Each participant shall be entitled to a normal
retirement benefit after retirement on or after the participant has
attained normal retirement age.
Each participant who shall become entitled to a benefit pursuant to §
33-13 of this chapter shall receive a benefit paid monthly in an amount equal to 50% of the participant's final monthly average salary as determined herein, reduced by any pension benefits from pension plans heretofore established by a private organization or association for the members of the police force. Effective January 1, 2002, the normal retirement benefit shall be offset by 20% of Social Security and as of January 1, 2003, the offset shall be reduced to 10%. Effective January 1, 2004, the Social Security offset shall be eliminated.
A participant may continue in employment beyond the attainment of normal retirement age subject to the employer’s rules and regulations regarding retirement age. If a participant who has met the requirements of §
33-13 continues in employment beyond normal retirement age, there shall be no retirement benefits paid until employment ceases and the participant’s retirement actually begins. The retirement benefit of a participant who continues employment after attainment of normal retirement age shall be calculated in accordance with §
33-14 on the basis of the final monthly average salary as of such participant’s actual retirement and shall commence on the participant’s late retirement date.
Retirement benefit payments shall be payable
as of the participant’s retirement date and the first day of
each month thereafter during the participant’s lifetime. A participant
must complete an application for benefit in the manner prescribed
by the plan administrator and deliver such application to the plan
administrator at least 30 days prior to the date on which benefit
payments shall commence. Notwithstanding anything contained herein
to the contrary, no retirement benefit payments nor any other payments
shall be due or payable on or before the date that is 30 days after
the date the plan administrator receives the application for benefits.
Payment of benefits hereunder shall cease as of the date of death
of the participant.
Notwithstanding any provision of this plan to the contrary, no benefit provided under this plan attributable to contributions of the employer shall exceed, as an annual amount, the amount specified in Internal Revenue Code Section 415(b)(1)(A), as amended, as adjusted pursuant to Internal Revenue Code Section 415(d), as amended, assuming the form of benefit shall be a straight life annuity (with no ancillary benefits). The limitations described in this §
33-17 shall be governed by the following conditions and definitions:
A. Benefits paid or payable in a form other than a straight
life annuity (with no ancillary benefits) or where the employee contributes
to the plan or makes rollover contributions shall be adjusted on an
actuarially equivalent basis to determine the limitation contained
herein;
B. In the case of a benefit which commences prior to
the attainment of age 62 by the participant, the limitation herein
shall be adjusted on an actuarially equivalent basis to the amount
determined pursuant to this section commencing at age 62; however,
the reduction shall not reduce the limitation below $75,000 for a
benefit commencing at or after age 55, or, if the benefit commences
prior to attainment of age 55, the amount which is actuarially equivalent
to a benefit of $75,000 commencing at age 55; however, in the case
of a qualified participant (a participant with respect to whom a period
of at least 15 years of service, including applicable military service,
as a full-time employee of a police or fire department is taken into
account in determining the amount of benefit), the limitation contained
herein shall not reduce the limitation to an amount less than the
amount specified pursuant to Internal Revenue Code Section 415(b)(2)(G),
as amended, and such amount shall be adjusted pursuant to Internal
Revenue Code Section 415(d), as amended;
C. In the case of a benefit which commences after attainment
of age 65 by the participant, the limitation herein shall be adjusted
on an actuarially equivalent basis to the amount determined herein
commencing at age 65;
D. Benefits paid to a participant which total less than $10,000 from all defined benefit plans maintained by the employer expressed as an annual benefit shall be deemed not to exceed the limitation of this section provided that the employer has not at any time maintained a defined contribution plan in which the participant has participated; however, in the case of a participant who is not receiving a disability retirement benefit pursuant to §
33-27, with fewer than 10 years of participation, the limitation expressed in this Subsection
D shall be reduced by 1/10 for each year of participation less than 10 but in no event shall this limitation be less than $1,000;
E. The limitations expressed herein shall be based upon
plan years for calculation purposes, shall be applied to all defined
benefit plans maintained by the employer as one defined benefit plan
and to all defined contribution plans maintained by the employer as
one defined contribution plan, and shall be applied and interpreted
consistent with Internal Revenue Code Section 415, as amended, and
regulations thereunder as applicable to government plans in general
and this plan in particular; and
F. In the case of a disability retirement benefit under §
33-27, the adjustment under Subsection
B hereof shall not apply and the applicable limitation shall be the limitation contained herein without regard to the age of the benefit recipient.
The pension benefit payments prescribed herein
shall not be subject to attachment, execution, levy, garnishment or
other legal process and shall be payable only to the participant or
designated beneficiary and shall not be subject to assignment or transfer.
