§ 13-6. Benefit amounts and eligibility.

(a)

Normal retirement age and date. The normal retirement age for members retiring prior to November 20, 2017 and members with ten (10) or more years of credited service who are within fifteen (15) years of the normal retirement date on November 20, 2017, shall be the attainment of age fifty-five (55) and the completion of ten (10) years of credited service. The normal retirement age for members who do not have ten (10) or more years of credited service or are not within fifteen (15) years of the normal retirement date on November 20, 2017, shall be the attainment of age sixty (60) and the completion of ten (10) years of credited service, or the attainment of thirty-three (33) years of credited service regardless of age. Each member shall become one hundred (100) percent vested in their accrued benefit at normal retirement age. A member's normal retirement date shall be the first day of the month coincident with or next following the date the member retires from the city after attaining normal retirement age.

(b)

Normal retirement benefit. A member retiring hereunder prior to November 20, 2017 on or after the applicable normal retirement date shall receive a monthly benefit which shall commence on the first day of the month coincident with or next following the member's retirement and be continued thereafter during member's lifetime and ceasing upon death but with one hundred twenty (120) payments guaranteed in any event. A member retiring hereunder on or after November 20, 2017 on or after the normal retirement date shall receive a monthly benefit which shall commence on the first day of the month coincident with or next following the member's retirement and be continued thereafter during member's lifetime and ceasing upon death, but with one hundred twenty (120) payments guaranteed in any event for the portion of the benefit based on credited service before November 20, 2017. The monthly retirement benefit shall equal three (3) percent of average final compensation, for each year of credited service and any portion thereof, completed prior to November 20, 2017, and two and three-tenths (2.3) percent of average final compensation for each year of credited service and any portion thereof completed on or after November 20, 2017.

(c)

Early retirement date. A member may retire on an early retirement date which shall be the first day of any month coincident with or next following the attainment of age fifty (50) and the completion of ten (10) years of credited service. Effective November 20, 2017 the early retirement date shall be the first day of any month coincident or next following the attainment of age fifty-five (55) and the completion of ten (10) years of credited service. Early retirement under the system is retirement from employment with the city on or after the early retirement date and prior to the normal retirement date.

(d)

Early retirement benefit. A member retiring hereunder on an early retirement date may receive either a deferred or an immediate monthly retirement benefit payable in the same form as for normal retirement as follows:

(1)

A deferred monthly retirement benefit which shall commence on what would have been the member's normal retirement date had the member continued employment as a general employee and shall be continued on the first day of each month thereafter. The amount of each such deferred monthly retirement benefit shall be determined in the same manner as for retirement on the member's normal retirement date except that credited service and average final compensation shall be determined as of the member's early retirement date; or

(2)

An immediate monthly retirement benefit which shall commence on the member's early retirement date and shall be continued on the first day of each month thereafter. The benefit payable shall be as determined in subsection (1) above, reduced by one-fifteenth ( 1 / 15 ) for each year by which the commencement of benefits precedes the date which would have been the member's normal retirement date had the member continued employment as a general employee.

(e)

Additional benefits. Effective October 1, 1999, the monthly benefit being received by every retired member, joint pensioner or beneficiary who received benefits prior to October 1, 1999, is increased by three (3) percent. Retroactive payments shall be made for the period from October 1, 1999, to the effective date of the ordinance adopting this subsection (e) [November 22, 1999].

(f)

Automatic annual cost-of-living adjustment. As of August 14, 2006, all current and future retirees including disability retirees, joint pensioners or beneficiaries, but excluding vested terminated persons, shall, beginning on the first October 1 following one (1) full year of retirement and on each of the next nine (9) October 1, receive a one-half (.5) percent per year cost-of-living adjustment. Those retirees as designated above, who have been receiving benefits for one (1) full year or more shall receive the first adjustment on October 1, 2006.

(g)

Required distribution date. The member's benefit under this section must begin to be distributed to the member no later than April 1 of the calendar year following the later of the calendar year in which the member attains age seventy and one-half (70½) or the calendar year in which the member terminates employment with the city.

(Ord. No. O-10-18, § 1, 7-26-10; Ord. No. O-17-25 , § 5, 10-23-17)