[Adopted 10-13-1987 by Ord. No. O-87-157 (Secs. 2-631 to 2.652 of the 1987 Code)]
Unless a different meaning is required by the
context, the following words and phrases shall have the following
meaning within this article:
The sum of the amounts deducted from the compensation of
an employee.
Any person receiving a service retirement benefit or other
benefit.
[Amended 6-8-2010 by Ord. No. O-10-16]
Prior service plus employee's service.
Any regular full-time employee of the Board of Public Works,
whether for salary or for wages. In all cases of doubt, the Board
of Trustees shall determine whether any person is an employee as defined
herein.
[Amended 5-14-2019 by Ord. No. O-19-043]
The Board of Public Works of the City of Nashua.
The 12 months from July 1 to June 30, both dates inclusive.
Forty-hour workweek.
[Added 5-14-2019 by Ord. No. O-19-043]
Any employee included in the membership of the retirement
system.
The first day of the month coinciding with or next following
a member reaching the earlier of age 60 and 10 years of creditable
service or the completion of 25 years of continuous service, or 30
years of continuous service if hired on or after July 1, 2010, for
the Board of Public Works.
[Amended 6-8-2010 by Ord. No. O-10-16]
Service rendered prior to the date of establishment of the
retirement system.
The interest at the rate determined from time to time by
the Board of Trustees. Interest paid shall be calculated as simple
interest paid on the current accumulated contribution amount at the
time of termination of employment, death or retirement. Interest shall
be credited on such amounts only on and after July 1, 1987.
[Amended 2-27-2007 by Ord. No. O-07-80]
Withdrawal from active service with a service retirement
benefit granted under the provisions hereof.[1]
[Amended 6-8-2010 by Ord. No. O-10-16]
The employees' retirement system of the Board of Public Works
of the City of Nashua.
Service as an employee which is paid for by an employer.
[1]
Editor’s Note: The former definition of "retirement
allowance," which immediately followed this definition, was repealed
6-8-2010 by Ord. No. O-10-16.
The retirement system shall have the powers,
privileges and immunities of a corporation, and shall be known as
the Board of Public Works retirement system; and by such name; all
of its business shall be transacted, all of its funds invested, and
all of its cash, securities and other property held in trust for the
purpose for which received.
A.
The administration of this system is vested in a board of seven Trustees,
one representing the Commissioners of the Board of Public Works, one
representing the AFSCME employees of the Division of Public Works,
one representing the UAW employees of the Division of Public Works,
one representing the unaffiliated employees of the Division of Public
Works, one representing the Board of Aldermen, one to be selected
from the financial and investment community of the City, and the City
Treasurer or his designee. The Trustee representing the Commissioners
of the Board of Public Works shall be selected by the Board at a meeting
duly called for such purpose. The employee representatives shall be
members of the retirement system chosen by elections among the respective
affiliations (AFSCME, UAW, Unaffiliated) of Board of Public Works
employees. The Trustee representing the Board of Aldermen shall be
nominated by the President and confirmed by the Board. The Trustee
selected from the financial and investment community of the City shall
be nominated by the Mayor and confirmed by the Board of Aldermen.
[Amended 5-14-2019 by Ord. No. O-19-043]
B.
Except as otherwise provided, the Trustees shall be
appointed for a term of three years and shall serve until their successors
are appointed and qualified. For the first appointments of the original
or any additional Trustees, the Trustees representing the employees
shall be appointed for the term of one year, the Trustee representing
the Board of Aldermen shall be appointed for two years, the Trustee
representing the Board of Public Works shall be appointed for a term
of three years, and the Trustee selected from the financial and investment
community shall be appointed for a term of one year. Their successors
shall be appointed for a term of three years.
C.
The Trustees shall serve in an honorary capacity and
shall receive no compensation for their services except reimbursement
for expenses incurred in connection with their duties.
D.
The City Treasurer is authorized to act on behalf of the Board of
Trustees to execute its approved actions.
[Added 5-14-2019 by Ord.
No. O-19-043]
[Amended 5-14-2019 by Ord. No. O-19-043]
Each Trustee shall be entitled to one vote on
the Board of Trustees. Four Trustees shall constitute a quorum in
the transaction of any business. Four votes shall be necessary for
any resolution or action by the Board of Trustees at any meeting.
