Laserfiche WebLink
S' <br /> (3) To an employee retired on account of age and service as set <br /> forth in section 25-14(3) , a monthly benefit according to the <br /> employee's attained age last birthday as follows: <br /> Percentage of <br /> Age in Years Base Monthly Salary <br /> 50. . . . . . . . . . . . . . . . . .37.5% <br /> 51. . . . . . . . . . . . . . . . . .41.0;6 <br /> 52. . . . . . . . . . . . . . . . . .44.5% <br /> 53. . . . . . . . . . . . . . . . . .48.0% <br /> 54. . . . . . . . . . . . . . . . . .51.5% <br /> 55. . . . . . . . . . . . . . . . . .55.0% <br /> (4) To an employee retired on account of disability as set forth in <br /> Section 25-15, a monthly benefit equal to sixty percent (60%) <br /> of the base monthly salary then in effect. <br /> The payment shall be made monthly during the retiree's life and <br /> continued disability; but if the retiree's disability shall <br /> cease as set forth in Section 25-24, prior to the death of such <br /> retiree, and prior to the time the retiree shall attain the age <br /> of fifty-five years, then such payment shall cease upon the <br /> termination of such disability. <br /> (5) To an employee retired on account of disability as set forth in <br /> Section 25-16, the greater of <br /> (a) a monthly benefit equal to twenty-five percent (25%) of <br /> the base monthly salary then in effect; or, <br /> (b) a monthly benefit determined by the ratio of the <br /> employee's years of service at the date of disability <br /> to the years of service the employee would have had <br /> by working to age fifty-five, as applied to the benefit <br /> the employee would have had by working to age fifty- <br /> five, but using the employee's current base salary; <br /> plus, <br /> (c) a monthly benefit of ten percent (10%) of the monthly <br /> base salary then in effect for each child of such <br /> employee while such child is unmarried, dependent and <br /> under the age of eighteen (18) years; provided the <br /> total monthly payment shall not exceed fifty-five <br /> percent (55%) of the monthly base salary. <br /> (d) In event of death from causes set forth in Section <br /> 25-16, the surviving spouse and minor children shall be <br /> entitled to benefits equal to seventy-five percent <br /> (75%) of the benefits herein provided for the surviving <br /> spouse and minor children of employees who sustained <br /> injuries or death while in the discharge of their <br /> duties; but such surviving spouse's benefits shall not <br /> be less than one hundred dollars ($100.00) per month. <br /> (6) To an employee retired on account of age, length of service and <br /> length of time in this fund, as set forth in Section 25-14(5), <br /> a monthly benefit according to the following: <br /> Years Membership Percentage of <br /> Years of Service in Fund Base Monthly Salary <br /> 25 25 60 <br /> 26 26 61 <br /> 27 27 62 <br /> 28 28 63 <br /> 29 29 64 <br /> 30 or more 30 or more 65 <br /> 2 <br />