[Ord. No. 287,
passed 8-10-1995]
(a)
The normal retirement date shall be the later of the member's
65th birthday or the tenth anniversary of the member's date of
employment. Each member shall be 100% vested upon reaching his or
her normal retirement date. The normal retirement benefit of a member
who retires on or after the member's normal retirement date shall,
except as otherwise provided herein, commence on the first day of
the month following the member's normal retirement date or actual
retirement date, if later.
[Ord. No. 287,
passed 8-10-1995]
(a)
A member may postpone his or her retirement and continue in employment
beyond his or her normal retirement date.
(b)
If a member does postpone his or her retirement, his or her monthly
benefit shall be postponed until a date not later than his or her
actual retirement. The trustee shall take whatever action may be necessary
to postpone the commencement of normal retirement benefit payments.
(c)
[Ord. No. 287,
passed 8-10-1995]
A member may retire prior to his or her normal retirement date,
provided he or she has a minimum of:
(a)
Twenty-five years of service and is at least 50 years of age; or
(b)
Five years of service and is at least 55 years of age.
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The benefit payable under this section shall be a reduced benefit.
The reduced benefit shall be the equivalent actuarial value of the
member's accrued benefit or, if larger, the member's accrued
benefit reduced by 1/2% of 1% for each month that the early retirement
date precedes the normal retirement date.
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[Ord. No. 287,
passed 8-10-1995]
(a)
Preretirement death benefits.
(1)
If an active member dies prior to becoming eligible for an immediate
benefit, a lump-sum shall be payable from the trust equal to 12 times
the accrued monthly pension.
(2)
If a terminated vested member dies prior to becoming eligible
for an immediate benefit, his or her beneficiary shall receive a refund
of the member's contributions with interest at 5% per year compounded
annually.
(3)
If a member or a prior member who terminated with vested benefits dies after becoming eligible for an immediate pension, but prior to the date that his or her benefits commence, and on whose behalf no benefit is payable under Section 288.20, the member's beneficiary shall receive the 120 guaranteed monthly payments which would have been payable had the member retired the day before his or her death.
(4)
Notwithstanding the above, in no event will the member's
beneficiary receive less than the member's contributions with
interest at 5% per year compounded annually, less any payments which
have already been paid from the fund.
(b)
Disability retirement benefit. If a member retires from active employment with the employer because of a permanent and total disability, he or she shall be vested in the accrued normal retirement benefit and shall be entitled to receive a disability retirement benefit. Such benefit shall be equal to the member's accrued monthly benefit offset by 100% of any amounts received under workers' compensation or any other disability plan to which the employer has contributed. Notwithstanding the preceding sentence, any disability benefits received under the Federal Social Security Program shall reduce the disability retirement benefit by 50% of any Social Security disability benefit actually received by the member. If such disability continues until the member's normal retirement date, the disability benefit shall cease and his or her normal retirement benefit shall commence. The normal retirement benefit shall be equal to the member's accrued monthly pension as of the date of disability, payable in the ten-year certain and life form. The member may elect to receive an optional form of benefit pursuant to Section 288.21. If such disability terminates due to the member's death prior to his or her normal retirement date, his or her designated beneficiary shall receive a refund of the member's contributions accumulated with interest at 5% per year compounded annually, less the payments made to the member.
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If such disability terminates due to the recovery of the member
and he or she returns to full-time covered employment with any employer,
the member's subsequent accrued benefit will be calculated disregarding
the period of disability. If the member does not return to full-time
covered employment following his or her recovery from disability prior
to his or her normal retirement date, he or she will be entitled to
receive whatever benefits he or she could have received had employment
terminated as of the date of disability.
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No member contributions are payable to the trust during the
period of disability.
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[Ord. No. 287,
passed 8-10-1995; Ord. No. 347, passed 3-8-2001]
(a)
_____
(1)
The accrued benefit for each member as of any applicable date
shall be equal to the greater of:
A.
Fifty percent of the member's average monthly compensation
as of the date of determination multiplied by a fraction not greater
than one, the numerator of which is the member's credited service
as of the date of determination and the denominator of which is the
credited service the member would have had if he or she had retired
on his or her normal retirement date; or
B.
The member's accrued benefit as of January 1, 1985.
(2)
Notwithstanding the foregoing, the accrued benefit for each
employee who becomes a member on or after January 1, 1995, as of any
applicable date shall be equal to 50% of the member's average
monthly compensation as of the date of determination multiplied by
a fraction not greater than one, the numerator of which is the member's
credited service as of the date of determination and the denominator
of which is the greater of:
(3)
The accrued benefit shall be computed to the actual dollar and
cent by application of the above formula.