The Board of Trustees shall establish such rules
and regulations as it deems necessary for the proper administration
of this article.
[Amended 5-14-2019 by Ord. No. O-19-043]
The administrative work in connection with this
article shall be executed by some person or persons designated by
the Director of Public Works.
[Amended 6-8-2010 by Ord. No. O-10-16; 5-14-2019 by Ord. No. O-19-043]
All service retirement benefits shall be payable
in equal monthly installments which shall cease with the last monthly
payment prior to death.
[Amended 12-26-1990 by Ord. No. O-90-31]
A.
The rates of contribution to the retirement system
by employee members of the system are as follows:
(1)
The rate of contribution for all employees will be
9.15% of regular salary or wages.
(2)
In any pay period for which an employee is paid for
less than 40 hours, the deduction for that pay period will be based
on the normal weekly salary or wages for 40 hours and each employee
will be deemed to consent to the deductions as a condition of membership.
(3)
In any pay period for which an employee has no earnings, the employee
may make his or her contribution by utilizing sick time, personal
time, vacation time, or earned time, whichever is appropriate, from
which his or her deduction shall be taken.
[Added 5-14-2019 by Ord.
No. O-19-043]
B.
The Board of Trustees shall certify to the employer, and the employer shall cause to be deducted from the base wage or salary of each employee on each and every payroll, the amounts set by them under Subsection A above. The employer shall certify to the Board of Trustees on each and every payroll, or in such manner as the Board may prescribe, the amounts deducted. Such amount, when deducted, shall be paid to the retirement system. The City Treasurer shall draw from the City pension fund an amount equal to the amount deducted from the base wage or salary of the employee on each and every payroll. Such amount, when deducted shall be paid to the retirement system. The contribution from the City of Nashua shall correspond with the payroll deductions of the employees who are members of the retirement system.
C.
With respect to all employees of the employer, such
employer may pick up the employee contributions required by this section
for all compensation earned after July 1, 1987, and the contributions
so picked up shall be treated as employer contributions in determining
federal tax treatment under the United States Internal Revenue Code;
however, each employer shall continue to withhold federal income tax
based upon these contributions until the Internal Revenue Service,
or the federal courts, rule that, pursuant to Section 414(h) of the
United States Internal Revenue Code (1986), as amended, these contributions
shall not be included as gross income of the employee until such time
as they are distributed or made available. The employer shall pay
these employee contributions from the same source of funds which is
used in paying earnings to the employee. The employer may pick up
these contributions by a reduction in the cash salary of the employee.
Employee contributions picked up shall be treated for all purposes
of the retirement system in the same manner and to the same extent
as employee contributions made prior to the date picked up.
D.
The City Treasurer shall be custodian of all funds
of the retirement system.
E.
Accrued vacation time and earned time are considered part of an employee's
annual salary and are paid through payroll at retirement. When an
employee terminates employment, his or her accrued vacation time or
earned time payment shall have specific deductions withdrawn in accordance
with this section of the article. Examples of this type of deduction
include, but are not limited to, federal withholding, Medicare, and
pension.
[Added 5-14-2019 by Ord.
No. O-19-043[1]]
[1]
Editor's Note: This ordinance also redesignated former Subsection
E as Subsection F.
F.
The deductions provided herein shall be made notwithstanding
the amount of wage or salary earned by the employee during any one
week and every member shall be deemed to consent to the deduction
herein provided as a condition of their membership.
[Amended 6-8-2010 by Ord. No. O-10-16]
A.
Any person who becomes a full-time employee of the
Board of Public Works must become a member of the retirement system.
[Amended 5-14-2019 by Ord. No. O-19-043]
B.
The Board shall obtain, from the Division of Public
Works, such information relative to name, title, compensation, date
of birth and length of service of each of its employees as the Board
may deem necessary.
[Amended 5-14-2019 by Ord. No. O-19-043]
C.
