Each participant shall be entitled to a normal
retirement benefit after retirement on or after attainment of normal
retirement age.
Each participant who shall become entitled to a benefit pursuant to § 57-79 hereof shall receive a benefit commencing on the participant's normal retirement date and paid in the normal form as provided in § 57-98 hereof. The monthly amount of the normal retirement benefit shall be equal to 50% of the participant's average compensation.
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 § 57-79 continues in employment beyond the participant's normal retirement date, there shall be no retirement benefits paid until employment has ceased and the participant's retirement actually commences. The retirement benefit of a participant described in this § 57-81 shall be calculated in accordance with § 57-80 on the basis of average compensation as of the participant's actual retirement and shall commence on the participant's late retirement date.
A.
Notwithstanding anything contained herein to the contrary, a participant hired before October 1, 2018, who shall retire after completion of more than 20 years of credited service may be entitled to receive a monthly service increment benefit; provided, however, that the participant shall have accrued sufficient service credit pursuant to this § 57-82. Police officers participants hired on or after October 1, 2018, who shall retire after completion of more than 25 years of credited service may be entitled to receive a monthly service increment benefit; provided, however, that the participant shall have accrued sufficient service credit pursuant to this § 57-82. Such service increment shall only be available to a participant who shall retire and be eligible to receive a retirement benefit determined under § 57-80, or a disability retirement benefit under § 57-89 and whose years of credited service for purposes of this § 57-82 shall only include periods of time when the participant actively renders service in employment or is on an authorized leave of absence and pays all required contributions to the plan. No service credit shall be recognized for this purpose after a participant has attained age 65.
B.
The service increment benefit for participants hired before October 1, 2018, shall be a monthly amount equal to 1/40 of the benefit determined under § 57-80 or § 57-89 multiplied by the total number of completed whole years of credited service in excess of 20 years. The service increment benefit for police officers participants hired on or after October 1, 2018, shall be a monthly amount equal to 1/40 of the benefit determined under § 57-80 or § 57-89 multiplied by the total number of completed whole years of credited service in excess of 25 years. Notwithstanding the foregoing, in no event shall the monthly amount of the service increment benefit exceed $500 for any plan participant who retires on or after February 1, 2003. The service increment benefit shall be paid monthly in addition to the benefit determined under § 57-80 or § 57-89 for each month that such benefit under § 57-80 or § 57-89 shall be paid.
[1]
Editor’s Note: This ordinance provided for an effective
date of 1-1-2003.
A participant must complete and execute an application
for benefit on a form and in the manner prescribed by the plan administrator
and deliver said application to the plan administrator at least 30
days prior to the date on which benefit payments are to commence.
Notwithstanding anything contained herein to the contrary, no retirement
benefit payments or any other benefit payments shall be due or payable
on or before the first day of the month coincident with or next following
the date that is 30 days after the date the plan administrator receives
the application for benefit.
The employer may increase the amount of any
benefit being paid, provided that such increase shall be in conformity
with a uniform scale and that the resultant benefit may not exceed
1/2 of the current salary being paid patrolman of the highest grade.
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 benefit amount of any participant who may
have retired prior to the restatement date shall not be in any way
altered by the provisions of this plan, except where otherwise expressly
indicated herein, and shall continue to be determined on the basis
of the terms of the plan in effect on the day preceding the restatement
date.
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 Code Section 415(b)(1)(A) as adjusted pursuant to Code Section 415(d), assuming the form of benefit shall be a straight life annuity (with no ancillary benefits). The limitations described in this § 57-87 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 Code Section 415(b)(2)(G) and such amount
shall be adjusted pursuant to Code Section 415(d);
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 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 § 57-89, 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 Code Section 415 and regulations thereunder as applicable
to government plans in general and this plan in particular; and
[Added 12-19-2002 by Ord. No. 1530]
Notwithstanding anything contained in § 57-87 to the contrary, the limitations, adjustments, and other requirements prescribed in § 57-87 shall at all times comply with the provisions of Code Section 415 and the regulations thereunder (as such apply to governmental plans), the terms of which are specifically incorporated herein by reference.
