Laserfiche WebLink
b, <br /> <br />dollars ($6,600.00); all multiplied by the period of creditable service, in years <br />and months, rendered prior to January 1, 1968. <br />Two-thirds of one percent of the final average compensation plus one percent <br />of the final average compensation in excess of the average Social Security <br />base; multiplied by the period of creditable service in years and months, <br />rendered subsequent to January 1, 1968. <br /> <br />The pension method in this section for any month shall be payable as of the last day of the <br />month. <br /> <br />2.64.110 Disability insurance. <br /> <br />There shall be a disability insurance policy approved by the city council which covers <br />members. The policy premiums shall be paid from the nonuniformed employees retirement <br />fund. <br /> <br />B, <br /> <br />Should a member receiving disability insurance payments again become an employee the <br />employee's disability insurance payments shall cease and the employee shall immediately <br />become a member of the retirement system as of the date of re-employment. His or her <br />creditable service at the time of his disability shall be restored in full force and effect unless <br />the member has withdrawn his or her accumulated contributions as permitted under Section <br />2.64.100D. <br /> <br />2.64.130 Optional form of pension. <br /> <br />If the designated beneficiary of a member is the spouse of a member, the member may elect <br />prior to the member's normal or early retirement date, to receive, in lieu of the member's <br />regular normal or early retirement pension, a reduced pension payable for so long as the <br />member shall live, with such reduced pension continuing to the member's spouse for his or <br />her lifetime following the member's death. Such reduced pension shall be the actuarial <br />equivalent of the pension regularly payable. <br /> <br />2.64.140 Employee leaving employment other than by death or retirement. <br /> <br />Any employee who has completed ten years of service with the city and who thereupon <br />separates from employment for reason other than death is entitled to pension benefits from <br />the fund payable at the employee's normal service retirement date in lieu of receiving the <br />employee's accumulated contribution to the fund. The retirement benefits shall be calculated <br />as for normal service retirement but based on the employee's years of creditable service and <br />final average compensation as of the date of employee's separation. Such employee must <br />notify the board of his or her desire to retain a vested interest in the fund within thirty (30) <br />days of employee's separation from employment with the city. The form and manner of <br />employee 's later application for retirement benefits will be identical to that prescribed in this <br />chapter for employees making a normal service retirement. <br /> <br />4 <br /> <br /> <br />