The annual retirement benefits of a police employee eligible for a normal retirement benefit who has applied therefor shall be determined from the following table at the time of application for retirement:
2.00% prior to July 1, 1988
2.25% effective July 1, 1988
2.50% effective July 1, 1992
of the annual average of the highest annual earnings received by a police employee from the Town during any four consecutive years, multiplied by the police employee's years of credited service and fractions thereof. If the final year of earnings before retirement or termination is a partial year, this partial year of earnings will be annualized before determining the four highest years of earnings.
A. 
For current members of Local 331, IBPO, service after 26 years of credited service shall not be considered as credited service for retirement purposes except as provided in Article II, § 51-2, or in Article VI, § 51-11, above.
B. 
A police employee who retires on or after July 1, 1987, with at least 20 years of credited service on the normal retirement date shall be entitled to a pension of at least 50% of the police employee's highest average annual earnings, computed as stated hereinabove.
C. 
A police employee who retires after July 1, 1989, shall be entitled to a pension not to exceed 65% of the police employee's highest average annual earnings, computed as stated hereinabove, except that, to the extent that the use of additionally purchased credited service as provided in Article II, § 51-2, results in a retirement benefit greater than 65%, then the higher benefit shall be allowed. A police employee who, as of June 30, 1989, has accumulated more than 65% of the police employee's highest average annual earnings under the formula in effect on that date shall have that percentage as his maximum benefit.
D. 
Notwithstanding the foregoing, if otherwise qualified, a supervisory police employee who retires on or after July 1, 1989, shall be subject to a pension limitation of 70% of the police employee's highest average annual earnings, computed as stated hereinabove, and not 65% of such earnings.
E. 
In no event shall the total annual retirement benefits payable to any police employee exceed the lesser of 65% of the employee's highest average annual earnings, computed as stated hereinabove, and the maximum benefits permitted under any federal or state law applicable to this plan. One-twelfth of a police employee's annual retirement benefits shall be paid each month.
F. 
A police employee who retires after January 12, 2012, shall be subject to a pension limitation of 105% of the police employee's base salary at the time of retirement.
G. 
Any police employee hired after January 12, 2012, shall be subject to a pension limitation of 85% of the police employee's base salary at the time of retirement.
For purposes of calculating retirement benefits pursuant to this Article VII, an employee's annual earnings shall be determined without regard to any reductions pursuant to Section 125, 414(h)(2) or 457 of the Internal Revenue Code of 1986, as amended.
The monthly deferred retirement benefit at the normal retirement date of an eligible employee shall be equal to the normal retirement benefit at set ages determined in accordance with § 51-15 of this Article VII based on his credited service at the time of termination of active employment.
The monthly immediate early retirement benefit of an eligible employee shall be equal to the normal retirement benefit determined in accordance with § 51-15 of this Article VII based on his credited service at the time of early retirement, reduced actuarially in accordance with the number of months by which such employee has not reached his normal retirement date at the time of withdrawal from active employment; provided, however, that in making the actuarial reduction hereunder for immediate commencement of benefits, in the case of an eligible employee who has completed 35 or more years of actual service with the Town at the time of withdrawal from active employment, there shall be added to the actual age of such employee at the time of withdrawal from active employment one additional year for every five years of service of the employee with the Town in excess of 30 years. For purposes hereof, years of service shall be calculated in the manner provided for credited service in the definition of "credited service" in § 51-2 of Article II.
A. 
In lieu of the retirement benefits provided under §§ 51-15 and 51-17 of this Article VII, employees who signify, by written notice to the Board at least two years prior to their retirement or within 90 days of their retirement date if an employee meets physical and health requirements. that they wish to elect an optional form of retirement benefit may elect to receive an actuarially equivalent pension:
(1) 
During the lifetime of the employee and continued either in full or reduced by one half during the remaining lifetime, if any, of a contingent annuitant designated by the employee.
B. 
Nomination of a contingent annuitant may be invoked, revoked or changed at any time not later than two years prior to the employee's retirement or within 90 days of his retirement date if he meets physical and health requirements, but not thereafter.
In the event that an employee, a retired employee or a former employee who is entitled to a deferred retirement benefit shall die before receiving an aggregate amount of pension at least equal to the aggregate of his own contributions to the plan plus five-percent interest, the difference shall be paid in a lump sum to his beneficiary or his estate.
A. 
Non-service-connected death. In the case of a non-service-connected death, if an employee who has attained the age of 45, has been married for at least one year and has five or more years of credited service dies before retirement, his dependent spouse, so long as she lives and does not remarry, or, if she predeceases him or if he has no dependent spouse, his children surviving, so long as they are under the age of 18 or, if a student, under the age of 23, shall be entitled to 50% of the normal retirement benefit determined in accordance with § 51-15 of this Article VII based on the employee's credited service at the time of his death. In the event that the surviving spouse of said employee dies leaving children of said employee, the amount of the retirement benefit received by the surviving spouse shall be paid in equal parts to such children of said employee so long as said children are under the age of 18 or, if a student, under the age of 23.
B. 
Service-connected death. In the case of a service-connected death (a death resulting solely and exclusively as a result of an accident or injury received during the performance of the employee's duties for the Town) of an employee prior to retirement, the benefits paid, regardless of the age, year of marriage or years of credited service of the employee, shall be the higher of benefits payable under Subsection A above or 25% of the deceased employee's basic annual compensation at the time of death, payable to the person and under the conditions set forth in Subsection A above.