A member shall cease to be a member if:
(1)
Absent from service for more than one year, unless
such absence was or is due to an injury arising out of and in the
course of employment, or is due to deployment with the Armed Forces
of the United States, or is otherwise due to the member's disability;
[Amended 5-14-2019 by Ord. No. O-19-043]
(2)
They withdraw their accumulated contributions;
[Amended 6-8-2010 by Ord. No. O-10-16]
(3)
They become a beneficiary.
[Amended 6-8-2010 by Ord. No. O-10-16]
D.
No benefit under the retirement system, other than a death benefit as provided in § 45-25 or a return of contributions as provided in § 45-27 of this article, shall become payable to or on account of any member unless said member was in service as an employee at the time of becoming eligible for benefits hereunder.
[Amended 6-8-2010 by Ord. No. O-10-16]
With respect to service rendered prior to August
1, 1947, the date of establishment of the retirement system, each
employee in service on the date of establishment who becomes a member
within one year thereafter shall file with the Board of Trustees,
on a form approved by the Board, a detailed statement of all service
rendered by them prior to the date of establishment for which they
claim credit. The Board shall fix and determine, by appropriate rules
and regulations, how much service in any year is equivalent to one
year of service. However, no more than one year of service shall be
creditable for all service of one calendar year. Service rendered
for the full, normal, working year shall be equivalent to one year's
service, subject to the foregoing restrictions, and to such other
rules and regulations as the Board may adopt. The Board shall verify
as soon as practicable after the filing of such statements the service
therein claimed. Upon verification of the statements of service, the
Board shall certify to each member the length of service with which
they are credited on the basis of their statement of service. Such
finding shall be final and conclusive for retirement purposes as to
such service; provided, that any member may within one year from the
date of such certification request the Board to modify or correct
said finding. When membership ceases, any prior service credit shall
become void. Should the employee again become a member, they shall
enter the retirement system as a new member not entitled to prior
service credit.
[Amended 10-13-1987 by Ord. No. 0-87-157; 6-8-2010 by Ord. No. O-10-16; 5-14-2019 by Ord. No. O-19-043]
Any member who terminated their employment in
order to enter directly into the Armed Forces of the United States
or is caused to be deployed at the request of the Armed Forces of
the United States shall be entitled to prior service credit for their
service rendered prior to the termination or separation of their employment,
together with the time spent in the Armed Forces of the United States,
provided they again become an employee within one year after the termination
of such armed service without intervening employment elsewhere. Neither
the City nor member shall make contributions to the retirement system
for the time spent in the armed forces.
[Amended 12-26-1990 by Ord. No. O-90-31; 5-13-1997 by Ord. No. O-97-136; 6-8-2010 by Ord. No. O-10-16; 5-14-2019 by Ord. No. O-19-043]
A.
Any member in the employ of the Board of Public Works may apply for
retirement benefits by filing with his or her department manager and
the City's Human Resources Department a dated written statement setting
forth at what date the member desires to be retired, provided that
there is at least 45 calendar days of notice from the date of filing.
Retirement forms will be available in each department. An oral statement
of intent to retire shall not constitute notice of intent to retire.
Once received by the City, the application shall be submitted to the
Board of Trustees for approval.
B.
Additionally, each applicant shall apply for retirement with the
retirement system's pension administration firm either online or over
the telephone, provided that there are at least 45 calendar days prior
to the member's desired retirement date.
C.
No person shall be retired on service retirement benefit unless at
the time specified for their retirement they shall either have attained
60 years of age with a minimum of 10 years' creditable service or
have had 25 years of continuous service, or 30 years of continuous
service if hired on or after July 1, 2010, for the Board of Public
Works upon such date.
D.
When a request is made from a member for a service retirement benefit
as described herein, no accrued time available to the member will
be used to attain or calculate the required minimum amount of service
time needed for a retirement benefit unless the time is two weeks
(80 hours) or less. The Board of Trustees reserves the right to allow
for exception to this policy only for extreme and unusual circumstances
as decided by the Board of Trustees.
E.
The payment of retirement benefits to any member who is eligible
to receive retirement benefits under this article, and who has filed
all election forms with the retirement system, shall become effective
the first day of the month following his or her retirement date pending
approval by the Board of Trustees. No changes to benefit elections
are permitted after the commencement of the payment benefits.
F.
