[Ord. No. 92-80 §§1 — 3, 12-16-1992]
Unless a Participant elects an optional form of payment, the Benefits described in Article III and Article IV shall be payable in the Normal Form of Benefit. For a Participant who is not married at the time of his commencement of benefits, the Normal Form of Benefit is a Life Annuity as described in Section 140.120(1). For a Participant who is married at the time of his commencement of benefits, the Normal Form of Benefit is the fifty percent (50%) Joint and Survivor option, as described in Section 140.120(2) with his spouse as his Beneficiary. A Participant may elect an optional form of benefit in lieu of the normal form, with the written consent of the spouse, if required, by electing such form in writing no more than ninety (90) days before payment of his Benefits is to commence. The Participant will be provided with a written explanation of the various forms of benefits and the effect of an election of a specific form of benefit within a reasonable period before benefits are to commence.
[Ord. No. 92-80 §§1 — 3, 12-16-1992]
A. 
Benefits payable in a form other than that described in (1) below shall be the Actuarial Equivalent thereof:
1. 
Life Annuity. Under this form of benefit (also referred to as a straight-life annuity), payment of monthly installments will continue for the lifetime of the Participant and will cease upon his death.
2. 
Joint and Survivor Annuity. Under this form of benefit, payment of monthly installments will be made for the lifetime of the Participant. If the Participant predeceases his Beneficiary, payment in an amount equal to fifty percent (50%), sixty-six and two-thirds percent (66-2/3%) or one hundred percent (100%), of the Participant's benefit will continue to the Beneficiary for life. The Participant shall elect the applicable percentage. In certain circumstances, this option may not be available, according to Internal Revenue Service regulations, depending on the ages of the Participant and the Beneficiary.
3. 
Ten Years Certain and Life Annuity. Under this form of benefit, payment of monthly installments shall continue for the Participant's lifetime. If the Participant dies before one hundred twenty (120) monthly installments have been paid, such benefit will be payable to the Participant's Beneficiary until a total of one hundred twenty (120) monthly installments have been paid. If, upon the Participant's death, there is no living designated Beneficiary, the commuted value of the unpaid installments shall be paid to the Participant's estate.
4. 
Social Security Level Income Option. A Participant whose retirement date is prior to his sixty-fifth (65th) birthday may elect to have the benefit to which he is entitled paid on an actuarially adjusted basis so as to be larger for the months prior to and smaller for the months after either age sixty-two (62) or age sixty-five (65), as he elects. In the event of such election by a Participant, the amount of his monthly benefit payments until age sixty-two (62) or sixty-five (65) shall be as nearly as practicable equal to the amount of his monthly benefit payments until age sixty-two (62) or sixty-five (65) shall be as nearly as practicable equal to the amount of his monthly benefit hereunder plus the monthly amount of such primary benefits estimated to become payable to him after such age. The benefit payments under this option shall be for the Participant's lifetime and will cease upon his death.
[Ord. No. 92-80 §§1 — 3, 12-16-1992; Ord. No. 01-57 §5, 10-17-2001; Ord. No. 05-54 §1(1), 12-5-2005]
A. 
Notwithstanding any other provision of the Plan, a Participant who separates from service or retires with a vested Accrued Benefit shall be paid the Actuarial Equivalent of such benefit in a single sum, provided that such Actuarial Equivalent does not exceed one thousand dollars ($1,000.00). Any such payment shall be in lieu of the benefits otherwise payable hereunder. For purposes of this Section, if the present value of the Participant's vested Accrued Benefit is zero, the Participant shall be deemed to have received a distribution of such vested benefit.
B. 
If a Participant who has received a single sum payment hereunder resumes employment covered under the Plan, such Participant's later Benefits hereunder shall not include Credited Service attributable to his/her prior period of employment.
[Ord. No. 92-80 §§1 — 3, 12-16-1992]
A. 
Unless the Participant elects otherwise in writing, the payment of Benefits under the Plan to a Participant shall commence no later than the sixtieth (60th) day after the close of the Plan Year in which the last of the following occurs:
1. 
The Participant attains Normal Retirement Age;
2. 
The tenth (10th) anniversary of the Participant's initial participation in the Plan; or
3. 
The Participant terminates service with the City.
B. 
Notwithstanding the above, distribution of benefits must commence not later than the April first (1st) of the calendar year following the calendar year in which the Participant attains age seventy and one half (70 1/2) or retires, whichever is later.
[Ord. No. 92-80 §§1 — 3, 12-16-1992; Ord. No. 08-71 §1, 12-17-2008]
All distributions required under this Section shall be determined and made in accordance with a good faith interpretation of Section 401(a)(9) of the Internal Revenue Code as in effect on January 1, 2002, or as hereby amended.