[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
In the event of termination of employment of an employee, except
upon death, and if such employee has at least 10 years of continuous
service as an employee of the City at the time of such termination
of employment, such employee may elect one of the following two alternative
benefits by filing a written election with the Chairman of the Pension
and Retirement Board within 30 days of his termination of employment
with the City:
(a)
Payment of an amount equal to a return of his contributions plus
interest thereon compounded annually at an annual rate of 5% from
January 1, 1981, and at an annual rate as presently established by
the Pension and Retirement Board for periods prior to January 1, 1981;
or
(b)
If he shall leave his contributions in the retirement fund, he shall
be entitled upon attainment of the age of 60 years, if he shall then
be living, to 100% of his accrued retirement benefit as determined
on the date of his termination of employment with the City, so long
as he has completed 10 years of continuous service as an employee
of the City of Milford. The date of his termination of employment
shall be used in determining his continuous service and his average
annual pay.
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If any such terminated employee shall die prior to attainment of the age of 60 years and there is no surviving spouse, the Retirement Board shall pay to the beneficiary named by him or to his legal representative if there is no living named beneficiary, an amount equal to his contributions plus interest thereon compounded annually at an annual rate of 5% from January 1, 1981, and at an annual rate as presently established by the Pension and Retirement Board for periods prior to January 1, 1981. If there is a surviving spouse, said spouse shall be eligible for survivor's benefits under Section 17.1-40.
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[1]
Editor's Note: Former Section 17.1-33B, which immediately
preceded this section, was repealed 11-9-1992.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
(a)
The terms of this plan shall apply to all nonrepresented employees
of the City of Milford. Any member of the retirement system who has
completed at least 10 years of continuous service as an employee of
the City of Milford and has attained the age of 60 shall be eligible
for normal retirement for super-annuation under the provisions of
this plan. In addition, any member of the retirement system who has
any combination of continuous service as an employee of the City of
Milford and age which when added together equals 85 shall be eligible
for normal retirement for super-annuation under the provisions of
this plan.
(b)
Effective January 1, 1986, any member of the retirement system who
has any combination of continuous service as an employee of the City
of Milford and age which when added together equals 84 shall be eligible
for normal retirement for super-annuation under the provisions of
this plan.
(c)
Effective January 1, 1987, any member of the retirement system who
has any combination of continuous service as an employee of the City
of Milford and age which when added together equals 83 shall be eligible
for normal retirement for super-annuation under the provisions of
this plan.
(d)
Effective January 1, 1988, any member of the retirement system who
has any combination of continuous service as an employee of the City
of Milford and age which when added together equals 82 shall be eligible
for normal retirement for super-annuation under the provisions of
this plan.
(e)
Effective January 1, 1989, any member of the retirement system who
has any combination of continuous service as an employee of the City
of Milford and age which when added together equals 81 shall be eligible
for normal retirement for super-annuation under the provisions of
this plan.
(f)
Effective January 1, 1990, any member of the retirement system who
has any combination of continuous service as an employee of the City
of Milford and age which when added together equals 80 shall be eligible
for normal retirement for super-annuation under the provisions of
this plan.
(g)
Effective January 1, 1993, until March 31, 1993, only, any member
of the retirement system who has any combination of continuous service
as an employee of the City of Milford and age which when added together
equals 78 shall be eligible for normal retirement for super-annuation
under the provisions of this plan.
(h)
Effective from January 1, 1995, any member of the retirement system
who has any combination of continuous service as an employee of the
City of Milford and age which when added together equals 79 shall
be eligible for normal retirement for super-annuation under the provisions
of this plan.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
Any employee who has reached the age of 50 and has completed at least 10 years of continuous service as an employee of the City of Milford shall be eligible for retirement on the first day of any month following his/her 50th birthday. The date upon which the employee retires following said 50th birthday shall hereafter be referred to as "the early retirement date." Any employee retiring under the provisions of this section shall be paid benefits as of his early retirement date. Payment of benefits to such employee shall be based upon the employee's credited service as of his early retirement date and shall be paid in the same manner as if the employee was eligible for retirement pursuant to Section 17.1-35 hereof (hereafter "normal retirement"); provided, however, that such payment shall be reduced by 4 1/2% of such normal retirement pension for each year that the early retirement date precedes the date that the employee would be eligible for normal retirement.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
(a)
Normal retirement. For all employees who retired on or after January
1, 1981, the following provisions shall apply: The Retirement Board
shall pay to each member who has been retired for super-annuation
under the retirement system a pension for life in an amount determined
as 2% of his average annual pay for the three highest paid fiscal
years preceding his retirement multiplied by the number of completed
years of service. The Retirement Board shall pay to each member who
has retired on disability under the retirement system as set forth
herein, a pension during the continuance of such disability in an
amount determined as 2% of his average annual pay for the three highest
paid fiscal years preceding his retirement multiplied by the number
of completed years of service; provided, however, that if such disability
is shown to the satisfaction of the Retirement Board to have been
sustained during the performance of essential duties pertaining to
his employment by the City, such pension shall not be less than 66 2/3%
of the employee's salary at the time such disability commenced. In
no event shall average annual pay include lump sum payments of accumulated
sick leave. The above payment schedules shall only apply to employees
who retire subsequent to January 1, 1981. Employees who retired prior
to January 1, 1981, shall continue to be paid under previously established
payment schedules.