Upon service retirement, the member shall receive
a service retirement benefit which shall consist of:
(1)
A sum no greater than 65% of the regular salary or
wages earned by the member during the last full year of service.
(2)
If the employee has less than 25 years of creditable
service, or 30 years of credible service if hired on or after July
1, 2010, but has reached the age of 60 with a minimum of 10 years
of creditable service, the employee shall receive a benefit equal
to such portion of 65% of the regular salary or wages earned during
the last full year of service as the number of years of creditable
service bears to 25 years, or 30 years if hired on or after July 1,
2010.
G.
A member disabled by sickness or injury for an extended
period, and who has not made weekly contributions to the system during
that period, may voluntarily make up the contributions not paid, and
creditable service not earned, during such absence by additional payroll
deductions, plus regular interest, as the Trustees may determine and
allow.
H.
Any member in the employ of the Board of Public Works
who has attained the age of 50 with a minimum of 10 years of creditable
service, and was hired prior to July 1, 2010, may apply in writing
to the Board of Trustees for retirement on an early service retirement
benefit setting forth the date the applicant wishes to be retired.
Upon such early retirement the member shall receive an early service
retirement benefit equal to 65% of the regular salary or wages earned
by the member during the last full year of creditable service as the
number of creditable years of service bears to 25 years, reduced by
0.555% for each full month between the member's normal retirement
date and the member's early retirement date.
I.
In addition to all other benefits, retired members
shall receive a $3,000 death benefit payable to the retiree's beneficiary
upon death after retirement.
[Amended 12-26-1990 by Ord. No. O-90-31; 5-13-1997 by Ord. No. O-97-136]
A.
Disability retirement.
[Amended 6-8-2010 by Ord. No. O-10-16; 5-14-2019 by Ord. No. O-19-043]
(1)
Ordinary disability retirement. Any member in service
who has 10 or more years of creditable service may apply for ordinary
disability retirement to the Board of Trustees within six months from
the date of disability. The Board will act on the application no more
than 90 days after the application is filed. The Board may retire
such member after a medical examination shall establish, and the Board
shall find, that they are mentally or physically incapacitated for
the further performance of duty, that such incapacity is likely to
be permanent and that they should be retired.
(2)
Accidental disability retirement. Any member in service
may apply for accidental disability retirement to the Board of Trustees
within six months from the date of disability. A member in service
who has been totally and permanently incapacitated for duty as the
natural and proximate result of an accident occurring while in the
actual performance of their duties, at some definite time and place,
without willful negligence or actions on their part, may be retired
by the Board of Trustees on an accidental disability service retirement
benefit after a medical examination shall establish, and the Board
shall find, that they are mentally or physically incapacitated for
the further performance of duty and that such incapacity is likely
to be permanent.
B.
Limitations. Any amounts which may be paid or payable
to or on account of any member or retired member on account of any
disability to which the City of Nashua has made contributions under
the provisions of any workers' compensation or similar law or plan
shall, in such manner as the Board of Trustees shall determine, be
offset against and payable in lieu of any disability service retirement
benefit on account of the same disability. The combined benefit from
workers' compensation and the member's accidental benefit allowance
will not be less than the benefit payment the member is eligible to
receive as provided for herein. Members are required to notify the
public works' administrative office whenever benefits from workers'
compensation begin or are modified. Such notice, to be made in writing,
must be made within 14 days after the member becomes aware of the
receipt of benefits or any change in benefits. If a member fails to
notify the public works' administrative office of the start of workers'
compensation benefits or any chance thereof, the Board shall have
the authority to recover from any member or retired member who is
a disability recipient over-payments made to the member under this
section.
[Amended 6-8-2010 by Ord. No. O-10-16]
(1)
If the member receiving disability retirement benefits
becomes 60 years of age while receiving said retirement benefits,
they shall receive, in place of the disability retirement benefit,
the amount they would have received upon a service retirement. The
period of time the member received disability retirement benefits
shall not be included in the calculation of the regular service retirement
benefit.
(2)
If the Board of Trustees finds that any disability
beneficiary is engaged in or is able to engage in a gainful occupation
no further benefits shall be paid to them under this section.
C.
Amount of benefit.
[Amended 6-8-2010 by Ord. No. O-10-16]
(1)
Ordinary disability retirement.
