A. 
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 Library 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 36 months immediately preceding the retirement date of the employee, divided by three, multiplied by the employee's years of credited service and fraction thereof.
B. 
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. Notwithstanding the foregoing, the form of benefit payment under this § 51-85 shall be made in accordance with § 51-88 of this Article XXIX.
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 § 51-85 of this Article XXIX, based on his credited service at the time of termination of active employment. Notwithstanding the foregoing, the form of benefit payment under this § 51-86 shall be made in accordance with § 51-88 of this Article XXIX.
The monthly immediate early retirement benefit of an eligible employee shall be equal to the normal retirement benefit determined in accordance with § 51-85 of this Article XXIX, 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 Library 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 Library in excess of 30 years. For purposes hereof, years of service shall be calculated in the manner provided for in the definition of "credited service" in § 51-71 of Article XXIV. Notwithstanding the foregoing, the form of benefit payment under this § 51-87 shall be made in accordance with § 51-88 of this Article XXIX.
A. 
Unless otherwise elected as provided below, an employee who is married on the date when annuity benefits under this Article XXIX commence and who does not die before such date shall receive the value of his or her benefits in the form of a joint and survivor annuity. Under such joint and survivor annuity, survivor benefits following the employee's death shall continue to the spouse during the spouse's lifetime either in full or reduced by one half during the remaining lifetime, if any, of the spouse, at the election of the employee. For purposes of such election, the Board shall furnish to a married employee, by personal delivery or mail, at least nine months before his normal retirement date (or early retirement date, if applicable), the following information in written nontechnical language: the terms and conditions of a joint and survivor annuity; the employee's right to make and the effect of a waiver of the joint and survivor annuity form of benefit; the employee's right to elect the joint and survivor annuity in full or reduced by one half during the remaining lifetime of the spouse; and the right to make and the effect of a revocation of a previous waiver of the joint and survivor annuity. An unmarried employee shall receive the value of his or her benefit in the form of a life annuity; provided, however, that such unmarried employee may elect to waive the life annuity in the manner described below. The joint and survivor annuity and life annuity forms of distribution shall be actuarially equivalent to the benefits due to the employee hereunder.
B. 
Any election to waive the joint and survivor annuity or life annuity must be made by the employee, in writing, and be consented to by the employee's spouse, if any, within 90 days of the date on which payment of benefits will commence; provided, however, that no such spousal consent shall be required unless the employee and the spouse have been married throughout the one-year period ending on the earlier of the employee's annuity starting date or the date of the employee's death. If the spouse is legally incompetent to give such consent, the spouse's legal guardian, even if such guardian is the employee, may give consent. Such election shall designate a beneficiary (or a form of benefits) that may not be changed without spousal consent (unless the consent of the spouse expressly permits designations by the employee without the requirement of further consent by the spouse). Such spouse's consent shall be irrevocable and must acknowledge the effect of such election and be witnessed by a representative of the Library or a notary public. Such consent shall not be required if it is established to the satisfaction of the Board that the required consent cannot be obtained because there is no spouse, the spouse cannot be located or other circumstances exist which prevent the employee from obtaining such consent. The election made by the employee and consented to by the employee's spouse, if any, may be revoked by the employee in writing without the consent of the spouse, if any, at any time during the period within which the election is to be made. The number of such revocations shall not be limited. Any new election must comply with the requirements of this Subsection B. A former spouse's waiver shall not be binding on a new spouse.
A. 
In lieu of the retirement benefits provided above under this Article XXIX, employees who signify, by written notice to the Board at least six months prior to their retirement or within 90 days of 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; provided, however, that election of any option under this subsection shall be consistent with § 51-88 of this Article XXIX.
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.
(1) 
In the case of a non-service-connected death, if an employee who has been married for at least one year and who has five or more years of credited service dies before retirement, his dependent spouse, so long as she lives, shall be entitled to 50% of the normal retirement benefit determined in accordance with § 51-85 of this Article XXIX, 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.
(2) 
In the case of a non-service-connected death, if an employee whose dependent spouse predeceases him or who has no dependent spouse dies before retirement but after attaining the age of 45 and completing five or more years of credited service, 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 § 51-85 of this Article XXIX, based on the employee's credited service at the time of his death.
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 Library) 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.