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Those firefighters, the amount of whose pension is determined by Section 203 of the former Charter of the City, shall receive in addition thereto, an amount which will increase the pension each year by 2% for a consecutive ten-year period, such 2% to be computed on the original pension as follows: At the end of the first year 102%, at the end of the second year 104%, at the end of the third year 106%, at the end of the fourth year 108%, at the end of the fifth year 110%, at the end of the sixth year 112%, at the end of the seventh year 114%, at the end of the eighth year 116%, at the end of the ninth year 118%, and at the end of the tenth year 120%.
(Ord. 2134, passed 6-23-1969)
Retirees from the City Police and Fire Departments who are commonly known as “Charter retirees,” in recognition for their service to the City, shall be paid an increase equal to 7% of their annual City pensions, as the pension exists as of July 1, 1990. This increase in pension shall be retroactive to July 1, 1990. The initial payment shall be made as near the effective date of this section as practicable.
(Ord. 3147, passed 9-24-1990)
Effective August 1, 1978, as to persons who have attained age 62 and effective on the first day of the month following attainment of age 62 for all others, the appropriate City officials shall increase any pension payable pursuant to Sections 202 through 211 of the former City Charter in an amount sufficient, when added to the pension presently payable to the person will increase that person’s annual pension in the amount of $3,000.00 per annum with further increases of 2.5% per annum thereafter. The increase in the annual pension shall take effect as of September 1, 1997 and shall be payable in such manner and under such conditions as provided in Sections 202 through 211 of the former City Charter.
(Ord. 2654, passed 7-24-1978; Ord. 2973, passed 10-28-1985; Ord. 3012, passed 10-13-1986; Ord. 3270, passed 3-14-1994; Ord. 3298, passed 5-22-1995; Ord. 3357, passed 11-10-1997; Ord. 3364, passed 2-23-1998; Ord. 3587, passed 6-24-2004)
(a) The appropriate City officials shall make available Blue Cross/Blue Shield or like benefit to all eligible surviving spouses of Charter pension retirees of the City not currently receiving the benefits and who submitted their request by December 31, 1984; or whose spouse has been deceased after that date, and until such time as they are covered by another plan or remarried, and who, individually, request the coverage.
(b) Commencing at age 65, the coverage provided shall be Blue Cross-65 Supplementary.
(Ord. 2917, passed 8-13-1984; Ord. 2942, passed 2-11-1985)
The City shall, in the year 1980, cause to be made a review of the annual service pension being paid by the retirement system to retirants who completed 15 or more years of service with the City prior to retirement. If, as a result of the review a determination is made that a significant number of the retirants are receiving annual service pensions below the level of low income budget for a retired couple published by the U.S. Department of Labor, the Board may adopt such formula as it deems appropriate for the improvement of annual service pensions payable to the retirants following a determination by the actuary that the improvement proposed is actually sound and capable of being funded from revenue available in the retirement system. Any formula adopted by the Board shall recognize the effective date of retirement, the age of the retirant at the time of retirement, and the years and months of service upon retirement. The amount of the improvement computed in accordance with the formula shall not, when added to the original service pension payable to any retirant, result in an annual pension which exceeds the level of the low income budget for a retired couple published by the U.S. Department of Labor. The adjusted annual service pension shall be payable thereafter in equal monthly installments throughout the life of the retirant.
(Ord. 2771, passed 6-9-1980; Ord. 2966, passed 8-26-1985)
(a) At the end of each calendar year, the Consultant shall determine the rate of investment return earned on retirement system assets during the calendar year based upon if the retirement system is a minimum of 90% funded, as determined by the actuary following sections shall be applicable.
(b) At the end of each calendar year, the retirement system’s Actuary shall determine the present value of pensions to be paid after the end of the calendar year to eligible retirants and retirement allowance beneficiaries in receipt of pensions at the end of the calendar year. The assumed interest rate used in the determination shall be 8% per year compounded annually.
(c) The distribution of income at the end of each calendar year shall be equal to the product of the present value of pensions determined in subsection (b) at the end of the calendar year times the positive excess, if any, of the rate of investment return determined in subsection (a) exceeding 8%. Commencing with the distribution of income for 2004 and continuing for any subsequent year, the amount distributed during any year shall not exceed $3,000,000.00 or the amount of excess earnings determined by the above formula, whichever is less.
(d) After the end of each calendar year, each eligible retirant and pension beneficiary in receipt of a pension at the end of the calendar year shall be credited with distribution units equal to the number of full years between the effective date of retirement and the end of the calendar year multiplied by the number of full years of service credit in force on the effective date of retirement. Distribution units shall not accumulate from one year to the next.
(e) The distribution amount for an eligible retirant or pension beneficiary shall be equal to the product of the distribution income determined in subsection (c) times the individual’s number of distribution units determined in subsection (d) divided by the total number of distribution units for all eligible retirants and pension beneficiaries in receipt of pensions at the end of the calendar year.
(f) The distribution amount for each eligible retirant or pension beneficiary shall be payable in the form of a supplemental payment prior to October 1, commencing with the calendar year 1985. If an eligible retirant dies before receipt of the retirant’s distribution amount, the payment shall be made to the retirant’s pension beneficiary, if any. If a pension beneficiary dies before receipt of the pension beneficiary’s distribution amount, no payment shall be made.
(g) Eligible retirants and beneficiaries are those who meet the following requirements:
(1) Commencing with the distribution of income for 2004 and continuing for any subsequent year, the annual amount of pension paid is less than or equal to the specified base amount of $24,852.00, adjusted annually by the City Council in accordance with the Consumer Price Index. If the retiree elected to avail himself or herself of the option of annuity withdrawal, the amount being paid for the purposes of this subsection (g)(1) shall be considered to be the annual amount which would have been paid if the annuity had not been withdrawn;
(2) The retirant or pension beneficiary in receipt of a pension must have attained 55 years of age;
(3) The retirant must have retired at least one year prior to January 1 of the year in which the thirteenth check payment is made; and
(4) The retirant must not have retired under Sections 202 through 211 of the former City Charter.
(Ord. 3641, passed 4-11-2005; Ord. 3662, passed 7-11-2005; Ord. 3765, passed 4-12-2010)
Persons identified as “Charter retirees,” per Section 9-204 of the City Charter, shall be paid an annual payment equal to 5% of their annual City pensions, as such pensions exist as of January 1, 2002. The payment shall be retroactive to January 1, 2002, and shall not be included in calculating the Charter retirees’ annual pension amount. This payment shall be made only when the Charter retirees are not entitled to a payment under § 35-16.2(a). Any payment due under this section shall be made in October, and a retiree must have received a pension for the entire preceding calendar year to be eligible. The initial payment under this section shall be made as soon as practicable after the effective date of this section.
(Ord. 3636, passed 3-14-2005)
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