(a)
If the member is age 60 years old or older,
with a minimum of 10 years of service, they shall receive a service
retirement benefit.
[Amended 5-14-2019 by Ord. No. O-19-043]
(b)
If the employee has at least 10 years of creditable
service and is at least 50 years of age, but has not attained the
age of 60, then the employee shall receive a benefit equal to such
portion of 60% of the employee's regular salary or wages earned during
the last full year of creditable service, as the years of creditable
service bears to 25 years, or 30 years if hired on or after July 1,
2010.
(c)
If the employee has at least 10 years of creditable
service, but has not attained the age of 50, then the employee shall
receive a benefit equal to such portion of 50% of the employee's regular
salary or wages earned during the last full year of creditable service,
as the years of creditable service bears to 25 years, or 30 years
if hired on or after July 1, 2010.
(2)
Accidental disability retirement.
[Amended 5-14-2019 by Ord. No. O-19-043]
(a)
If the member is age 60 years old or older,
they shall receive a service retirement benefit.
(b)
If the employee is at least 50 years of age,
but has not attained the age of 60, then the employee shall receive
a benefit equal to such portion of 60% of the employee's regular salary
or wages earned during the last full year of creditable service, as
the years of creditable service bears to 25 years, or 30 years if
hired on or after July 1, 2010.
(c)
If the employee has not attained the age of
50, then the employee shall receive a benefit equal to such portion
of 50% of the employee's regular salary or wages earned during the
last full year of creditable service, as the years of creditable service
bears to 25 years, or 30 years if hired on or after July 1, 2010.
D.
Cessation of benefits.
(1)
At least once each year following the retirement of
a member on ordinary or accidental disability service retirement benefit,
the Board of Trustees may, and upon the member's application shall,
require a member who has not attained the age of 60 years to undergo
a medical examination, by a physician or physicians designated by
the Board. Should the member refuse such examination, then their disability
retirement benefits may be discontinued by the Board until their withdrawal
of such refusal. If their refusal continues for more than one year,
then all their rights in and to their retirement may be revoked by
the Board. Benefits may be restored at the discretion of the Board
upon completion of a qualifying medical examination. However, disability
retirement benefits shall not be paid to the member for the period
of time the member refused said medical examination, unless for good
cause shown as determined solely by the Board. A member's failure
to undergo a medical examination within one month of the Board's request
to do so shall be deemed as refusal by the member.
[Amended 6-8-2010 by Ord. No. O-10-16]
(2)
If a medical examination shows that the member is
able to work again, no further benefits shall be paid under the provisions
of this section. Should the disability reoccur, the member may reapply
for disability retirement in accordance with this section.
(3)
At no time shall a beneficiary under this section
be employed in any City department for compensation.
[Amended 6-8-2010 by Ord. No. O-10-16]
If a disabled beneficiary is restored to service,
their service retirement benefit shall cease. Such beneficiary shall
again become a member of the retirement system, and shall contribute
thereafter at the then-existing rate. Anything in this article to
the contrary notwithstanding, any credit for membership service and
any prior service on the basis of which their creditable service was
computed at the time of their former retirement shall be restored
to full force and effect. Upon subsequent retirement, they shall receive
a service retirement allowance benefit based on their service as a
member since their last restoration to membership, plus a service
retirement benefit equal to the service retirement benefit on which
they were retired at the time of their last retirement.
[Amended 12-26-1990 by Ord. No. O-90-31; 5-13-1997 by Ord. No. O-97-136]
A.
Should the Board of Trustees determine that the death
of a member occurred as the natural and proximate result of an accident
occurring at a definite time and place while the member was engaged
in the performance of their duties as an employee, and was not caused
by willful negligence on the part of the employee, the following survivorship
benefits shall be payable:
[Amended 6-8-2010 by Ord. No. O-10-16]
(1)
To the surviving spouse, until death or remarriage
an annual survivorship benefit equal to 65% of the regular salary
or wage earned during the last full year of service.
(2)
If there is no surviving spouse or if the spouse remarries
before the youngest child reaches the age of 18, then the child or
children under such age shall receive an annual survivorship benefit
equal to 65% of the regular salary or wages earned by the member during
the last full year of service.