(b)
Normal retirement between January 1, 1993 and March 1, 1993: For all employees who retire between January 1, 1993, and March 31, 1993, only, the following provisions shall apply: The Retirement Board shall pay to each member who has been retired for super-annuation under the retirement system a pension for life in an amount determined as 2.25% of his annual pay for the two highest paid fiscal years or the previous 24 months, whichever is higher. The Retirement Board shall pay to each member who has retired on disability under the retirement system as set forth herein, a pension during the continuance of such disability in an amount determined as 2.25% of his average annual pay for the two highest paid fiscal years or the previous 24 months preceding his retirement, whichever is higher, multiplied by the number of completed years of service; provided, however, that if such disability is shown to the satisfaction of the Retirement Board to have been sustained during the performance of essential duties pertaining to his employment by the City, such pension shall not be less than 66 2/3% of the employee's salary at the time such disability commenced. In no event shall average annual pay include lump sum payments of accumulated sick leave. The calculation of benefits hereunder is expressly subject to the limitations as set forth in Section 17.1-46. The above payment schedules apply only to employees who retire between January 1, 1993 and March 31, 1993. Employees who retired prior thereto shall continue to be paid under previously established payment schedules except those who retired between July 1992 and December 1992 shall have the option upon return of all payments received and reimbursement of all COBRA health insurance costs to apply for a recalculation pursuant to this section.
(c)
Normal retirement on or after July 1, 1993: For all employees who retire on or after July 1, 1993, the following provisions shall apply: The Retirement Board shall pay to each member who has been retired for super-annuation under the retirement system a pension for life in an amount determined as 2% of his average annual pay for the two highest paid fiscal years or the previous 24 months, whichever is higher. The Retirement Board shall pay to each member who has retired on disability under the retirement system as set forth herein, a pension during the continuance of such disability in an amount determined as 2% of his average annual pay for the two highest paid fiscal years or the previous 24 months preceding his retirement, whichever is higher, multiplied by the number of completed years of service; provided, however, that if such disability is shown to the satisfaction of the Retirement Board to have been sustained during the performance of essential duties pertaining to his employment by the City, such pension shall not be less than 66 2/3% of the employee's salary at the time such disability commenced. In no event shall average annual pay include lump sum payments of accumulated sick leave. The calculation of benefits hereunder is expressly subject to the limitations as set forth in Section 17.1-46. The above payment schedules apply only to employees who retire on or after July 1, 1993. Employees who retired prior thereto shall continue to be paid under previously established payment schedules.
(d)
Normal retirement after July 1, 1994: For all employees who retire on or after July 1, 1994, the following provisions shall apply: The Retirement Board shall pay to each member who has been retired for super-annuation under the retirement system a pension for life in an amount determined as 2.15% of his average annual pay for the two highest paid fiscal years or the previous 24 months, whichever is higher. The Retirement Board shall pay to each member who has retired on disability under the retirement system as set forth herein, a pension during the continuance of such disability in an amount determined as 2.15% of his average annual pay for the two highest paid fiscal years or the previous 24 months preceding his retirement, whichever is higher, multiplied by the number of completed years of service; provided, however, that if such disability is shown to the satisfaction of the Retirement Board to have been sustained during the performance of essential duties pertaining to his employment by the City, such pension shall not be less than 66 2/3% of the employee's salary at the time such disability commenced. In no event shall average annual pay include lump sum payments of accumulated sick leave. The calculation of benefits hereunder is expressly subject to the limitations as set forth in Section 17.1-46. The above payment schedules apply only to employees who retire on or after July 1, 1994, until June 30, 1996. Employees who retired prior thereto shall continue to be paid under previously established payment schedules.
(e)
Normal retirement after July 1, 1996: For all employees who retire on or after July 1, 1996, the following provisions shall apply: The Retirement Board shall pay to each member who has been retired for super-annuation under the retirement system a pension for life in an amount determined as 2.25% of his average annual pay for the two highest paid fiscal years or the previous 24 months, whichever is higher. The Retirement Board shall pay to each member who has retired on disability under the retirement system as set forth herein, a pension during the continuance of such disability in an amount determined as 2.25% of his average annual pay for the two highest paid fiscal years or the previous 24 months preceding his retirement, whichever is higher, multiplied by the number of completed years of service; provided, however, that if such disability is shown to the satisfaction of the Retirement Board to have been sustained during the performance of essential duties pertaining to his employment by the City, such pension shall not be less than 66 2/3% of the employee's salary at the time such disability commenced. In no event shall average annual pay include lump sum payments of accumulated sick leave. The calculation of benefits hereunder is expressly subject to the limitations as set forth in Section 17.1-46. The above payment schedules apply only to employees who retire on or after July 1, 1996. Employees who retired prior thereto shall continue to be paid under previously established payment schedules.
