Superannuation retirement age shall be 50 years of age.
[Amended 1-23-2007 by Ord. No. 30-2006; 9-16-2013 by Ord. No.
18-2013]
A. A member who terminates services at or after attaining superannuation
retirement age and who has a total of 20 years of credited service
shall receive a basic superannuation retirement allowance of 50% of
final salary.
B. In addition to a basic superannuation retirement allowance, members
hired prior to the effective date of this ordinance with more than 20 years of credited service shall receive
an additional service retirement allowance. The additional service
retirement allowance shall be equal to 2 1/2% of the final salary
multiplied by the number of whole years of total service credits beyond
20 up to a maximum of 62.5% of final salary.
C. In addition to the added service retirement allowance, members hired
prior to the effective date of this ordinance who have retired or will retire after January 1, 2004,
and have attained 26 years of credited service or more shall receive
further benefit improvements as follows:
(1)
Members with 26 years of credited service shall receive an additional 2.5% of the maximum of final salary as indicated in Subsection
B or 65% of final salary.
(2)
Members with 27 or more years of credited service shall receive an additional 5% of the percentage indicated in Subsection
C(1) above or 70% of final salary.
(3)
The benefit improvements as described in Subsection
C(1) and
(2) above shall not become effective until January 2, 2007, and the differential shall not be retroactive to the date of retirement.
D. In addition to a basic superannuation retirement allowance, members
hired on or after the effective date of this ordinance with more than 20 years of credited service shall receive
a service increment. The service increment shall be equal to 1/40
of the superannuation retirement allowance multiplied by the number
of whole years of total service credits beyond 20 years. In computing
the service increment, no employment after the contributor has reached
the age of 65 years shall be included and no service increment shall
be paid in excess of $100 per month.
E. A vestee who attains superannuation retirement age may apply for a superannuation allowance computed according to Subsection
A,
B,
C or
D above, if he or she has 20 or more years of credited service.
Notwithstanding the provisions of §
2-707.16, no superannuation retirement allowance based on 20 years of credited service shall be less than $4,000 per year.
At or after attaining superannuation retirement age, a vestee
may apply for a superannuation retirement allowance.
A member shall not be permitted to repurchase service credits withdrawn from other municipalities, except that payments which began during service with another municipality pursuant to §
2-707.26 may be completed.
A new member who was formerly an employee of the City may elect,
within 90 days of the effective date of entry into the plan, to purchase
credit for prior service according to the rules and regulations of
the Board. The City will make the necessary municipal contributions
for such prior service. The member will make the member contributions.