§ 13-61. Benefit amounts and eligibility.

(a)

Normal retirement age and date. A member's normal retirement age is the earlier of the attainment of age fifty-five (55) and the completion of ten (10) years of credited service or attainment of age sixty (60), regardless of the years of credited service, or completion of twenty-five (25) years of credited service, regardless of age. Each member shall become one hundred (100) percent vested in his 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 on or after his normal retirement date shall receive a monthly benefit which shall commence on the first day of the month coincident with or next following his retirement and be continued thereafter during member's lifetime, ceasing upon death, but with one hundred twenty (120) monthly payments guaranteed in any event. The monthly retirement benefit shall equal three and one-half (3.5) percent of average final compensation, for each year of credited service.

(c)

Early retirement date. A member may retire on his early retirement date which shall be the first day of any month coincident with or next following of the earlier of the attainment of age fifty (50) and the completion of ten (10) years of credited service or the completion of twenty (20) years of credited service regardless of age. 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 his 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 his normal retirement date had he continued employment as a police officer 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 his normal retirement date except that credited service and average final compensation shall be determined as of his early retirement date; or

(2)

An immediate monthly retirement benefit which shall commence on his early retirement date and shall be continued on the first day of each month thereafter. The benefit payable shall be as determined in paragraph (1) above, reduced by three (3) percent for each year which the commencement of benefits precedes the date which would have been the member's normal retirement date had he continued employment as a police officer.

(e)

Automatic annual cost-of-living adjustment. As of the effective date of this ordinance, 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.

(f)

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-10-16, § 1, 7-26-10; Ord. No. O-16-39 , § 3, 12-12-16)