§ 2-63. Retirement dates and benefits.

(1)

General employees:

(a)

Normal retirement date for members eligible to retire prior to October 1, 2018:

1.

A tier one member may retire on the first day of the month coincident with, or next following, the earlier of the date upon which the member completes twenty (20) years of credited service, regardless of age, or attains age sixty-two (62) with seven (7) years of continuous service. Notwithstanding the foregoing, a tier two member or tier three member may retire on the first day of the month coincident with, or next following, the earlier of the date upon which the member completes twenty-five (25) years of credited service, the date upon which the member attains age sixty-five (65) with ten (10) years of credited service, or the date upon which the member attains age sixty (60) with fifteen (15) years of credited service.

2.

A tier one member who completes at least one year of service after June 30, 1987, may retire on the first day of the month coincident with or next following attainment of age sixty-two (62) with seven (7) years of continuous service.

(b)

Normal retirement date for members of all tiers not eligible to retire as of October 1, 2018 shall be either:

1.

The date on which the sum of an employee's age and years of service with the city equals seventy-five (75):

2.

The date upon which the member attains age sixty (60) with fifteen (15) years of service; or

3.

The date on which the employee attains age sixty-five (65) with ten (10) years of service.

(c)

Normal retirement benefit:

1.

Amount. The monthly retirement benefit for tier one members shall be an amount equal to three (3) percent of average monthly earnings times years and completed months of continuous service for all years of employment prior to October 1, 2018. The monthly retirement benefit for tier two members shall be an amount equal to two and one-half (2.5) percent of average monthly earnings times years and completed months of continuous service for all years of employment prior to October 1, 2018. The monthly retirement benefit for tier three members shall be an amount equal to two and one-quarter (2.25) percent of average monthly earnings times years and completed months of continuous service for all years of employment prior to October 1, 2018. For service earned after October 1, 2018, the monthly retirement benefit for all tiers shall be an amount equal to two (2) percent of average monthly earnings times years and completed months of continuous service. For purposes of this section, years of employment shall begin on the member's anniversary date.

2.

The minimum monthly retirement benefit shall be twenty-five dollars ($25.00) times years and completed months of continuous service, up to a maximum of two hundred and fifty dollars ($250.00) per month at ten (10) years of service.

(d)

Early retirement date. A member may retire on the first day of the month coincident with or next following the attainment of age fifty-five (55) and the completion of fifteen (15) years of continuous service.

(e)

Early retirement benefit. A member retiring hereunder on his early retirement date may receive either a deferred or an immediate monthly retirement benefit as follows:

1.

A deferred monthly retirement benefit which shall commence on his normal retirement date and shall be continued on the first day of each month thereafter during his lifetime. The amount of the benefit shall be determined and paid in the same manner as for retirement at his normal retirement date, except that average monthly earnings and continuous service shall be determined as of his early retirement date; or

2.

An immediate monthly retirement benefit which shall commence on his early retirement date and shall be continued on the first day of each month thereafter during his lifetime. The benefit payable shall be as determined in subparagraph (1)(d)1. above, reduced by one-fifteenth ( 1/15 ) for each of the first five (5) years and one-thirtieth ( 1/30 ) for each of the next five (5) years by which the starting date of the benefit precedes the normal retirement date.

3.

Effective October 1, 1994, a member may retire with his or her full normal retirement benefit payable as an immediate monthly benefit, provided he or she has attained age fifty-five (55) and twenty-five (25) years of continuous service no later than January 1, 1995. This subsection shall not be effective after January 1, 1995, except as approved by the city commission by resolution for a period not to exceed three (3) months. The commission may not grant such approvals by resolution more frequently than once every twenty-four (24) months.

(f)

Delayed retirement date. The delayed retirement date shall be that date following normal retirement date on which a member actually retires.

