[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
In the event of termination of employment of an employee, except upon death, and if such employee has at least 10 years of continuous service as an employee of the City at the time of such termination of employment, such employee may elect one of the following two alternative benefits by filing a written election with the Chairman of the Pension and Retirement Board within 30 days of his termination of employment with the City:
(a) 
Payment of an amount equal to a return of his contributions plus interest thereon compounded annually at an annual rate of 5% from January 1, 1981, and at an annual rate as presently established by the Pension and Retirement Board for periods prior to January 1, 1981; or
(b) 
If he shall leave his contributions in the retirement fund, he shall be entitled upon attainment of the age of 60 years, if he shall then be living, to 100% of his accrued retirement benefit as determined on the date of his termination of employment with the City, so long as he has completed 10 years of continuous service as an employee of the City of Milford. The date of his termination of employment shall be used in determining his continuous service and his average annual pay.
If any such terminated employee shall die prior to attainment of the age of 60 years and there is no surviving spouse, the Retirement Board shall pay to the beneficiary named by him or to his legal representative if there is no living named beneficiary, an amount equal to his contributions plus interest thereon compounded annually at an annual rate of 5% from January 1, 1981, and at an annual rate as presently established by the Pension and Retirement Board for periods prior to January 1, 1981. If there is a surviving spouse, said spouse shall be eligible for survivor's benefits under Section 17.1-40.
[1]
Editor's Note: Former Section 17.1-33B, which immediately preceded this section, was repealed 11-9-1992.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
(a) 
The terms of this plan shall apply to all nonrepresented employees of the City of Milford. Any member of the retirement system who has completed at least 10 years of continuous service as an employee of the City of Milford and has attained the age of 60 shall be eligible for normal retirement for super-annuation under the provisions of this plan. In addition, any member of the retirement system who has any combination of continuous service as an employee of the City of Milford and age which when added together equals 85 shall be eligible for normal retirement for super-annuation under the provisions of this plan.
(b) 
Effective January 1, 1986, any member of the retirement system who has any combination of continuous service as an employee of the City of Milford and age which when added together equals 84 shall be eligible for normal retirement for super-annuation under the provisions of this plan.
(c) 
Effective January 1, 1987, any member of the retirement system who has any combination of continuous service as an employee of the City of Milford and age which when added together equals 83 shall be eligible for normal retirement for super-annuation under the provisions of this plan.
(d) 
Effective January 1, 1988, any member of the retirement system who has any combination of continuous service as an employee of the City of Milford and age which when added together equals 82 shall be eligible for normal retirement for super-annuation under the provisions of this plan.
(e) 
Effective January 1, 1989, any member of the retirement system who has any combination of continuous service as an employee of the City of Milford and age which when added together equals 81 shall be eligible for normal retirement for super-annuation under the provisions of this plan.
(f) 
Effective January 1, 1990, any member of the retirement system who has any combination of continuous service as an employee of the City of Milford and age which when added together equals 80 shall be eligible for normal retirement for super-annuation under the provisions of this plan.
(g) 
Effective January 1, 1993, until March 31, 1993, only, any member of the retirement system who has any combination of continuous service as an employee of the City of Milford and age which when added together equals 78 shall be eligible for normal retirement for super-annuation under the provisions of this plan.
(h) 
Effective from January 1, 1995, any member of the retirement system who has any combination of continuous service as an employee of the City of Milford and age which when added together equals 79 shall be eligible for normal retirement for super-annuation under the provisions of this plan.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
Any employee who has reached the age of 50 and has completed at least 10 years of continuous service as an employee of the City of Milford shall be eligible for retirement on the first day of any month following his/her 50th birthday. The date upon which the employee retires following said 50th birthday shall hereafter be referred to as "the early retirement date." Any employee retiring under the provisions of this section shall be paid benefits as of his early retirement date. Payment of benefits to such employee shall be based upon the employee's credited service as of his early retirement date and shall be paid in the same manner as if the employee was eligible for retirement pursuant to Section 17.1-35 hereof (hereafter "normal retirement"); provided, however, that such payment shall be reduced by 4 1/2% of such normal retirement pension for each year that the early retirement date precedes the date that the employee would be eligible for normal retirement.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
(a) 
Normal retirement. For all employees who retired on or after January 1, 1981, the following provisions shall apply: The Retirement Board shall pay to each member who has been retired for super-annuation under the retirement system a pension for life in an amount determined as 2% of his average annual pay for the three highest paid fiscal years preceding his retirement multiplied by the number of completed years of service. The Retirement Board shall pay to each member who has retired on disability under the retirement system as set forth herein, a pension during the continuance of such disability in an amount determined as 2% of his average annual pay for the three highest paid fiscal years preceding his retirement multiplied by the number of completed years of service; provided, however, that if such disability is shown to the satisfaction of the Retirement Board to have been sustained during the performance of essential duties pertaining to his employment by the City, such pension shall not be less than 66 2/3% of the employee's salary at the time such disability commenced. In no event shall average annual pay include lump sum payments of accumulated sick leave. The above payment schedules shall only apply to employees who retire subsequent to January 1, 1981. Employees who retired prior to January 1, 1981, shall continue to be paid under previously established payment schedules.