(3)
If there is no surviving spouse or child under the
age of 18 at the time of the death of the member, then the member's
dependent father or dependent mother, as determined by the Board of
Trustees, shall receive an annual survivorship for life equal to 65%
of the member's regular salary or wages earned during the member's
last full year of service.
(4)
In the event that the deceased member is not survived
by a spouse, children or dependent father or mother, then no benefits
shall be payable under this section.
B.
Any amounts which may be paid or payable under the
provisions of any workmen's compensation or a similar law or plan
on account of the death of any member shall, in such manner as the
Board of Trustees shall determine, be offset against any benefits
payable under this section on account of such death.
A.
In the event of the death of a member, including members who have terminated with a vested deferred benefit and not elected a cash refund, prior to actual retirement and at a time when accidental death benefits in accordance with § 45-24 are not payable, the spouse will be eligible to receive benefits for life. The benefit payable to the spouse will be 50% of the service retirement or early service retirement benefit the member would have been entitled to have had the member retired on the date of death.
[Amended 6-8-2010 by Ord. No. O-10-16]
B.
Upon the death of a member without a surviving spouse,
the member's accumulated contributions together with regular interest
will be paid to the person, if any, designated by the member by a
written designation filed with the Board, if such person survives
the member, otherwise to the member's estate.
[Amended 6-8-2010 by Ord. No. O-10-16]
A.
Unless the member elects an optional form of benefit
as outlined below, the service allowance to the member will be paid
during their lifetime. Upon the member's death, the amount of accumulated
contributions with regular interest shall be paid to the person, if
any, designated by the member by a written designation filed with
the Board, if such person survives the member, otherwise to the member's
estate equal to the excess, if any, of the member's accumulated contributions
with regular interest, over the sum of all service allowances made
to the member.
B.
Optional forms of payment shall be as outlined below:
(1)
Contingent annuitant option. Instead of the normal
monthly retirement benefit provided above, a member may elect a contingent
annuitant option providing for actuarially reduced monthly retirement
benefits payable to them during their lifetime after retirement and
for the continuance of such payments, or a part of them 66 2/3%,
50% specified by the member, to such contingent annuitant for their
life after the death of a retired member. Such election may be made
by a member at any time prior to this retirement date. A member who
has elected this option may revoke or modify such option prior to
actual retirement; provided, however, that the death of the contingent
annuitant at any time prior to the member's retirement date shall
automatically revoke such election; and further provided, that if
the contingent annuitant is the spouse of the member, a divorce granted
to either spouse at any time prior to the member's retirement date
shall automatically revoke such election.
(a)
If a member who has elected this option dies
before their actual retirement date, no benefits under this option
shall be payable to the contingent annuitant.
(b)
If the member dies after their actual retirement
date, the contingent annuitant shall receive for life, commencing
on the first day of the calendar month coinciding with or next following
the retired member's death, the benefits specified by the retired
member for the contingent annuitant.
(c)
If the contingent annuitant dies before the
member's retirement date, the monthly retirement benefit normally
provided under this plan shall be payable to the retired member as
if the option had not been elected.
(d)
If the contingent annuitant dies after the member's
retirement date, the amount of the payments which the retired member
is then receiving or is entitled to receive will at the time (with
no provision for retroactive payments) revert to the life annuity
option and will cease upon the retired member's death.
[Amended 5-14-2019 by Ord. No. O-19-043]
(2)
Ten-year certain option. Each member shall have the
option, which shall be exercised by a written direction to the Board,
to elect to have actuarially reduced monthly retirement benefits payable
for 10 years certain and for life thereafter. Such election may be
made by a member at any time prior to their eligible retirement date.
Upon the death of a retired member after their eligible retirement
date, but before 120 monthly payments have been paid to the retiree,
payments shall be made to such beneficiary (for the balance of the
120 months) as they shall have most recently designated in a written
instrument signed by them in the presence of one subscribing witness
and filed with the Board either before or after their retirement.