(4)
In no event may the accrued benefit of any member be less than
the accrued benefit of such member accrued as of the effective date
of the restated plan.
(c)
The vested benefit, if any, for each member will be calculated by
multiplying the accrued benefit by the following applicable percentage:
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Years of Credited Service at Date of Determination
|
Vesting Percent
| |
|---|---|---|
|
0
|
0
| |
|
5
|
100
|
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Notwithstanding the foregoing, a member who had at least three
years of credited service on January 1, 1995, may elect to have the
vested percentage of his or her accrued benefit determined under the
vesting schedule in effect on December 31, 1994.
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(d)
Any terminated member not entitled to a vested benefit, or any member
who terminates on or after January 1, 2000 and who makes an irrevocable
election not to vest his or her accrued benefit shall not be entitled
to any share of the funds of the trust which have been contributed
by the employer for the member's benefit, and the member shall
not have claim to the assets of the plan, except for a refund of his
or her contributions accumulated with interest at 5% per year compounded
annually.
[Ord. No. 287,
passed 8-10-1995]
(a)
Vested benefit deferred to normal retirement date. A member who terminates employment for any reason, other than retirement or death, shall have a nonforfeitable right to his or her vested benefit, which will be payable at the normal retirement date in accordance with Section 288.14(c), subject to subsection (b) hereof.
(b)
Commencement of vested benefits prior to normal retirement date.
A terminated vested employee may elect to have benefits commence on
the first day of any month following his or her 55th birthday or,
for a member who has at least 25 years of service, such member's
50th birthday. The amount of such benefit shall be equal to the accrued
benefit payable at the member's retirement date, reduced by 1/2%
of 1% for each month that the benefit commencement date precedes the
normal retirement date.
[Ord. No. 287,
passed 8-10-1995]
(a)
Eligibility. If a member satisfies the eligibility requirement for
receipt of a normal retirement benefit, is legally married on his
or her date of death and dies while an employee, or if a member terminates
employment after satisfying the normal retirement benefit eligibility
requirements and dies before beginning to receive such payments, then
his or her surviving spouse will be eligible to receive a survivor
annuity.
(b)
Amount. The amount of the survivor annuity will be the member's accrued benefit reduced by the joint and 100% survivor factor so that the amount payable is the amount which would have been paid to the spouse under a joint and survivor annuity if the member had retired on the day before his or her death and had elected the joint and 100% survivor portion under Section 288.21(a)(4).
(c)
Cost. The survivor annuity is automatically provided for all members who satisfy the eligibility requirements under subsection (a) hereof. The full cost of the survivor annuity shall be borne by the plan, and no member's retirement benefit shall be adjusted in any way because of his or her having been eligible for such survivor annuity benefit.
[Ord. No. 287,
passed 8-10-1995]
(a)
A member who is eligible for retirement benefits other than disability retirement benefits may elect, in accordance with subsection (c) hereof, to have his or her member's benefits paid to him or her in any one of the following forms:
(1)
Benefit payable for life of member only, in lieu of normal retirement benefit payable. A member may elect to receive his or her benefit in equal monthly installments during his or her lifetime and ceasing upon his or her death. This benefit shall be the equivalent actuarial value of the benefit provided in accordance with Section 288.14(c).
(2)
Joint and 50% survivor. This is a reduced retirement benefit, which shall be the equivalent actuarial value of the benefit provided in accordance with Section 288.14(c), with the provision that if the member dies leaving a spouse to whom he or she was legally married on the annuity starting date, a survivor annuity equal to 50% of the annuity payable during the joint lives of the member and his or her spouse shall be paid during the life of, and to, such surviving spouse.
(3)
Joint and 66.67% survivor. This is a reduced retirement benefit, which shall be the equivalent actuarial value of the benefit provided in accordance with Section 288.14(c), with the provision that if the member dies leaving the spouse to whom he or she was legally married on the annuity starting date, a survivor annuity equal to 66.67% of the annuity payable during the joint lives of the member and his or her spouse shall be paid during the life of, and to, such surviving spouse.
(4)
Joint and 100% survivor. This is a reduced retirement benefit, which shall be the equivalent actuarial value of the benefit provided in accordance with Section 288.14(c), with the provision that if the member dies leaving a spouse to whom he or she was legally married on the annuity starting date, a survivor annuity equal to 100% of the annuity payable during the joint lives of the member and his or her spouse shall be paid during the life of, and to, such surviving spouse.
