A.
Normal retirement. A member may retire after completion of 20 years of credited service with the municipality regardless of age. This shall be considered normal retirement. Service need not be continuous and retirement benefits shall commence immediately upon application for retirement benefits following the termination of employment with the municipality. Retirement benefits must be commenced by age 62 if the member has terminated employment; provided, however, that there shall be no mandatory retirement age. Retirement benefits shall be computed at the rate of two and one-half percent of average monthly compensation multiplied by the number of years of credited service.
B.
Early retirement. A member may retire after the completion of a minimum of five years of credited service and the attainment of age 55. This shall be considered early retirement. Service need not be continuous and retirement benefits shall commence immediately upon application for retirement benefits following the termination of employment from the municipality. Benefits must commence by age 62; provided, however, that there shall be no mandatory retirement age. Retirement benefits shall be computed at the rate of two and one-half percent of average monthly compensation multiplied by the number of years of credited service.
C.
Deferred retirement. A deferred vested member shall elect one of the following options:
1.
Withdraw all employee contributions to the plan plus interest at an annual rate of not less than four percent compounded annually from the first year through December 31, 1993, compounded bi-weekly thereafter, and receive no other benefits from the plan; or
2.
Allow all contributions and interest to remain in the plan, and upon reaching the age of 55 years, be eligible for retirement benefits at the rate of two and one-half percent of average monthly compensation multiplied by the number of years of credited service. Payment of benefits shall commence immediately upon application of the eligible deferred vested member for benefits. Benefits must commence not later than the date the deferred vested member attains age 62.
D.
If a member leaves the employment of the police or fire department or transfers to another position with the municipality which would not be eligible for membership in the system before the member has accumulated five years of credited service, the member shall upon application, receive a refund of his or her contributions to the system, plus interest at the rate of not less than four percent compounded annually from the first year through December 31, 1993, then compounded bi-weekly thereafter. This refund of employee contributions terminates all rights to the receipt of other benefits from the system.
E.
A member shall make a beneficiary designation, which may be the member's own estate, to receive contributions and interest held by the system at the time of the member's death, in the event that no retirement benefits are payable to a survivor as a result of that member's death. In the absence of a designation, the member's estate shall be deemed the designated beneficiary.
F.
Unless otherwise required by law, a member shall not receive a retirement benefit from the system at the same time that the member is accruing credited service in the system. In the event that a retired member again accrues credited service, retirement benefits payable from the system shall be automatically suspended until such time as the accrual of service has ceased. Benefits shall be calculated on the basis of total credited service.
G.
In order to be eligible to receive pension benefits from the system, a Plan I or Plan II member must have a separation from service.
H.
A command officer in the police department (rank of lieutenant and above) or a command officer in the fire department (battalion chief or above), who retires from the system and is reemployed by the Municipality of Anchorage into a command position, must have a break in service of not less than 30 consecutive days between the retirement date and the reemployment date.
I.
A police officer, firefighter or paramedic, who is not in a command position, who retires from the system and is reemployed by the municipality into a command position, must have a break in service of not less than 30 consecutive days between the retirement date and the reemployment date.
J.
A police officer, firefighter or paramedic, who is not in a command position, who retires from the system and is reemployed by the municipality into other than a command position, must have a break in service in accordance with municipal personnel rules. The length of the break may be less than 30 consecutive calendar days. However, if the member suffers no significant meaningful consequences, then the break in service must be at least 30 consecutive calendar days.
K.
Plan I and Plan II members who retire and are reemployed by the municipality under these circumstances will be required to execute a certificate of understanding and waiver regarding the known and potential tax consequences associated with the reemployment action.
(AO No. 2000-65, § 3, 4-18-2000; AO No. 2003-112, § 2, 9-9-2003)