[Ord. No. 1014, 6/8/2020]
1. A member must satisfy at least one of the following requirements
to become entitled to the retirement benefit described in § 612
below:
A. Have reached normal retirement date on or before the date on which
he became a former participant; or
B. Have completed at least 12 years of service on or before the date
on which he became a former participant and have filed a written notice
of his intention to "vest" with the Administrator within 90 days of
such date (see § 614 below). Note that the failure to file
an election to vest will result in a payment of member contributions
and associated earnings pursuant to § 645 of the plan.
[Ord. No. 1014, 6/8/2020]
1. A former participant who satisfies the conditions for entitlement
described in the foregoing section shall be entitled to a monthly
amount payable for his life, which amount (referred to hereinafter
as the "retirement benefit" or "normal retirement benefit") is derived
from the following formula:
(a x b) + c
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where, with respect to said former participant,
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a
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=
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50% of final average monthly compensation.
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b
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=
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the accrued benefit percentage.
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c
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=
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the extra service benefit.
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2. Provided, however, that payment of benefits upon retirement shall
be conditioned upon a former participant's being subject to service
from time to time as a police reserve in cases of riot, tumult or
preservation of the public peace until unfitted for such service,
at which time such former participant shall be finally discharged
by reason of age or disability upon written notice from Council.
[Ord. No. 1014, 6/8/2020]
The retirement benefit of a former participant shall become
payable on the first day of the calendar month coincident with or
next following the later of the date the former participant would
reach his normal retirement date if he continued to be an eligible
employee until such date; or, the date on which his employment terminated
with the Borough and, thereafter, the first day of each month during
the former participant's lifetime. Notwithstanding anything contained
herein to the contrary, no retirement benefit payments nor any other
payments shall be due or payable on or before 30 days after the date
the Administrator receives the application for benefits.
[Ord. No. 1014, 6/8/2020]
A participant who has completed at least 12 years of service
shall be entitled to elect to receive a deferred vested benefit in
lieu of a withdrawal of member contributions and associated interest
pursuant to § 645 hereof. Such a deferred vested benefit
shall be in an amount equal to the accrued benefit as of the date
employment terminates as a police officer of the Borough of Bridgeville
and shall commence as of the first day of the month coincident with
or next following the attainment of normal retirement date or the
date it would have been attained if the participant continued in service
until such date. The participant shall be entitled to such a vested
benefit by filing with the Administrator within 90 days of the date
he ceases to be employed as a full-time police officer for the Borough
of Bridgeville, a written notice of his intention to vest.
[Ord. No. 1014, 6/8/2020]
Previous ad hoc adjustments have been granted.
[Ord. No. 1014, 6/8/2020]
A participant who has completed at least 20 years of service
upon written application to the Administrator effective the later
of the date filed or date indicated on the application, shall be entitled
to an early retirement benefit in an amount equal to the actuarial
equivalent of the accrued benefit as of the date the pension commences
and shall be paid the first day of each month during the former participant's
remaining lifetime. Notwithstanding anything contained herein to the
contrary, no retirement benefit payments nor other payments shall
be due or payable on or before 30 days after the date the Administrator
receives the application for benefits. The actuarial equivalent shall
be a reduction in benefits to reflect early commencement prior to
normal retirement date and shall be calculated using the assumptions
reported in the last actuarial valuation report filed in compliance
with Act 205.