(g)

Delayed retirement benefit. A member retiring hereunder at his delayed retirement date shall receive a monthly retirement benefit which shall commence on the first day of the month coincident with or next following such delayed retirement date. The amount of each such monthly retirement benefit shall be determined in the same manner as for normal retirement, except that average monthly earnings and continuous service shall be determined as of the member's actual retirement date. The benefit shall be paid during such member's lifetime and cease upon his death, unless an optional form of benefit payment providing a survivor's benefit had been selected in writing by the member prior to actual retirement.

(2)

[Reserved.]

(3)

Increases in retirement benefits:

(a)

Each member and beneficiary of the plan who is receiving monthly benefits as of June 30, 1988, shall have his benefit increased as of June 1, 1988, if necessary to meet the following minimum. The minimum shall be twenty-five dollars ($25.00) times years and completed months of service to a maximum of ten (10) years if the benefit is payable to the member in the normal form (straight life annuity). If the benefit is payable in another form and/or to another beneficiary, then the minimum amount shall be the actuarial equivalent of the above described benefit.

(b)

Each member and beneficiary of the plan who is receiving monthly benefits as of June 30, 1988, shall have his benefit increased as of July 1, 1988, by three (3) percent.

Any member or beneficiary, whose benefit is increased pursuant to section 2-63(3)(a), shall have the three-percent increase in this paragraph applied subsequent to such increase.

(c)

Every member and beneficiary of the plan who is receiving monthly benefits shall receive a one-time benefit increase as follows:

1.

Those members whose benefits started prior to July 1, 1988, shall have their benefits increased by nine and twenty-five one hundredths (9.25) percent.

2.

Those members whose benefits started subsequent to July 1, 1988, and prior to June 1, 1990, shall have their benefits increased by the percentage of increase in the Consumer's Price Index from the date their benefit payments started and April, 1990.

3.

These increases shall be effective October 1, 1991.

(d)

Every member and beneficiary of the plan who is receiving monthly benefits shall receive a one-time benefit increase as follows:

1.

Those members whose benefits started prior to 1995 shall have their benefits increased by five (5) percent.

2.

Those members whose benefits started subsequent to 1995 and prior to 1996 shall have their benefits increased by three (3) percent.

3.

Those members whose benefits started subsequent to 1996 and prior to 1997 shall have their benefits increased by one and one-half (1½) percent.

(Ord. No. 77-121, § 3, 6-2-77; Ord. No. 79-150, § 1, 10-16-79; Ord. No. 79-161, § 1, 11-27-79; Ord. No. 80-168, § 2, 12-8-80; Ord. No. 81-154, §§ 1, 2, 9-15-81; Ord. No. 83-112, § 1(3), 3-14-83; Ord. No. 85-204, § 1, 11-12-85; Ord. No. 87-157, § 2, 11-9-87; Ord. No. 88-100, § 3, 2-8-88; Ord. No. 88-128, §§ 1—3, 8-8-88; Ord. No. 91-107, §§ 1, 2, 2-25-91; Ord. No. 91-144, § 2, 7-8-91; Ord. No. 91-181, § 1, 9-30-91; Ord. No. 94-162, §§ 1, 2, 11-1-94; Ord. No. 96O-124, §§ 2, 3, 6-10-96; Ord. No. 970-9-145, § 3, 9-29-97; Ord. No. 98O-6-129, § 1, 6-29-98; Ord. No. 98O-7-136, § 1, 8-31-98; Ord. No. 00O-8-47, § 1, 9-11-00; Ord. No. 03O-08-178, § 2, 9-8-03; Ord. No. 05O-07-158, § 1, 8-29-05; Ord. No. 06O-05-134, § 2, 6-12-06; Ord. No. 15O-03-107, § 3, 4-13-15; Ord. No. 19O-03-102, § 2, 4-8-2019)

Editor's note

Ord. No. 06O-05-134, § 8, adopted June 12, 2006 states that the provisions of § 2-63(1)(b) shall become effective October 1, 2006.