(b) 
Normal retirement between January 1, 1993 and March 1, 1993: For all employees who retire between January 1, 1993, and March 31, 1993, only, the following provisions shall apply: The Retirement Board shall pay to each member who has been retired for super-annuation under the retirement system a pension for life in an amount determined as 2.25% of his annual pay for the two highest paid fiscal years or the previous 24 months, whichever is higher. The Retirement Board shall pay to each member who has retired on disability under the retirement system as set forth herein, a pension during the continuance of such disability in an amount determined as 2.25% of his average annual pay for the two highest paid fiscal years or the previous 24 months preceding his retirement, whichever is higher, multiplied by the number of completed years of service; provided, however, that if such disability is shown to the satisfaction of the Retirement Board to have been sustained during the performance of essential duties pertaining to his employment by the City, such pension shall not be less than 66 2/3% of the employee's salary at the time such disability commenced. In no event shall average annual pay include lump sum payments of accumulated sick leave. The calculation of benefits hereunder is expressly subject to the limitations as set forth in Section 17.1-46. The above payment schedules apply only to employees who retire between January 1, 1993 and March 31, 1993. Employees who retired prior thereto shall continue to be paid under previously established payment schedules except those who retired between July 1992 and December 1992 shall have the option upon return of all payments received and reimbursement of all COBRA health insurance costs to apply for a recalculation pursuant to this section.
(c) 
Normal retirement on or after July 1, 1993: For all employees who retire on or after July 1, 1993, the following provisions shall apply: The Retirement Board shall pay to each member who has been retired for super-annuation under the retirement system a pension for life in an amount determined as 2% of his average annual pay for the two highest paid fiscal years or the previous 24 months, whichever is higher. The Retirement Board shall pay to each member who has retired on disability under the retirement system as set forth herein, a pension during the continuance of such disability in an amount determined as 2% of his average annual pay for the two highest paid fiscal years or the previous 24 months preceding his retirement, whichever is higher, multiplied by the number of completed years of service; provided, however, that if such disability is shown to the satisfaction of the Retirement Board to have been sustained during the performance of essential duties pertaining to his employment by the City, such pension shall not be less than 66 2/3% of the employee's salary at the time such disability commenced. In no event shall average annual pay include lump sum payments of accumulated sick leave. The calculation of benefits hereunder is expressly subject to the limitations as set forth in Section 17.1-46. The above payment schedules apply only to employees who retire on or after July 1, 1993. Employees who retired prior thereto shall continue to be paid under previously established payment schedules.
(d) 
Normal retirement after July 1, 1994: For all employees who retire on or after July 1, 1994, the following provisions shall apply: The Retirement Board shall pay to each member who has been retired for super-annuation under the retirement system a pension for life in an amount determined as 2.15% of his average annual pay for the two highest paid fiscal years or the previous 24 months, whichever is higher. The Retirement Board shall pay to each member who has retired on disability under the retirement system as set forth herein, a pension during the continuance of such disability in an amount determined as 2.15% of his average annual pay for the two highest paid fiscal years or the previous 24 months preceding his retirement, whichever is higher, multiplied by the number of completed years of service; provided, however, that if such disability is shown to the satisfaction of the Retirement Board to have been sustained during the performance of essential duties pertaining to his employment by the City, such pension shall not be less than 66 2/3% of the employee's salary at the time such disability commenced. In no event shall average annual pay include lump sum payments of accumulated sick leave. The calculation of benefits hereunder is expressly subject to the limitations as set forth in Section 17.1-46. The above payment schedules apply only to employees who retire on or after July 1, 1994, until June 30, 1996. Employees who retired prior thereto shall continue to be paid under previously established payment schedules.
(e) 
Normal retirement after July 1, 1996: For all employees who retire on or after July 1, 1996, the following provisions shall apply: The Retirement Board shall pay to each member who has been retired for super-annuation under the retirement system a pension for life in an amount determined as 2.25% of his average annual pay for the two highest paid fiscal years or the previous 24 months, whichever is higher. The Retirement Board shall pay to each member who has retired on disability under the retirement system as set forth herein, a pension during the continuance of such disability in an amount determined as 2.25% of his average annual pay for the two highest paid fiscal years or the previous 24 months preceding his retirement, whichever is higher, multiplied by the number of completed years of service; provided, however, that if such disability is shown to the satisfaction of the Retirement Board to have been sustained during the performance of essential duties pertaining to his employment by the City, such pension shall not be less than 66 2/3% of the employee's salary at the time such disability commenced. In no event shall average annual pay include lump sum payments of accumulated sick leave. The calculation of benefits hereunder is expressly subject to the limitations as set forth in Section 17.1-46. The above payment schedules apply only to employees who retire on or after July 1, 1996. Employees who retired prior thereto shall continue to be paid under previously established payment schedules.