(5)
Ten-year certain and life. This is the normal retirement benefit payable as set forth in Section 288.14(c) in which a retiring member may elect to receive his or her pension as a monthly life income, 10 years certain, which shall be the equivalent actuarial value of such normal retirement benefit and shall be payable during the life of the member, with the first 120 months payment guaranteed, provided that if the death of the member occurs prior to his or her receipt of 120 monthly payments, the balance of such monthly payments shall be continued to his or her beneficiary until a total of 120 monthly payments in all have been paid to the member and his or her beneficiary.
(b)
If a member elects a joint and survivor form of benefit and his or
her spouse dies prior to the annuity starting date, the election of
the joint and survivor benefit shall be automatically revoked and
the member shall elect another form of benefit.
(c)
The election period shall be as follows:
(1)
The election period, during which the member may elect the form
of benefit, shall be a period of ninety calendar days before the annuity
starting date.
(2)
If a member makes a request for additional information before
the end of such election period, the election period shall be extended
to include at least 90 days following the day the additional information
is delivered or mailed to the member.
(3)
If the election period is extended beyond the annuity starting
date, commencement of benefits shall be delayed until the end of such
election period. In such case, payment of benefits retroactive to
the annuity starting date, shall begin within 60 days after the end
of such election period.
(d)
The benefit selected according to this section will be the equivalent actuarial value of the benefit provided in Section 288.14(c).
(e)
If, upon termination of employment, the present value of the member's
vested accrued benefit is less than $3,500, the vested accrued benefit
shall be paid in a single lump-sum. In no event shall such single
lump-sum be less than the member's contributions accumulated
with interest at 5% per year compounded annually.
[Ord. No. 287,
passed 8-10-1995]
(a)
Notwithstanding anything in this plan to the contrary, all benefits
shall be paid in a form permissible under Section 401(a)(9) of the
Code and the regulations thereunder, including the minimum distribution
incidental benefit requirements as set forth in Treasury Regulations
Section 1.401(a)(9)-2.
(b)
Notwithstanding anything in this plan to the contrary, no benefits
or contributions under this plan shall exceed the limitations set
forth in Section 415 of the Code.
(c)
Notwithstanding anything in this plan to the contrary, effective
January 1, 1993, a member, a designated beneficiary who is the surviving
spouse of a member, or a spouse or former spouse pursuant to a qualified
domestic relations order (within the meaning of Section 414(p) of
the Code) can direct that any distribution which constitutes an eligible
rollover distribution (within the meaning of Section 402(c)(4) of
the Code) be directly rolled over to an eligible retirement plan within
the meaning of Section 401(a)(31)(D) of the Code; provided that any
such direction shall specify the eligible retirement plan to which
such distribution is to be paid and shall be made in such form and
at such time as the trustee may prescribe; and further provided that
an eligible retirement plan, with respect to a spouse or former spouse
pursuant to a qualified domestic relations order, shall include only
an individual retirement account as described in Section 408(a) of
the Code, or an individual retirement annuity, as described in Section
408(b) of the Code (other than an endowment contract).
[Ord. No. 287,
passed 8-10-1995]
Whenever, in the trustee's opinion, a person entitled to
receive any payment of a benefit or installment thereof hereunder
is under a legal disability or is incapacitated in any way so as to
be unable to manage the member's financial affairs, the trustee
may make payments to such person or to the member's legal representative
or to a relative or friend of such person for the member's benefit,
or the trustee may apply the payment for the benefit of such person
in such manner as the trustee considers advisable. Any provision of
a benefit or installment thereof in accordance with the provisions
of this section shall be a complete discharge from any liability for
the making of such payment under the provisions of the plan.
[Ord. No. 287,
passed 8-10-1995]
Each member will designate the beneficiary to whom the death
benefits, if any, shall be paid in the event of his or her death prior
to retirement. Each member has the right, from time to time, to change
any designation of beneficiary, and the interest of any beneficiary
will be subject to such right. A designation or change of beneficiary
must be in writing on forms supplied by the trustee, and any change
of beneficiary will not become effective until such change of beneficiary
is filed with the trustee, whether or not the member is alive at the
time of such filing, but subject to any action taken or payment made
on direction of the trustee prior to such filing. The interest of
any beneficiary who dies before the member will terminate, unless
otherwise provided. If a beneficiary is not validly designated, cannot
be found or is not living at the date of payment, any amount payable
pursuant to this plan will be paid to such of the following, in the
order named, as the trustee deems proper:
