[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.