[Amended 4-2-1979 STM]
A. 
A member who retires on his normal retirement date, which retirement occurs on or after the effective date of the plan, shall receive an annual retirement benefit, payable monthly, in an amount calculated as follows and equal to the sum of the following:
(1) 
For past service, the product obtained by multiplying the number of years, including monthly fractions of a year, of his past service by 0.5% of his past service compensation; and
(2) 
For each year, including monthly fractions of a year, of future service, a yearly credit equal to 0.75% of future service compensation.
B. 
A member who retires on his normal retirement date, which retirement occurs on or after July 1, 1987, shall receive an annual retirement benefit, payable monthly, in an amount calculated as follows and equal to the sum of the following:
[Added 12-1-1987 STM]
(1) 
For past service, the product obtained by multiplying the number of years, including monthly fractions of a year, of his past service prior to July 1, 1977, by 3/4 of 1% of his 1976 compensation; and
(2) 
For each year, including monthly fractions of a year, of future service, a yearly credit equal to 1% of his compensation commencing July 1, 1977.
(3) 
For those members retiring on or after July 1, 1989, and before July 1, 1998, an annual pension equal to 1.25% times final average compensation times years of service with the Town.
[Added 6-26-1989 STM; amended 5-11-1998 ATM]
(4) 
For those members retiring on or after July 1, 1998, an annual pension equal to 1.35% times the final average compensation times years of service with the Town.
[Added 5-11-1998 ATM[1]]
[1]
Editor's Note: This legislation also provided for the renumbering of former Subsection B(4) as Subsection B(5).
(5) 
Any participant who retired under the terms of the plan prior to July 1, 1989, shall be entitled to an increase in his/her monthly pension benefit effective January 1, 1992. The increased benefit shall be equal to 1.25% of the participant's final average compensation multiplied by his/her years of credited service with the Town of Norfolk. This increased benefit shall be adjusted to reflect the form of benefit payment originally elected. This increase is effective for current participants who retired between July 1, 1977, and July 1, 1989.
[Added 3-18-1993 STM]
(6) 
For those members retiring on or after July 1, 2001, an annual pension equal to 1.5% times final average compensation times years of service with the Town.
[Added 5-12-2001 STM]
C. 
A member who has more than one job with the Town may retire from one job and begin collecting a monthly benefit based on the compensation and credited service from this one particular job. The member will still receive additional benefits from his other job.
[Added 1-22-1991 STM]
[Added 4-2-1979 STM]
A. 
On or after the effective date, any member whose employment with the Town terminates prior to his normal retirement date and who has attained age 55 and who has 15 or more years of credited service may retire.
B. 
A member so retired will receive, upon application therefor, a benefit commencing at time of early retirement computed in accordance with § 41-10 on the basis of his credited service at the time of early retirement, but reduced by 6.6% for each of the first five years prior to normal retirement date and 3.3% for each of the next five years by which the date of commencement of such member's early retirement benefit precedes his normal retirement date.
C. 
Subject to the approval of the Town, in the case of a Town employee, or the Norfolk Sewer District, in the case of a Sewer District employee, a participating employee may continue to work beyond his normal retirement date and accrue additional benefits subject to termination at the pleasure of the Town, in the case of a Town employee, or said Sewer District, in the case of a Sewer District employee, and benefits shall be payable only after retirement.
[Added 7-21-1986 STM]
A. 
With the approval of the appointing authority, a member may remain in active employment after his normal retirement date. The first day of the calendar month following such member's actual retirement shall be his deferred retirement date. With the approval of the appointing authority, a member may commence to receive monthly benefits on the first day of the calendar month following the date after which he/she was eligible for normal retirement while in the active employment of the Town. Once the member has given written notification to begin benefits, the member will not receive any additional increases in benefits from the plan.
[Amended 1-22-1991 STM]
B. 
The annual benefit of a member who retires on a deferred retirement date shall be computed in accordance with § 41-10 of this Article V based on his credited service to his deferred retirement date.
[Amended 4-2-1979 STM; 5-9-1994 ATM; 5-12-1997 ATM]
A. 
Any member whose employment terminates on or after July 1, 1997, but prior to normal or early retirement and who shall have completed five years of credited service shall be eligible for a vested deferred benefit computed in accordance with Subsection B of this section, provided that he or she applies to the Committee for such benefit not earlier than 60 days prior to his or her normal retirement date.
B. 
A member who satisfies the conditions of Subsection A above shall receive a retirement benefit computed under the provisions of § 41-10 of this Article V commencing at normal retirement date, computed in accordance with the benefit formula for normal retirement benefits based on his credited service to his termination date according to the following schedule:
Full Years of Credited Service
Percent of Accrued Benefits
Less than 5
0%
5 or more
100%
[Amended 4-2-1979 STM]
The first monthly payment of a member's retirement benefit shall be payable as of the first day of the month after the member has actually retired hereunder and applied in writing for benefits. Thereafter, the benefit shall be payable monthly during his life, except as provided in § 41-15 of this Article V and in Article VI.
A. 
Increased benefit for retirees. The retirement benefit of each member who is receiving a pension from the plan as of July 1, 1997, shall have his or her retirement benefit increased by 3%, effective July 1, 1997.
[Added 5-12-1997 ATM]
B. 
Increased benefits for retirees. The retirement benefit of each member who is receiving a pension from the plan as of July 1, 2002, shall have his or her retirement benefit increased by 5%, effective as of July 1, 2002.
[Added 5-13-2002 ATM]
C. 
Effective March 1, 2016, through June 30, 2016, a terminated member eligible for a vested deferred benefit, which has not begun collecting their retirement benefit from the Town of Norfolk, is hereby eligible to elect a lump sum payment in cash, which is the actuarial equivalent of the vested deferred benefit provided in § 41-13 of the Code.
[Added 3-3-2016 STM]
D. 
Effective December 1, 2020, through March 31, 2021, the following members are hereby eligible to elect a lump sum payment, which is the actuarial equivalent of the vested deferred benefit provided in § 41-13 of the Code.
[Added 11-30-2020 STM]
(1) 
An active member who has attained age 59 1/2.
(2) 
A terminated member eligible for a vested deferred benefit, who has not begun collecting their retirement benefit from the Town of Norfolk.
(3) 
A retired member (or beneficiary) who is currently collecting a retirement benefit from the Town of Norfolk.
[Amended 4-2-1979 STM]
The retirement benefit of any retired member shall cease as of the date of rehire if the retired member is reemployed by the Town and shall resume as of the first of the month following subsequent termination and reapplication of benefits. The retirement benefit payable upon such subsequent retirement shall be the benefit computed in accordance with § 41-10 of this Article V on the basis of his credited service at the time of his subsequent retirement. In the event that his initial retirement was an early retirement, the benefit shall be reduced as in § 41-11B of this Article V for each complete calendar month intervening between the member's subsequent retirement date and his normal retirement date and each complete calendar month from the time of his first retirement to the time of his reemployment, provided that the resulting benefit shall be not less than the benefit payable at the time of his first retirement.