|
For participants who terminated after January 1,2000, one and one-tenth percent of the final
<br />average compensation multiplied by the total period of creditable service, in years and
<br />months, effective through February 28, 2001; and effective March 1, 2001, one and three-
<br />tenths percent of the final average compensation multiplied by the total period of creditable
<br />service, in years and months. For participants who terminated between June 1, 1994 and
<br />January 1, 2000, one and one-tenth percent of the final average compensation multiplied by
<br />the total period of creditable service, in years and months. For participants who terminated
<br />prior to June 1, 1994, the benefit shall be computed using the formula in effect on the
<br />termination date. For participants who terminated on or after July 1,2002, such participants
<br />shall receive an additional one-half of one percent of their final average compensation in
<br />excess of the breakpoint amount at the time of termination multiplied by the total period of
<br />creditable service, in years and months up to a maximum of thirty-five (35) years; the
<br />breakpoint amount shall be thirty-two thousand dollars ($32,000.00) in 2002, but shall
<br />increase by one thousand dollars ($1,000.00) per year thereafter, effective the first day of
<br />each successive year. Effective January 1, 1997, for participants who terminated between
<br />December 1, 1996 and June 30, 2002, such participants shall receive an additional one-
<br />quarter of one percent of their final average compensation in excess of the breakpoint amount
<br />at the time of termination multiplied by the total period of creditable service, in years and
<br />months up to a maximum of thirty-five (35) years; the breakpoint amount shall be twenty-six
<br />thousand dollars ($26,000.00) in 1996, but shall increase by one thousand dollars ($1,000.00)
<br />per year thereafter, effective the first day of each successive year;
<br />
<br />For employees hired prior to January 1, 1973, the greater of the pension payable under
<br />subsection (C)(1) of this section, or the sum of subsection (C)(2)(a) and (b) of this section
<br />multiplied by 1.25 for participants who terminated prior to December 31, 1996, by 1.37 for
<br />participants who terminated between December 31, 1996 and June 30, 2001, and by 1.62 for
<br />participants who terminated on or after July 1, 2001:
<br />
<br />ao
<br />
<br />Two-thirds of one percent of the final average compensation plus one percent of the
<br />final average compensation in excess of six thousand six hundred dollars ($6,600.00);
<br />all multiplied by the period of creditable service, in years and months, rendered prior
<br />to January 1, 1968.
<br />Two-thirds of one percent of the final average compensation plus one percent of the
<br />final average compensation in excess of the average Social Security base; multiplied
<br />by the period of creditable service in years and months, rendered subsequent to
<br />January 1, 1968.
<br />
<br />Do
<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 /> Section 2.
<br />provided by law.
<br />
<br />This ordinance shall take effect and be in force from and after its passage as
<br />
<br />PASSED this ,, ~ day of ,2002.
<br />
<br />
<br />
|