(f)
Disability retirement: Any member of the retirement system who, after
10 years of continuous service as an employee of the City, shall be
totally and permanently disabled, except as a result of his own willful
misconduct, may be retired for disability according to the provisions
of this section, provided proof of total disability shall be submitted
to the Retirement Board, which shall cause examinations to be made
by at least two impartial medical examiners; and provided such total
disability, if shown to the satisfaction of the Board to have been
sustained during the performance of essential duties pertaining to
his employment by the City, shall entitle such member to retirement
for disability, irrespective of the duration of his employment. Each
retiree who receives a disability retirement pursuant to these provisions
shall be subject to the following limitations: payments for retirement
made by the City of Milford shall be adjusted so that the total of
such payment received by the retiree for pension and other wages shall
not exceed 100% of the current yearly compensation paid for the job
the retiree would have occupied if still employed. Proof of compliance
shall be requested each year by June 30 by the City of Milford. A
retiree's failure to comply with this request shall cause his pension
to be suspended after receiving proper notice of such suspension.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992;
Ord. of 11-8-2001]
(a)
An employee of the City who is presently ineligible for any reason whatsoever for participation in the retirement system for periods in which the employee held a full-time position as defined in Section 17.1-5(b), as limited by Section 17.1-5(a), shall be eligible for participation in the retirement system for periods of time in which the employee held such position upon payment to the retirement fund of a contribution at the applicable rate for such periods, together with such amount as will establish the proper actuarial reserve for that portion of the pension represented by such contribution. For such buy-in rights to be effective, said employee shall make said payment to the retirement fund no later than December 31, 1993, or 30 days prior to the date of retirement whichever shall first occur.
(b)
An employee whose employment with the City is terminated for any
reason followed by rehire or reinstatement to City employment in a
budgeted position shall be eligible for participation in the retirement
system for the period prior to his termination upon payment to the
retirement system of an amount equal to his contributions for the
number of years of previous City employment, together with such amount
as will establish the proper actuarial reserve for that portion of
the pension represented by such contribution. Effective on October
27, 1986, no employee of the City of Milford whose employment with
the City is terminated for any reason followed by rehire or reinstatement
to City employment in a budgeted position shall have the right to
buy-in to the retirement system for that prior service time unless
and until he contributes the proper amount as prescribed above within
three months of the date of his rehire or reinstatement to City employment.
(c)
Any employee who has had prior active duty service with the United
States Military shall be eligible to include said prior U.S. Military
service as service for the purposes of calculating the pensions herein
provided that:
(1)
Contribution for said service will be based on the employee's
starting annual salary when first employed by the City of Milford.
(2)
The election for including prior service in the United States
Military cannot be elected until such time as the employee has reached
age of 50 with 10 years of service and/or becomes eligible for retirement
as defined herein.
(3)
The employee shall have the right to buy-in no more than three
years of prior service in the U.S. Military.
(4)
The employee may take this election any time prior to retiring
or in the case of a disability pension the election can be made at
the time the disability pension is granted.
(5)
The employee shall contribute an amount equal to the number
of (or part of) years of service in the United States Military based
on the current rates of contribution together with interest for each
year from his or her date of employment to payout date. Said interest
will be established each July 1 based on the current interest rate
paid for thirty-day United States Treasurer Bills.
(d)
Those employees in the Human Resources, Community Development and Employment, and Training Departments who were previously ineligible shall be permitted to buy back service by contributing on or before December 31, 2003, the sum calculated by the Pension and Retirement Board constituting service plus interest payments in accordance with the formula previously established for other employees buying back service pursuant to Milford Code of Ordinances Section 17.1-38(a).
(e)
Any current, nonrepresented, full-time employee with 20 or more years of service as of June 30, 2011, shall be permitted to buy back service, up to a maximum of four years, by contributing, on or before July 31, 2011, the sum calculated by the Pension and Retirement Board, constituting service plus interest payments in accordance with the formula previously established for other employees buying back service pursuant to Milford Code of Ordinances Section 17.1-38.
