[Adopted 2-9-2010 by Ord. No. 3-2010]
The purpose of this article is to create a one-time Early Retirement
Incentive Program for active fire fighters.
A.
Any active fire fighter with at least 26 years of service with the Bureau of Fire as of December 31, 2009, and who has elected to participate in the Deferred Retirement Option Program (DROP) as authorized by § 64-26 F shall be eligible for benefits under this Early Retirement Incentive Program.
B.
Any active fire fighter with at least 22 years of service with the Bureau of Fire who would reach compulsory retirement age (as defined in § 64-25) before being able to attain 25 years of service shall be eligible for benefits under this Early Retirement Incentive Program.
C.
In order to receive benefits under § 64-43, an active fire fighter eligible under Subsection A or B hereof must have signed a separation agreement in form and substance satisfactory to the City indicating his/her agreement to retire with an effective date established by the City of Lancaster; such separation agreement must have been executed by the fire fighter between December 30, 2009, and February 15, 2010.
A.
For active fire fighters eligible under § 64-42A and hired by the City of Lancaster prior to May 1, 1983, the Early Retirement Incentive Program benefits shall be as follows:
(1)
Notwithstanding the provisions of § 64-26F, the member's base pension benefit shall be calculated and shall commence as though the active fire fighter did not elect to participate in the Deferred Retirement Option Program.
(2)
The member's base rate compensation shall be calculated at the wage
rates in effect as of January 1, 2010.
(3)
For purposes of determining base rate compensation, the member's
longevity shall be calculated at the active fire fighter's actual
longevity rate in effect as of January 1, 2010.
(4)
The member's service increment as authorized by § 64-27 shall be calculated using the active fire fighter's actual number of years of service to the Bureau of Fire.
(5)
Notwithstanding the provisions of § 64-26 F(4)(c), the active fire fighter shall be eligible for the distribution of his/her DROP account as provided for in § 64-26F(4)(b)[2], provided that the distribution shall be subject to the provisions of § 64-26F(7).
B.
For active fire fighters eligible under § 64-42B and hired by the City of Lancaster prior to June 1, 1987, the Early Retirement Incentive Program benefits shall be as follows:
(1)
Notwithstanding the provisions of § 64-26D, the member's base pension benefit shall be calculated as though the active fire fighter attained 23 years of service as of the effective date of retirement.
(2)
For purposes of determining the member's base rate compensation,
longevity shall be calculated at the active fire fighter's actual
longevity rate in effect as of January 1, 2010.
(3)
The member's base pension benefit shall commence upon the member
reaching the age of 60 years.