If no such designation is on file with the Board at the time of death,
or is defective for any reason, or if such beneficiary shall predecease
the retired member, then the estate of such retired member shall receive
the commuted value of such benefit payable in a lump sum. If the beneficiary,
having survived the retired member, dies before all of said 120 payments
have been made, then the commuted value of the balance of said payments
shall be paid in a lump sum to the beneficiary's estate. If the member
dies before their retirement date, no benefits shall be payable under
this option.
[Amended 6-8-2010 by Ord. No. O-10-16]
A.
Nonvested
termination. Any member whose employment is terminated prior to the
completion of 10 years of service and who is not entitled to a disability
retirement pension shall receive a refund of their contributions together
with regular interest thereon to date of their termination of employment,
and such refund shall be in lieu of all other rights and benefits
of the member under this plan.
B.
Vested deferred benefits. Any member whose employment is terminated prior to the normal retirement date and after the completion of at least 10 years of service, and who is not entitled to an early retirement pension or a disability retirement pension, and who does not elect to receive a cash refund or their member’s contribution together with regular interest, will be entitled to receive, commencing on the normal retirement date, an annual pension equal to their accrued normal pension computed in accordance with the provisions of § 45-21 of this article based on their service to date of their termination of employment.
C.
Cash refund in lieu of deferred vested pension. A member who is entitled to a deferred vested pension in accordance with the provisions of Subsection B above may, in lieu of all other rights and benefits under this plan, elect to receive a cash refund of their member contributions together with regular interest thereon to the date of their termination of employment.
D.
Refunds of contribution as described in this section can be rolled
over into an Internal Revenue Service qualified plan or refunded directly
to the employee. Direct refunds are subject to federal tax withholding
and any applicable Internal Revenue Service penalties.
[Added 5-14-2019 by Ord.
No. O-19-043]
E.
If an employee elects to receive a rollover of refund of their contributions
in accordance with this section, said employee must make his or her
election within 60 days from the date his or her employment was terminated.
If no decision is made, the Board reserves the right to directly refund
said employee's contributions, which will be subject to federal tax
withholding and any applicable Internal Revenue Service penalties.
[Added 5-14-2019 by Ord.
No. O-19-043]
[Amended 6-8-2010 by Ord. No. O-10-16]
A.
A reemployed member who received a refund of their accumulated contributions with regular interest as provided in § 45-27 may repay to the Board an amount equal to the cash refund they received in accordance with such section plus regular interest thereon from the date of election of refund to the date repayment is made. Upon payment of this amount, there shall be restored to the member a yearly retirement pension equal to their accrued benefit as determined on their termination of employment. This payment must be received within 60 days of the member’s reemployment date.
[Amended 5-14-2019 by Ord. No. O-19-043]
B.
If a reemployed member has a yearly retirement pension
restored to them as provided above, and their prior service is counted
for vesting purposes, then, upon the participant's subsequent termination
of employment or retirement, the yearly retirement income shall be
determined on the basis of all the participant's service prior to
such date.
[Added 5-14-2019 by Ord. No. O-19-043[1]]
A.
A retired member who is receiving his or her pension benefit may
apply for reemployment within the Division of Public Works. If a retired
member is again employed by the Board of Public Works, his or her
retirement benefits hereunder shall be suspended during the period
of such reemployment, and shall recommence on the date he or she again
retires. The retirement benefit to which he or she is entitled when
he or she again retires hereunder shall be recalculated based on his
or her creditable service and final annual salary as of the termination
of his or her period of full-time reemployment. This recalculated
benefit shall then be reduced by the actuarial equivalent of any benefit
payments previously received by the member. In no event, however,
may this reduction result in a benefit that is less than his or her
original retirement benefit.
B.
Upon re-retirement, if the recalculated benefit is less than the
original benefit, the member's contributions made during reemployment
shall be returned to the member. If the recalculated benefit is higher
than the original benefit, the contributions made during reemployment
shall not be refunded to the member.
[Amended 6-8-2010 by Ord. No. O-10-16]
Any person who knowingly makes false statements
or shall falsify, or permit to be falsified, any record or records
of the retirement system in any attempt to defraud the system shall,
in the discretion of the Trustees, lose all their rights thereunder.
Employee retirement benefits under this article
shall be exempt from any executions, Trustee process, attachments
or any other processes whatsoever, legal or equitable.