Any participant who shall have retired prior to the restatement date shall not have the benefit altered in any way by the provisions of this amended and restated plan, except where otherwise expressly provided herein. Such retired participants shall continue to have their benefits governed by the terms of the plan in effect on the day preceding the restatement date. Any participant who shall have terminated employment and elected to receive a deferred retirement benefit under §
33-37 shall have such benefit determined based upon the provisions of the plan in effect as of the date of such termination of employment and shall not have the benefit altered by the provisions of this amended and restated plan.
Nothing contained herein shall obligate the
employer, the plan administrator, any fiduciary or any agent or representative
of any of the foregoing, to provide any retirement or other benefit
to any participant or beneficiary which cannot be provided from the
assets available in the pension fund, whether such benefits are in
pay status or otherwise payable under the terms of the plan. The Council
retains the right to amend or terminate this plan consistent with
applicable law at any time, with or without cause and whether or not
such action directly or indirectly results in the suspension, reduction
or termination of any benefit payable under the plan or in pay status,
and without liability to any person for any such action.
The right to receive any benefits under this
plan is a personal right of the participant and shall expire upon
the death of the participant. No heir, legatee, devisee, beneficiary,
assignee or other person claiming by or through a participant shall
have any interest in any benefits hereunder unless clearly and expressly
so provided by the terms of this plan or the provisions of applicable
law. A participant’s election, failure to make an election or
revocation of an election hereunder shall be final and binding on
all persons.
To avoid any duplication of benefits, a participant
who is receiving a retirement benefit under the plan and who shall
resume employment shall have benefit payments suspended until the
first day of the month coincident with or next following the date
such employment shall cease. Upon resumption of benefit payments,
such participant shall receive the greater of the amount of the suspended
benefit or the amount of benefit based upon final monthly average
salary and aggregate service as of the date that such period of resumed
employment shall cease.
[Added 12-11-2002 by Ord. No. 1547]
Notwithstanding anything contained in §
33-17 to the contrary, the limitations, adjustments, and other requirements prescribed in §
33-17 shall at all times comply with the provisions of Internal Revenue Code Section 415, as amended, and the regulations thereunder (as such apply to governmental plans), the terms of which are specifically incorporated herein by reference.
[Added 12-11-2002 by Ord. No. 1547]
A. This section applies to distributions made on or after
December 31, 2001. Notwithstanding any provision of the plan to the
contrary that would otherwise limit a distributee’s election
under this section, a distributee may elect, at the time and in the
manner prescribed by the plan administrator, to have any portion of
an eligible rollover distribution that is equal to at least $500 paid
directly to an eligible retirement plan specified by the distributee
in a direct rollover.
B. For purposes of this section, the following definitions
shall apply:
DIRECT ROLLOVER
A payment by the plan to the eligible retirement plan specified
by the distributee.
DISTRIBUTEE
Includes an employee or former employee. In addition, the
employee’s or former employee’s surviving spouse and the
employee’s or former employee’s spouse or former spouse
who is the alternate payee under a qualified domestic relations order,
as defined in Internal Revenue Code Section 414(p), as amended, are
distributees with regard to the interest of the spouse or former spouse.
ELIGIBLE RETIREMENT PLAN
A qualified trust described in Internal Revenue Code Section
401(a), as amended, an individual retirement account described in
Internal Revenue Code Section 408(a), as amended, an individual retirement
annuity described in Internal Revenue Code Section 408(b), as amended,
an annuity plan described in Internal Revenue Code Section 403(a),
as amended, an annuity contract described in Internal Revenue Code
Section 403(b), as amended, an eligible plan under Section 457(b)
of the Internal Revenue Code, as amended, which is maintained by a
state, political subdivision of a state, or any agency or instrumentality
of a state or political subdivision of a state and which agrees to
separately account for amounts transferred into such plan from this
plan.
ELIGIBLE ROLLOVER DISTRIBUTION
Any distribution of all or any portion of the balance to
the credit of the distributee, except that an eligible rollover distribution
does not include: any distribution that is one of a series of substantially
equal periodic payments (not less frequently than annually) made for
the life (or life expectancy) of the distributee or the joint lives
(or joint life expectancies) of the distributee and the distributee’s
designated beneficiary, or for a specified period of 10 years or more;
any distribution to the extent such distribution is required under
Internal Revenue Code Section 401(a)(9), as amended; and the portion
of any distribution that is not includible in gross income (determined
without regard to the exclusion for net unrealized appreciation with
respect to employer securities). For purposes of the direct rollover
provisions in this section of the plan, a portion of a distribution
shall not fail to be an eligible rollover distribution merely because
the portion consists of after-tax employee contributions that are
not includible in gross income. However, such portion may be paid
only to an individual retirement account or annuity described in Section
408(a) or (b) of the Internal Revenue Code, as amended, or to a qualified
defined contribution plan described in Section 401(a) or 403(a) of
the Internal Revenue Code, as amended, that agrees to separately account
for amounts so transferred, including separately accounting for the
portion of such distribution which is includible in gross income and
the portion of such distribution which is not so includible.