[Added 6-27-2007]
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992; Ord. of 4-6-1998]
Instead of the normal retirement benefit provided for hereunder, an employee may elect a contingent annuitant option providing for actuarially reduced retirement benefits payable to him during his lifetime after retirement and for the continuance of such payments, or a part of them specified by the employee, to a contingent annuitant for his life and after the death of the retired employee. Such election may be made by an employee at any time at least one year prior to his retirement date or within one year to his retirement date upon furnishing evidence of the employee's good health satisfactory to the Retirement Board. An employee who has elected this option may not at any time within one year prior to his retirement date revoke or modify such option except upon furnishing evidence of good health of the contingent annuitant satisfactory to the Retirement Board; provided, however, that the death of the contingent annuitant at any time prior to the employee's retirement date shall automatically revoke such election; and provided, further, that if the contingent annuitant is the spouse of the employee, a divorce granted to either spouse at any time prior to the employee's retirement date shall automatically revoke such election. For nonrepresented employees, such election may be made or revoked by an employee at any time prior to his/her date of retirement, but may not be made or revoked once benefits commence. If an employee who has elected this option dies before his retirement date, the provision of Section 17.1-40 shall apply. If the employee dies after his retirement date, the contingent annuitant shall receive for life, commencing on the first day of the calendar month coinciding with or next following the retired employee's death, the benefits specified by the retired employee for the contingent annuitant. If the contingent annuitant dies before the employee's retirement date, the retirement benefit normally provided under this plan will be payable to the retired employee as if this option had not been elected. If the contingent annuitant dies after the employee's retirement date, the amount of the payments which the retired employee is then receiving or is entitled to receive will continue unchanged and will cease upon the retired employee's death.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
(a)
If an employee whose pension rights pursuant to this plan have otherwise
vested dies prior to retirement and if on the date of death such employee
is married the surviving spouse shall receive a benefit. The benefit
shall begin on the month which coincides with or next following the
date of death and shall be paid monthly for the life of the spouse.
The monthly benefits shall be equal to the benefit which the member
had accrued at the date of death, actuarially reduced for the 50%
contingent annuitant form but with no reduction for commencement of
benefits prior to normal retirement age.
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Said spouse who received such benefits pursuant to this section
shall waive and not be entitled to collect as a benefit the contributions
made to the retirement fund by or on behalf of the deceased employee
prior to his death.
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Upon the death of the surviving spouse, the Retirement Board
shall pay to the beneficiary named by him or to his legal representative,
if there is no living named beneficiary, any excess contributions
made by the former employee over benefits paid out in his behalf.
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[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992; Ord. of 6-3-2002; Ord. of 4-7-2003]
The rate of contribution by all employees participating in the
retirement system shall be 2 1/4% on the first $4,200 of pay
and 5% of the excess over $4,200. For nonrepresented employees, the
five-percent rate of contribution set forth above shall be reduced
to 4% for those employees whose service for pension purposes to the
City totals 15 or more years.
[Ord. of 1-4-1988; Ord. 11-9-1992; Ord. of 12-7-1992]
For employees covered by this plan retired under the pension
plan of the City of Milford, the cost of a group life insurance plan
in the amount of $10,000 shall be paid for by the City and the conditions
of employment ordinance shall be amended to reflect this change.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
There shall be an accounting split between the assets and liabilities
of the general City employees' pension fund and the assets and liabilities
of the uniformed employees' pension fund.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
In the event of termination of employment of an employee, except
upon death, and if such employee does not have 10 years of continuous
service as an employee of the City at the time of such termination
of employment, said employee will receive payment of an amount equal
to a return of his contributions, plus interest thereon compounded
annually at an annual rate of 5% from January 1, 1981, and at an annual
rate as presently established by the pension and Retirement Board
for periods prior to January 1, 1981. Said payment will be made to
said employee within 30 days of his termination.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
The Pension and Retirement Board of the City of Milford shall
cause a study to be made by the City Actuary and prepare a report
to be submitted to the Board of Aldermen every three years on the
current status of pension payments being made to all retirees pursuant
to this plan and the effect of inflation among other things as it
affects these payments over that period.
The Board of Aldermen after receiving the report and recommendation
of the Pension and Retirement Board of the City of Milford shall have
the right in its sole discretion to make upward adjustments in the
payments being made by the retirement fund to current retirees. The
Board of Aldermen shall vote on such adjustments within 90 days from
the date of the receipt of the actuary report.
The first report and the review by the Board of Aldermen of
payments to be made to current retirees shall be made within one year
of October 27, 1987, and shall take place every three years thereafter.
[Ord. of 11-9-1992; Ord. of 12-7-1992]
Notwithstanding any other provision contained herein, all benefits
hereunder are expressly subject to the limitation of the Internal
Revenue Code Section 415 as same may be amended from time to time
and shall not exceed an employee's annual base pay in the year of
retirement or highest year's base pay, whichever shall apply.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
The provisions of this plan shall become effective in accordance
with the provisions of the Charter of the City of Milford and shall
extend through December 31, 1997.
