receive his contributions plus interest as a termination benefit. He will become eligible to receive the deferred retirement allowance when he attains age sixty-five (65). If this member is re-employed by the city and required to further participate in the system under section 19-28, paragraph (a), he will then continue to accrue benefits under the system based on his years of service at the time of his separation from service plus his years of service after his re-employment.
(2)
Deferred retirement allowance. The deferred retirement allowance of a regular employee is equal to a monthly benefit of two and one-tenth (2.1) percent of his final average compensation multiplied by his years of service after December 31, 1988, plus three and two-tenths (3.2) percent of his final average compensation multiplied by his years of service prior to January 1, 1989. An elected official's deferred retirement allowance is equal to a minimum annual benefit of fifty (50) percent of his final average compensation.
(3)
Beginning date. A member's deferred retirement allowance will begin to be paid (or if permitted, be paid in lump sum) to him on the date at which he attains age sixty-five (65). With the consent of the retirement board, a retirement allowance which is the actuarial equivalent of the deferred retirement allowance described in the previous sentence may begin to be paid (or if permitted, be paid in lump sum) to the member on the first day of the month following the date he attains age fifty (50), or as soon as is administratively practical following this date.
(4)
Prior law. A member whose deferred retirement allowance began being paid (or was paid in lump sum) prior to August 2, 2004, received the allowance calculated according to the terms of the system in existence at the time the benefit began being paid (or was paid in lump sum).
(e)
Normal form of retirement allowance. The retirement board will compute a member's retirement allowance in the form of a straight life annuity.
(f)
Application for retirement benefits. A regular employee or an elected official may elect to retire at any time after he has satisfied the age and service requirements applicable to his retirement allowance. In order for a normal or early retirement allowance to begin to be paid (or if permitted, be paid in lump sum) to a member, a member (or his representative) must make written application to the retirement board not less than thirty (30) days nor more than ninety (90) days prior to his requested retirement date and separation from service. A member who becomes disabled must apply to the retirement board for certification of his disabled status as soon as is practical. A member will elect a deferred retirement allowance in accordance with retirement board procedures. All applications and elections concerning retirement allowance will be made in writing and on forms approved by the retirement board.
(g)
Minimum retirement benefit. If a member's or spouse's normal, early, disability or deferred retirement allowance results in a monthly benefit of less than two hundred fifty dollars ($250.00), the member or spouse will receive a monthly benefit of two hundred fifty dollars ($250.00) per month. If a deceased member's children under age twenty-two (22) or other beneficiaries are sharing a member's benefit, all of the member's children under age twenty-two (22) or beneficiaries will receive a combined benefit of two hundred fifty dollars ($250.00) per month or such larger amount as they are entitled to receive under the terms of the system.
(h)
1997 cost-of-living adjustments. Effective May 1, 1997, a member, spouse, member's child or beneficiary who receives or is receiving a normal, early, disability or deferred retirement allowance in the form of an annuity payable monthly will receive an increased monthly benefit which is the larger of:
(1)
The monthly benefit that the member, spouse, member's child or beneficiary receives (or would receive without regard to subsection (g) above) multiplied by the total number of years since the date the member, spouse, member's child or beneficiary began receiving the retirement allowance and multiplied times one point zero two (1.02); or
(2)
The minimum retirement benefit of two hundred fifty dollars ($250.00) pursuant to subsection (g) above.
(i)
1999 benefit increase. Effective the first day of the month following September 16, 1999, a member, spouse, member's child or beneficiary who receives or is receiving a normal, early, disability or deferred retirement allowance in the form of an annuity payable monthly will receive an increased monthly benefit which is fifty dollars ($50.00) more per month than the benefit that member, spouse, member's child or beneficiary is otherwise entitled to receive under the system. This increased benefit is prospective only and does apply to benefits received monthly beginning after September 16, 1999.
(Ord. No. 5551, § 5, 7-19-93; Ord. No. 5632, § 2, 11-20-95; Ord. No. 5633, §§ 2—6, 12-4-95; Ord. No. 5688, §§ 1—9, 3-21-97; Ord. No. 5828, § 1—9, 8-16-99; Ord. No. 5958, §§ 3—9, 8-6-01; Ord. No. 6067, §§ 1—7, 6-16-03; Ord. No. 6103, §§ 1—8, 8-2-04; Ord. No. 6253, § 5, 8-4-08; Ord. No. 6418, § 2, 12-3-12)