[Ord. No. 92-80 §§1 — 3, 12-16-1992; Ord. No. 99-29 §2, 4-21-1999; Ord. No. 01-60 §1, 11-7-2001]
A. 
A Participant who retires prior to January 1, 1993, shall be entitled to a monthly Retirement Benefit commencing on his Normal Retirement Date equal to one-twelfth (1/12) of (1 + 2) x (3):
1. 
One percent (1%) of his Average Annual Earnings up to seven thousand eight hundred dollars ($7,800.00).
2. 
One and one-fourth percent (1¼%) of his Average Annual Earnings in excess of seven thousand eight hundred dollars ($7,800.00).
3. 
The number of years of his Credited Service.
B. 
A Participant who retires on or after January 1, 1993, and before January 1, 1999, or who terminates employment prior to January 1, 1999, shall be entitled to a monthly Retirement Benefit commencing on his Normal Retirement Date equal to one-twelfth (1/12) of (1) x (2):
1. 
One and one-half percent (1½%) of his Average Annual Earnings.
2. 
The number of years of his Credited Service.
C. 
A Participant who terminates employment on or after January 1, 1999 shall be entitled to a monthly Retirement Benefit commencing on his Normal Retirement Date equal to one-twelfth (1/12) of (1) x (2):
1. 
One and three-quarters percent (1¾%) of his Average Annual Earnings.
2. 
The number of years of his Credited Service.
D. 
A Participant who terminates employment on or after January 1, 2002, shall be entitled to a monthly Retirement Benefit commencing on his Normal Retirement Date equal to one-twelfth (1/12) of (1) x (2):
1. 
Two percent (2%) of his Average Annual Earnings.
2. 
The number of years of his Credited Service.
[Ord. No. 92-80 §§1 — 3, 12-16-1992; Ord. No. 99-29 §3, 4-21-1999; Ord. No. 01-60 §2, 11-7-2001]
Effective for Participants who terminate employment on or after January 1, 2002:
In lieu of his or her Normal Retirement Benefit, a Participant who has attained his or her Early Retirement Age may elect to receive a monthly Early Retirement Benefit commencing on his or her Early Retirement Date equal to his or her Accrued Benefit as of such date, multiplied by the factors in accordance with the table below.
Age at Commencement
Factor
Age at Commencement
Factor
59
.9750
51
.6650
58
.9500
50
.6125
57
.9250
49
.5600
56
.9000
48
.5075
55
.8750
47
.4550
54
.8225
46
.4025
53
.7700
45
.3500
52
.7175
For commencement at a non-integral age, the factor shall be obtained by linear interpolation of the factors at the two (2) nearest integral ages.
[Ord. No. 92-80 §§1-3, 12-16-1992]
A. 
The minimum monthly amount of annuity in the Normal Form to be provided to a Retired Participant with ten (10) or more years of service will equal one hundred fifty dollars ($150.00).
B. 
If a Participant elects to retire on an Early Retirement Date, the monthly amount of minimum annuity will be reduced by one-half percent (½%) for each month that the Early Retirement Date precedes the Normal Retirement Date.
[Ord. No. 92-80 §§1 — 3, 12-16-1992]
A Participant who retires after his Normal Retirement Date shall be entitled to receive a monthly Late Retirement Benefit commencing on his Late Retirement Date equal to his Accrued Benefit as of such date, which shall be determined in the same manner as the Normal Retirement Benefit, but based on his Average Annual Earnings and Credited Service at his Late Retirement Date.