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6966
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6966
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Last modified
8/22/2014 3:12:00 PM
Creation date
11/5/2014 12:27:05 PM
Metadata
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Template:
City Ordinances
Passed
8/11/2014
Ordinance Number
6966
Bill Number
9236
Introdate
7/14/2014
Description
Police & Fire retirement system amendment
Introduced By
Mr. Sharpe
Year
2014
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IpLFpL <br /> i <br /> t" <br /> 2.62.405 Retirement Benefits Generally—Schedule <br /> Subject to the offset provisions contained in subsections F and G of this section, there <br /> shall be paid to each employee found eligible to retire, and to the employee's spouse and <br /> children, as provided in Section 2.62.400 or 2.62.410 from this fund herein created, or by <br /> workers' compensation benefits or a combination of both, when approved by the board of <br /> trustees, the following benefits: <br /> A. To an employee retired after January 1, 1993, on account of age, length of t <br /> service and length of time in this fund, as set forth in Section 2.62.400, a <br /> monthly benefit according to the following: <br /> Years of Service Years of Membership Percentage of Base <br /> in Fund Monthly Salary • <br /> 25 25 65% <br /> F <br /> 26 26 66% <br /> 27 27 67% <br /> 28 28 68% <br /> 29 29 69% <br /> 30 or more 30 or more 70% <br /> B. To an employee retired on account of age and service as set forth in <br /> Section 2.62.410, a monthly benefit according to the employee's attained <br /> age at his or her last birthday as follows: <br /> Age in Years Percentage of Base <br /> Monthly Salary <br /> 50 40% <br /> 51 44% x <br /> 52 48% <br /> 53 52% <br /> 54 56% <br /> 55 or more 60% t` <br /> • <br /> C. To a former employee who is eligible for deferred retirement benefits as <br /> set forth in Section 2.62.470.A and has reached the age of fifty-five (55) <br /> years, a monthly retirement benefit equal to the following percentage of <br /> the base monthly salary in effect at the date the employee ceased to be an <br /> employee: <br /> Years of Service Percentage of Base Monthly <br /> Salary <br />
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