The following words and phrases used in this
article, unless a different meaning is plainly required by the context,
shall have the following meanings:
ACTUARIAL TABLES
Such tables of rates of interest and other factors which
are employed by the insurance company covering said system.
ARC
The annual required contribution as stated in the most-recent
annual actuarial valuation prepared by the City's actuary for
the Police and Fire Pension Plan. If there are any substantial modifications
to the provisions of the Police and Fire Pension Plan following the
date of the most-recent actuarial valuation, but prior to the start
of the fiscal year, the city's actuary shall determine a new
AR eased on the modifications.
[Added 2-20-2014 by Ch. No. 3043]
CITY
The municipal government of the City.
CREDITED SERVICE
The sum of prior service, purchased service and membership
service for which a member has received credit under the provisions
of this article.
MEMBER
Any police officer or firefighter included in the membership
system.
PRIOR SERVICE
Service rendered by a member prior to July 1, 1973.
SALARY-FIREFIGHTER
For the purpose of this plan, the average of a member's base pay, plus holiday pay, longevity pay, out-of-rank pay, rescue pay and EMTC pay of the member during his or her final years of credited service. When used in this Chapter
59, the terms "pay" and "compensation" shall mean the same thing as "salary" as defined herein.
SALARY-POLICE OFFICER
For the purpose of this plan, a member's base pay plus holiday pay, longevity pay, shift differential, out-of-rank pay and compensation paid to supervisors in lieu of overtime of the member during his or her final years of credited service. When used in this Chapter
59, the terms "pay" and "compensation" shall mean the same thing as "salary" as defined herein.
WITHDRAWAL FROM SERVICE
Complete severance of employment of any member as an employee
of the City by resignation, discharge or dismissal.
Any member may exercise an option at least 60
days prior to retirement on a service retirement annuity of taking
a reduced service retirement annuity and providing a reversionary
annuity for a specified beneficiary. A "reversionary annuity" as herein
provided means a deferred annuity computed according to actuarial
tables in use by the system, payable during the lifetime of the specified
beneficiary only if such beneficiary survives the retired member who
is receiving a service annuity. The election of a reversionary annuity
shall not be effected if death of the retired member occurs within
30 days following the effective date of his or her retirement. The
amount of the reversionary annuity shall be that specified in the
member's notice of election but shall not be more than the amount
of the member's reduced service retirement annuity. A reversionary
annuity shall begin on the day following the death of the member on
retirement, provided that the beneficiary is then alive. If the beneficiary
does not survive the retired member, a reversionary annuity shall
not be payable, nor shall any change be made in the previously reduced
retirement annuity.
Each member of the system shall be eligible
to retire upon completion of 20 years' credited service in the amount
equal to 50% of the member's salary.
Each member of the system who does not retire
upon the completion of 20 years' credited service shall be entitled
to an additional retirement benefit of 3% for each year of service
over 20 years but not to exceed an additional three years and four
months with a maximum retirement benefit of 60% after completion of
23 years and four months of credited service. The 3% shall be based
upon the member's salary.
Commencing July 1, 1998, for police officers
and July 1, 1999, for firefighters, each member shall have deducted
from his or her weekly salary an amount equal to 7 1/2% of his
or her normal weekly salary plus holiday pay and longevity pay, which
shall be applied by the City for the pension benefits herein provided.
[Amended 2-22-2007 by Ch. No. 2838; 6-16-2010 by Ch. No. 2937; 3-10-2011 by Ch. No. 2954; 2-20-2014 by Ch. No.
3043]
A. In the event that the administration submits a budget proposal to the City Council containing less than 95% of the ARC, notice must be given and a public hearing must be held pursuant to Subsection
D of this section.
B. In the event that the City Council through any action, including, but not limited to, amending any budget, proposes the funding of less than 95% of the ARC, notice must be given and a public hearing must be held pursuant to Subsection
D of this section.
C. The City shall not submit nor approve nor amend any City ordinance, resolution, policy, procedure, nor mayoral order authorizing payment of less than 95% of the ARC without first giving notice and holding a hearing pursuant to Subsection
D of this section.
D. Should any event occur under Subsections
A,
B and/or
C of this section:
(1) The administration shall give notice to union leadership of the Fire
and Police Unions, each pensioner receiving benefits, and the Pension
Board;
(2) A separate public hearing will be held on the subject of the funding
of less than 95% of the ARC prior to the passage of such budget or
other ordinance, resolution, policy, procedure, or mayoral order.
The Personnel Board may, after a hearing, discontinue
the pension payments to any member of the pension system for cause,
subject to the limitations of law.