§ 12-10. Retirement dates and benefits.

(a)

Normal retirement date.

(1)

A member employed on a full time basis by the city as of the effective date of this article may retire on the first day of the month coincident with or next following that date on which such member attains age fifty-five (55) and completes ten (10) years of continuous service.

Note— Prior to the adoption of Resolution 96-093, a normal retirement date was the first day of the month coincident with or next following that date on which such member attains age sixty-two (62) and completes five (5) years of continuous service.

(2)

In no event shall a member retire on a date later than age seventy (70), unless the city manager with the approval of the board extends such member's retirement date by written authorization, on a year-to-year basis.

(b)

Normal retirement benefit.

(1)

Amount. The monthly retirement benefit shall be an amount determined as follows:

(A)

The average monthly earnings times years of service times two and one-half (2½) per cent for continuous service prior to January, 1991, and three (3) per cent times continuous service on or after January, 1991.

(c)

Duration, survivor benefit. A member retiring on his or her normal retirement date shall receive a monthly benefit which shall commence on his or her normal retirement date and be continued thereafter during his or her lifetime and cease upon his or her death, unless an optional form of benefit payment providing a survivor's benefit has been selected in writing by the member prior to actual retirement. In any event there shall be paid to or on behalf of such member or his or her beneficiaries an amount equal to such member's accumulated contributions.

(d)

Early retirement benefit. A member retiring on his or her early retirement date may receive either a deferred or an immediate monthly retirement benefit as follows:

(1)

A deferred monthly retirement benefit which shall commence the first day of each month thereafter during his or her lifetime. The amount of the benefit shall be determined and paid in the same manner as for retirement at his or her normal retirement date, except that average monthly earnings and continuous service shall be determined as of his or her early retirement date, or

(2)

An immediate monthly requirement benefit which shall commence on his or her early-retirement date and shall be continued on the first day of each month thereafter during his or her lifetime. The benefit payable shall be determined in subsection (b)(1) above reduced for the actual years, months or both by which the starting date of the benefit precedes the normal retirement date. The reduction factors shall be as follows:

Years and Months			Years and Months
	Early	Factor	Early		Factor
0	1	.99444	1	0	.93333
	2	.98889		1	.92778
	3	.98333		2	.92222
	4	.97778		3	.91667
	5	.97222		4	.91111
	6	.96667		5	.90556
	7	.96111		6	.90000
	8	.95556		7	.89444
	9	.95000		8	.88889
	10	.94444		9	.88333
	11	.93889		10	.87778
				11	.87222
2	0	.86667	3
	1	.86111		0	.80000
	2	.85556		1	.79444
	3	.85000		2	.78889
	4	.84444		3	.78333
	5	.83889		4	.77778
	6	.83335		5	.77222
	7	.82778		6	.76667
	8	.82222		7	.76111
	9	.81667		8	.75556
	10	.81111		9	.75000
	11	.80556		10	.74444
				11	.73889
4	0	.73333	5
	1	.72778		0	.66667
	2	.72222		1	.66389
	3	.71667		2	.63111
	4	.71111		3	.65833
	5	.70556		4	.65556
	6	.70000		5	.65278
	7	.69444		6	.65000
	8	.68889		7	.64722
	9	.68333		8	.64444
	10	.67778		9	.64167
	11	.67222		10	.63889
				11	.63611
6	0	.63333
	1	.63056	7	0	.60000
	2	.62778
	3	.62500
	4	.62222
	5	.61944
	6	.61667
	7	.61389
	8	.61111
	9	.60833
	10	.60556
	11	.60278

 

(e)

Delayed retirement date. The delayed retirement date shall be that date following normal retirement date on which a member actually retires. In no event shall a member retire later than age seventy (70) unless the city manager with the approval of the board extends such member's retirement date by written authorization, on a year-to-year basis.

(f)

Delayed retirement benefit. A member retiring at his or her delayed retirement date shall receive a monthly retirement benefit which shall commence on the first day of the month coincident with or next following such delayed retirement date. The amount of each such monthly retirement benefit shall be determined in the same manner as for normal retirement except that average monthly earnings, and continuous service shall be determined as of the member's actual retirement date. The benefit shall be paid during such member's lifetime and cease upon his or her death, unless an optional form of benefit payment providing a survivor's benefit had been selected in writing by the member prior to actual retirement.

(g)

Applicable benefit formula. The benefit formula applicable in all cases of retirement, whether normal, early or delayed, shall be that in effect on the member's employment termination date.

(h)

Cost of living adjustment (COLA) benefit.

(1)

A member retiring on his or her normal, early or delayed retirement date shall receive a cost of living adjustment of two (2) per cent as of the first day of January each year. A prorated portion of the COLA will be applied on the first January 1 subsequent to retirement.

(2)

Members who are not retired and were active participants as of January 1, 2000 shall receive a monthly stipend in addition to the pension. Members shall receive an additional stipend of two hundred dollars ($200.00) per month from the date of retirement to age sixty-five (65). The monthly stipend shall decrease to one hundred fifty dollars ($150.00) per month after age sixty-five (65).

(Ord. No. 2001-105, § 1, 4-3-01; Ord. No. 2005-108, § 3, 4-19-05; Ord. No. 2016-118, § 2, eff. 1-1-17)

Note— Pursuant to Resolution No. 95-098, members were required to file a participation form on or before December 1, 1995 and failing to file the form resulted in a member not being entitled to receive the COLA benefit. Therefore, not all members of the plan receive a COLA benefit.