Each participant shall be entitled to normal
retirement benefits after retirement on or after the participant has
attained normal retirement age.
[Amended 11-15-1994 by Res. No. 94-06; 12-20-1994 by Res. No.
94-07]
A. Each participant who shall become entitled to a benefit pursuant to §
23-10 shall receive a benefit paid monthly in an amount equal to 50% of the participant's final monthly average salary as determined herein. Each participant who shall commence receipt of a primary federal social security benefit which is attributable to the participant's employment, as defined herein, shall have the benefit paid pursuant to this plan reduced by an amount equal to 50% of the said primary social security benefit.
B. The foregoing reduction is eliminated and shall not
apply to participants who retire on or after January 1, 1995 and their
beneficiaries. All persons retiring on or before December 31, 1994,
shall continue to be subject to the reduction, and shall not be affected
by or benefit under this elimination of the reduction, even for benefits
received after January 1, 1995.
A participant may continue to work 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 §
23-10 continues to work beyond normal retirement age, there shall be no retirement benefits paid until employment ceases and retirement begins. The retirement benefit of a participant who retires after attainment of normal retirement age shall be calculated in accordance with §
23-11 on the basis of the final monthly average salary as of such participant's actual retirement date.
Retirement benefit payments shall be payable
as of the first day of the month coincident with or next following
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
or any other 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 benefits. Payment of benefits hereunder shall cease as of the
date of death of the participant.
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.
[Added 6-15-2021 by Ord. No. 554]
A. A participant who has completed 20 years of service may voluntarily
retire after attaining age 55 and receive his or her accrued benefit
on such participant's early retirement date. This early retirement
date will be the date selected by the participant; provided, however,
that the plan must receive 90 days' advance written notice of this
date for the date to be effective, and the date must be the first
day of a month. In the event of an early retirement, the participant
will receive a reduced benefit. The early retirement benefit shall
become effective as of the date the application is filed with the
governing body or the date designated on the application, whichever
is later, and shall be the actuarial equivalent of a partial superannuation
retirement benefit calculated as follows:
(1)
A partial superannuation retirement benefit shall be determined
by applying the percentage that the member's years of service bear
to the years of service that the member would have rendered had the
member continued to be employed until his superannuation retirement
date to the gross pension amount calculated using the monthly average
salary during the appropriate period prior to his termination of employment.
(2)
The actuarial equivalent of the partial superannuation retirement
benefit shall be determined by actuarially reducing the partial superannuation
retirement benefit to reflect that it will commence on the effective
date of the early retirement rather than on the date on which the
member would have completed superannuation age and service requirements.
The actuarial reduction shall be calculated using the actuarial assumptions
reported in the last actuarial valuation report filed with the Public
Employee Retirement Commission under the act of December 18, 1984
(P.L.1005, No. 205), known as the "Municipal Pension Plan Funding Standard
and Recovery Act."