(f) 
Disability retirement: Any member of the retirement system who, after 10 years of continuous service as an employee of the City, shall be totally and permanently disabled, except as a result of his own willful misconduct, may be retired for disability according to the provisions of this section, provided proof of total disability shall be submitted to the Retirement Board, which shall cause examinations to be made by at least two impartial medical examiners; and provided such total disability, if shown to the satisfaction of the Board to have been sustained during the performance of essential duties pertaining to his employment by the City, shall entitle such member to retirement for disability, irrespective of the duration of his employment. Each retiree who receives a disability retirement pursuant to these provisions shall be subject to the following limitations: payments for retirement made by the City of Milford shall be adjusted so that the total of such payment received by the retiree for pension and other wages shall not exceed 100% of the current yearly compensation paid for the job the retiree would have occupied if still employed. Proof of compliance shall be requested each year by June 30 by the City of Milford. A retiree's failure to comply with this request shall cause his pension to be suspended after receiving proper notice of such suspension.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992; Ord. of 11-8-2001]
(a) 
An employee of the City who is presently ineligible for any reason whatsoever for participation in the retirement system for periods in which the employee held a full-time position as defined in Section 17.1-5(b), as limited by Section 17.1-5(a), shall be eligible for participation in the retirement system for periods of time in which the employee held such position upon payment to the retirement fund of a contribution at the applicable rate for such periods, together with such amount as will establish the proper actuarial reserve for that portion of the pension represented by such contribution. For such buy-in rights to be effective, said employee shall make said payment to the retirement fund no later than December 31, 1993, or 30 days prior to the date of retirement whichever shall first occur.
(b) 
An employee whose employment with the City is terminated for any reason followed by rehire or reinstatement to City employment in a budgeted position shall be eligible for participation in the retirement system for the period prior to his termination upon payment to the retirement system of an amount equal to his contributions for the number of years of previous City employment, together with such amount as will establish the proper actuarial reserve for that portion of the pension represented by such contribution. Effective on October 27, 1986, no employee of the City of Milford whose employment with the City is terminated for any reason followed by rehire or reinstatement to City employment in a budgeted position shall have the right to buy-in to the retirement system for that prior service time unless and until he contributes the proper amount as prescribed above within three months of the date of his rehire or reinstatement to City employment.
(c) 
Any employee who has had prior active duty service with the United States Military shall be eligible to include said prior U.S. Military service as service for the purposes of calculating the pensions herein provided that:
(1) 
Contribution for said service will be based on the employee's starting annual salary when first employed by the City of Milford.
(2) 
The election for including prior service in the United States Military cannot be elected until such time as the employee has reached age of 50 with 10 years of service and/or becomes eligible for retirement as defined herein.
(3) 
The employee shall have the right to buy-in no more than three years of prior service in the U.S. Military.
(4) 
The employee may take this election any time prior to retiring or in the case of a disability pension the election can be made at the time the disability pension is granted.
(5) 
The employee shall contribute an amount equal to the number of (or part of) years of service in the United States Military based on the current rates of contribution together with interest for each year from his or her date of employment to payout date. Said interest will be established each July 1 based on the current interest rate paid for thirty-day United States Treasurer Bills.
(d) 
Those employees in the Human Resources, Community Development and Employment, and Training Departments who were previously ineligible shall be permitted to buy back service by contributing on or before December 31, 2003, the sum calculated by the Pension and Retirement Board constituting service plus interest payments in accordance with the formula previously established for other employees buying back service pursuant to Milford Code of Ordinances Section 17.1-38(a).
(e) 
Any current, nonrepresented, full-time employee with 20 or more years of service as of June 30, 2011, shall be permitted to buy back service, up to a maximum of four years, by contributing, on or before July 31, 2011, the sum calculated by the Pension and Retirement Board, constituting service plus interest payments in accordance with the formula previously established for other employees buying back service pursuant to Milford Code of Ordinances Section 17.1-38.
