A.
Normal retirement benefit for all employees except fire employees.
(1)
The annual retirement benefits of an employee eligible for a normal
retirement benefit who has applied therefor shall be 2% of the annual
average of the highest annual earnings received by the employee from
the Town during any three consecutive years, multiplied by the 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
three highest years of earnings. Commencing July 1, 2000, the annual
retirement benefits of an employee eligible for a normal retirement
benefit who has applied therefor shall be 2% of the total earnings
for the thirty-six months immediately preceding the retirement date
of the employee, divided by three, multiplied by the employee's years
of credited service and fraction thereof. For school employees whose
benefit is covered by a collective bargaining agreement, the Town
shall calculate a sick pay benefit value in the same manner as the
non-school employees' benefit and add such value, for benefit calculation
purposes only, to the 36 months' earnings described in this section.
(2)
In no event shall the total annual retirement benefits payable to any 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 an employee's annual retirement benefits shall be paid each month. This Subsection A shall not apply to fire employees.
B.
Normal retirement benefit for fire employees.
(1)
The annual retirement benefits of a fire employee eligible for a
normal retirement benefit who has applied therefor shall be 2% of
the annual average of the highest annual earnings received by the
fire employee from the Town during any three consecutive years, multiplied
by the fire employee's years of credited service and fractions thereof.
Effective for retirements occurring on or after July 1, 1995, the
annual retirement benefits of a fire employee eligible for a normal
retirement benefit who has applied therefor shall be 2 1/4% of
the annual average of the highest annual earnings received by the
fire employee from the Town during any three consecutive years, multiplied
by the fire 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 three highest years of earnings. Effective for retirements
occurring on or after July 1, 2000, the annual retirement benefits
of a fire employee eligible for a normal retirement benefit who has
applied therefor shall be 2 1/2% of the total earnings for the
thirty-six months immediately preceding the employee's retirement
date, divided by three, multiplied by the fire employee's years of
credited service and fractions thereof.
(2)
In no event shall the total annual retirement benefits payable to
any fire employee hired on or before July 15, 2012, exceed 65% of
the fire employee's highest average annual earnings, computed as stated
hereinabove. One-twelfth of a fire employee's annual retirement benefits
shall be paid each month.
[Amended 12-18-2012]
(3)
For fire employees hired after July 15, 2012, in no event shall the
total annual retirement benefits payable exceed 68% of the fire employee’s
base salary at the time of retirement.
[Added 12-18-2012]
C.
Annual earnings. For purposes of calculating retirement benefits pursuant to this Article XVIII, 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.
D.
Base salary. For fire employees hired after July 15, 2012, "base
salary" shall be defined as the salary the employee was being paid
at the time of retirement less any earnings for overtime, bonuses,
longevity, or any other compensation not considered as part of the
base salary.
[Added 12-18-2012]
The monthly immediate early retirement benefit of an eligible employee shall be equal to the normal retirement benefit determined in accordance with § 51-50 of this Article XVIII 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 § 51-36 of Article XIII.
A.
In lieu of the retirement benefits provided under §§ 51-50 and § 51-51 of this Article XVIII, employees who signify, by written notice to the Board at least six months 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 1/2 during the remaining lifetime, if any, of a contingent
annuitant designated by the employee.
B.
Election of this option or 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 or 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 § 51-50 of this Article XVIII 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.
