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(a) A Tier B member may be eligible for restricted prior service credit to be used in determining a member's eligibility to vest or retire, but not toward calculating benefits under this chapter.
(b) To be eligible, a Tier B member must apply for restricted prior service credit not later than three years after the date of employment or re-employment by the city. The application must be on a form approved by the administrator and must be submitted to the administrator. Upon verification of prior restricted service, the administrator shall grant the credit. (Ord. 30162)
(a) An eligible member whose credited service in the fund was canceled by withdrawal or forfeiture of contributions may reinstate the credited service.
(b) To be eligible to reinstate credited service under this section, a member must have:
(1) returned to employment with the city and resumed contributing to the fund within six years of the end of the period of service for which credit was canceled; and
(2) continuously contributed to the fund for 12 consecutive months after returning to city employment.
(c) A member may reinstate credited service only during the 24-month period beginning on the completion of 12 consecutive months of service following a cancellation of credited service.
(d) A member shall have only one period of time under this section in which to reinstate credited service canceled by any single withdrawal or forfeiture of contributions.
(e) An eligible member choosing to reinstate credited service must reinstate either all of the credited service canceled by a single withdrawal or forfeiture or the amount of credited service canceled by a single withdrawal or forfeiture that is needed to make the member eligible for pension benefits equal to 100 percent of the member's average monthly earnings on the date of reinstatement. Where reinstatement of a portion of credited service is authorized under this subsection, the member must reinstate credited service from the last earned to the first earned.
(f) An eligible member may reinstate credited service as follows:
(1) If credited service was canceled by withdrawal of contributions,
(A) a Tier A member must deposit in the fund a lump sum equal to the amount withdrawn, or portion of the amount withdrawn where full credited service is not to be reinstated, plus interest of 7-1/2 percent compounded annually from the date of withdrawal to the date of reinstatement; and
(B) a Tier B member must deposit in the fund a lump sum equal to the amount withdrawn, or portion of the amount withdrawn where full credited service is not to be reinstated, plus interest at a rate equal to the highest actuarial rate of return assumption used during the withdrawal period compounded annually from the date of withdrawal to the date of reinstatement.
(2) If credited service was canceled by forfeiture of contributions, the member must file an application for reinstatement on a form approved by the administrator and submit the application to the administrator.
(g) If an eligible member has more than one break in service during which credited service was canceled, the credited service must be reinstated from the last canceled to the first canceled. (Ord. Nos. 154141; 19470; 20960; 21582; 30162)
(a) A member with a break in service for military active duty is entitled to credited service for the period of military active duty not exceeding five years if the time is spent in the service of the armed forces of the United States, provided the member satisfactorily completes active service and returns to the service of the city after the member's discharge within the period described by law, if any.
(b) Benefits of a member allowed under Subsection (a) for the period of the break in service for military active duty is computed at the appropriate rate of the average monthly earnings of the member on the date the break in service for military active duty was granted for each year the member is on military active duty.
(c) Notwithstanding any other provision to the contrary, contributions, benefits, and service with respect to qualified military service will be provided in accordance with Section 414(u) of the Internal Revenue Code.
(d) If a member dies while performing qualified military service (as defined in Section 414(u) of the Internal Revenue Code), the beneficiaries of the member are entitled to any additional benefits (other than benefits relating to the period of qualified military service) that would have been provided if the member had returned to service and then died. (Ord. Nos. 15414; 18181; 19470; 20960; 21582; 25818; 28739; 30162)
(a) The administrator must be notified in writing by the city manager, or by any department head not under the city manager, each time an employee who is a member is terminated as the result of a reduction in force. The determination of the city manager, or a department head not under the city manager, as to the date and the cause of termination is final and binding.
(b) A person is eligible to establish credited service under this section if the person:
(1) had five or more years of credited service at the time of termination;
(2) would have been eligible to retire within two years had employment not been terminated; and
(3) was designated by the city manager, or by a department head not under the city manager, as being terminated as a result of a reduction in force.
(c) A person eligible under Subsection (b) may establish any amount of credited service desired, up to a maximum of the amount of credited service needed to take the person to the earliest retirement date, by making a lump sum payment of the amount required by Subsection (d) within 90 days after the person's termination date.
(d) The amount of contributions required to be paid to establish credited service under Subsection (c) is equal to the employee contribution rate being paid under Section 40A-6 plus the city contribution rate being paid under Section 40A-7 multiplied by the average monthly wage earned by the person during the last 12 full months of service prior to termination multiplied by the number of months of credited service to be established.
(e) Credited service established under this section will be credited to the person purchasing the credited service on a month-by-month basis as if the person had remained a city employee and a member.
(f) If a person who paid to establish credited service under this section is reinstated as a member before establishing all of the service purchased, then any unused portion of the lump sum payment will be returned to the person without interest, and any uncredited service for which payment was made will be canceled.
(g) If a person who paid to establish credited service under this section dies before establishing all of the credited service purchased, then any unused portion of the lump sum payment will be paid to the beneficiary, or, if there is no beneficiary, to the decedent's estate without interest, and any uncredited service for which payment was made will be canceled. (Ord. Nos. 20960; 21582; 22345; 30162)
(a) A Tier A inactive member with five or more years of credited service or a Tier A member is eligible for:
(1) a normal retirement pension at age 60;
(2) an unreduced service retirement pension at age 50, if the member or inactive member has 30 years of credited service; or
(3) a service retirement pension at any age below age 50, if the member or inactive member has 30 years of credited service, provided that benefits will be actuarially reduced from age 50 in accordance with Section 40A-16(c).
(b) A Tier A member is eligible for an unreduced service retirement pension at or after age 50 if the person's age and years and partial years of credited service, when added together, total at least 78.
(c) A Tier B inactive member with five or more years of credited service or a Tier B member with five or more years of credited service is eligible for:
(1) a normal retirement pension at age 65; or
(2) an unreduced service retirement pension if the member or inactive member has 40 years of credited service.
(d) A Tier B member with five or more years of credited service is eligible for a retirement pension if the person's age and years and partial years of credited service, when added together, total at least 80.
(2) A member who is eligible to retire under this subsection before the age of 65 may terminate city employment and elect to defer retirement and the receipt of benefits until age 65, at which age the benefits received will not be actuarially reduced under Section 40A-16(d). At any time before the age of 65, the person may revoke this election and choose to retire and receive benefits, which benefits will be actuarially reduced under Section 40A-16 based on the person's age on the date the revocation application is approved by the administrator. The application for an election to defer a retirement as described in Section 40A-15(d) of this chapter or to revoke that election must be on a form approved by the administrator and must be submitted to the administrator. The administrator must approve the application in accordance with rules and procedures adopted by the board. (Ord. Nos. 15414; 16886; 18181; 19470; 20960; 21582; 22345; 30162)
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