A participant who retires upon attainment of normal retirement
age shall be entitled to receive a monthly retirement benefit in an
amount equal to 1.25% of the participant's final monthly average
compensation multiplied by the participant's years of credited
service paid commencing on the first day of the month coincident with
or next following the date of retirement.
A participant who terminates employment after attaining early
retirement age but prior to attainment of normal retirement age shall
be entitled to a retirement benefit commencing on the first day of
the month coincident with or next following the date that would have
been the participant's normal retirement date if the participant
had remained in employment. Alternatively, a participant who terminates
employment after attaining early retirement age but before normal
retirement age shall be entitled to a retirement benefit commencing
on a retirement date prior to the date on which attainment of normal
retirement age would occur if the participant continued in employment,
in an amount equal to the participant's accrued benefit at the
date of termination of employment and actuarially reduced for early
commencement.
A participant who retires after the first day of the month coincident with or next following the date on which normal retirement age has been attained shall receive a retirement benefit pursuant to §
46-13 in an amount equal to the amount calculated as of the date on which actual retirement occurs.
Retirement benefit payments shall be payable as of the participant's
retirement date and the first day of each month thereafter during
the participant's lifetime. A participant must complete and execute
an application for benefit on a form and in the manner prescribed
by the Plan Administrator and deliver said application to the Plan
Administrator at least 30 days prior to the date on which benefit
payments shall commence. Notwithstanding anything contained herein
to the contrary, no retirement benefit payments nor any other benefit
payments shall be due or payable on or before the first day of the
month coincident with or next following the date that is 30 days after
the date the Plan Administrator receives the application for benefits.
Payment of benefits hereunder shall cease as of the date of death
of the participant.
A participant who shall be receiving a monthly retirement benefit
under this plan and who shall resume employment as an employee shall
have benefit payments suspended until the first day of the month coincident
with or next following the date such employment shall cease. Such
benefit payments shall be adjusted to reflect any additional years
of credited service which may have accrued prior to the resumption
of payment of benefits.
If the Plan Administrator determines that the value of a participant's
accrued benefit is so small as to make monthly pension payments administratively
impractical, the Plan Administrator may cause such payments to be
made at such other periodic intervals as are administratively practical,
but no less frequently than annually, or may make a single lump sum
payment equal to the actuarial equivalent of such accrued benefit
to the extent permitted under applicable law.
[Amended 11-5-2001 by Ord. No. 1503]
Notwithstanding any provision of this plan to the contrary, no benefit provided under this plan attributable to contributions of the employer shall exceed, as an annual amount, the amount specified in Code Section 415(b)(1)(A), as adjusted pursuant to Code Section 415(d), assuming the form of benefit shall be a straight life annuity (with no ancillary benefits). The limitations described in this §
46-19 shall be governed by the following conditions and definitions:
A. Benefits paid or payable in a form other than a straight life annuity
(with no ancillary benefits) or where the employee contributes to
the plan or makes rollover contributions shall be adjusted on an actuarially
equivalent basis to determine the limitation contained herein;
B. In the case of a benefit which commences prior to the attainment
of age 62 by the participant, the limitation herein shall be adjusted
on an actuarially equivalent basis to the amount determined pursuant
to this section commencing at age 62; however, the reduction shall
not reduce the limitation below $75,000 for a benefit commencing at
or after age 55, or if the benefit commences prior to attainment of
age 55, the amount which is actuarially equivalent to a benefit of
$75,000 commencing at age 55; however, in the case of a qualified
participant (a participant with respect to whom a period of at least
15 years of service, including applicable military service, as a full-time
employee of a Police or Fire Department is taken into account in determining
the amount of benefit), the limitation contained herein shall not
reduce the limitation to an amount less than the amount specified
pursuant to Code Section 415(b)(2)(G), and such amount shall be adjusted
pursuant to Code Section 415(d);
C. In the case of a benefit which commences after attainment of age
65 by the participant, the limitation herein shall be adjusted on
an actuarially equivalent basis to the amount determined commencing
at age 65;
D. Benefits paid to a participant which total less than $10,000 from all defined benefit plans maintained by the employer expressed as an annual benefit shall be deemed not to exceed the limitation of this section, provided that the employer has not at any time maintained a defined contribution plan in which the participant has participated; however, in the case of a participant who is not receiving a disability retirement benefit pursuant to §
46-25, with fewer than 10 years of participation, the limitation expressed in this Subsection
D shall be reduced by 1/10 for each year of participation less than 10, but in no event shall this limitation be less than $1,000;
E. The limitations expressed herein shall be based upon plan years for
calculation purposes, shall be applied to all defined benefit plans
maintained by the employer as one defined benefit plan and to all
defined contribution plans maintained by the employer as one defined
contribution plan, and shall be applied and interpreted consistent
with Code Section 415 and regulations thereunder as applicable to
government plans in general and this plan in particular; and
F. In the case of a disability retirement benefit under §
46-25 or a survivor benefit under §
46-34, the adjustment under Subsection
B hereof shall not apply, and the applicable limitation shall be the limitation contained herein without regard to the age of the benefit recipient.
Each participant's right to receive any benefits hereunder
is personal and expires on such participant's death. No heir,
legatee, devisee, beneficiary, assignee or other person claiming by
or through a participant shall have any interest in any benefits hereunder
unless clearly and expressly so provided by the terms of this plan.
A participant's election, failure to file an election hereunder
or revocation of an election shall be final and binding on all persons.
The pension benefit payments prescribed herein shall not be
subject to attachment, execution, levy, garnishment or other legal
process and shall be payable only to the participant or designated
beneficiary and shall not be subject to assignment or transfer.
Any participant who shall have retired prior to the restatement
date shall not have the benefit altered in any way by the provisions
of this amended and restated plan, except where otherwise expressly
provided herein. Such retired participants shall continue to have
their benefits governed by the terms of the plan in effect on the
day preceding the restatement date.