[Added 6-27-2007]
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992; Ord. of 4-6-1998]
Instead of the normal retirement benefit provided for hereunder, an employee may elect a contingent annuitant option providing for actuarially reduced retirement benefits payable to him during his lifetime after retirement and for the continuance of such payments, or a part of them specified by the employee, to a contingent annuitant for his life and after the death of the retired employee. Such election may be made by an employee at any time at least one year prior to his retirement date or within one year to his retirement date upon furnishing evidence of the employee's good health satisfactory to the Retirement Board. An employee who has elected this option may not at any time within one year prior to his retirement date revoke or modify such option except upon furnishing evidence of good health of the contingent annuitant satisfactory to the Retirement Board; provided, however, that the death of the contingent annuitant at any time prior to the employee's retirement date shall automatically revoke such election; and provided, further, that if the contingent annuitant is the spouse of the employee, a divorce granted to either spouse at any time prior to the employee's retirement date shall automatically revoke such election. For nonrepresented employees, such election may be made or revoked by an employee at any time prior to his/her date of retirement, but may not be made or revoked once benefits commence. If an employee who has elected this option dies before his retirement date, the provision of Section 17.1-40 shall apply. If the employee dies after his retirement date, the contingent annuitant shall receive for life, commencing on the first day of the calendar month coinciding with or next following the retired employee's death, the benefits specified by the retired employee for the contingent annuitant. If the contingent annuitant dies before the employee's retirement date, the retirement benefit normally provided under this plan will be payable to the retired employee as if this option had not been elected. If the contingent annuitant dies after the employee's retirement date, the amount of the payments which the retired employee is then receiving or is entitled to receive will continue unchanged and will cease upon the retired employee's death.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
(a) 
If an employee whose pension rights pursuant to this plan have otherwise vested dies prior to retirement and if on the date of death such employee is married the surviving spouse shall receive a benefit. The benefit shall begin on the month which coincides with or next following the date of death and shall be paid monthly for the life of the spouse. The monthly benefits shall be equal to the benefit which the member had accrued at the date of death, actuarially reduced for the 50% contingent annuitant form but with no reduction for commencement of benefits prior to normal retirement age.
Said spouse who received such benefits pursuant to this section shall waive and not be entitled to collect as a benefit the contributions made to the retirement fund by or on behalf of the deceased employee prior to his death.
Upon the death of the surviving spouse, the Retirement Board shall pay to the beneficiary named by him or to his legal representative, if there is no living named beneficiary, any excess contributions made by the former employee over benefits paid out in his behalf.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992; Ord. of 6-3-2002; Ord. of 4-7-2003]
The rate of contribution by all employees participating in the retirement system shall be 2 1/4% on the first $4,200 of pay and 5% of the excess over $4,200. For nonrepresented employees, the five-percent rate of contribution set forth above shall be reduced to 4% for those employees whose service for pension purposes to the City totals 15 or more years.
[Ord. of 1-4-1988; Ord. 11-9-1992; Ord. of 12-7-1992]
For employees covered by this plan retired under the pension plan of the City of Milford, the cost of a group life insurance plan in the amount of $10,000 shall be paid for by the City and the conditions of employment ordinance shall be amended to reflect this change.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
There shall be an accounting split between the assets and liabilities of the general City employees' pension fund and the assets and liabilities of the uniformed employees' pension fund.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
In the event of termination of employment of an employee, except upon death, and if such employee does not have 10 years of continuous service as an employee of the City at the time of such termination of employment, said employee will receive payment of an amount equal to a return of his contributions, plus interest thereon compounded annually at an annual rate of 5% from January 1, 1981, and at an annual rate as presently established by the pension and Retirement Board for periods prior to January 1, 1981. Said payment will be made to said employee within 30 days of his termination.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
The Pension and Retirement Board of the City of Milford shall cause a study to be made by the City Actuary and prepare a report to be submitted to the Board of Aldermen every three years on the current status of pension payments being made to all retirees pursuant to this plan and the effect of inflation among other things as it affects these payments over that period.
The Board of Aldermen after receiving the report and recommendation of the Pension and Retirement Board of the City of Milford shall have the right in its sole discretion to make upward adjustments in the payments being made by the retirement fund to current retirees. The Board of Aldermen shall vote on such adjustments within 90 days from the date of the receipt of the actuary report.
The first report and the review by the Board of Aldermen of payments to be made to current retirees shall be made within one year of October 27, 1987, and shall take place every three years thereafter.
[Ord. of 11-9-1992; Ord. of 12-7-1992]
Notwithstanding any other provision contained herein, all benefits hereunder are expressly subject to the limitation of the Internal Revenue Code Section 415 as same may be amended from time to time and shall not exceed an employee's annual base pay in the year of retirement or highest year's base pay, whichever shall apply.
[Ord. of 1-4-1988; Ord. of 11-9-1992; Ord. of 12-7-1992]
The provisions of this plan shall become effective in accordance with the provisions of the Charter of the City of Milford and shall extend through December 31, 1997.