(a) The amount of monthly retirement income payable to a firefighter who retires on or after the firefighter’s normal retirement date shall be an amount equal to the number of the firefighter’s years of credited service multiplied by 3% of such firefighter’s average final compensation. Effective October 1, 2018 the maximum normal retirement benefit shall be capped at ninety-five thousand dollars ($95,000) (hereinafter the “maximum benefit cap”). The maximum benefit cap will be increased annually beginning on the first day of October
2020 (and on each October 1 thereafter) by one and a half percent (1.5%). The maximum benefit cap shall also apply to early retirement, deferred vested retirement and disability retirement. In the case of early retirement and deferred vested retirement, the maximum benefit cap shall be applied to the normal retirement benefit before reflecting any reductions for early retirement. At all times, the plan shall comply with the maximum benefit limitations of IRS Code Section 415(d) and all applicable Treasury Regulations.
(Code 1958, § 21-91; Ord. No. 89-26, § 1, 9-19-89; Ord. No. 92-44, § 1, 9-2-92; Ord. No. 93-16, § 1, 6-15-93; Ord. No. 99-28, § 1, 9-21-99; Ord. No. 19-009, § 2, 2-19-19; Ord. No. 20-003, § 2, 2-18-20)