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(a) Upon his or her retirement as provided in the retirement plan, a police officer member shall receive a straight life pension and he or she shall have the right to elect to receive his or her pension under an option provided in § 35-26 in lieu of a straight life pension.
(b) Effective July 1, 1974, his or her straight life pension shall be equal to the sum of 2.4% of his or her final average compensation multiplied by the number of years, and fraction of a year, of his or her credited service, not to exceed 25 years, plus 1% of his or her final average multiplied by the number of years, and fraction of a year, of his or her credited service which is in excess of 25 years.
(c) Police Lieutenants and Captains bargaining unit members who have vested under the provisions of the Lieutenants and Captains retirement plan/benefit and then subsequently transfer to another position within the City that has a different recognized bargaining unit or is designated a general member not represented by a recognized bargaining unit and not employed by the Board of Hospital Managers, shall, within 60 days of the transfer, any subsequent transfers, or adoption of this section, elect in writing whether he or she will become a member of the retirement plan/benefit available to him or her by virtue of the transfer or whether he or she will continue to remain eligible to retire under the provisions of the Police Lieutenants and Captains retirement plan/benefit and continue to contribute the rate as may be required by the collective bargaining agreement. In the event an election is not made within the aforementioned 60 days, the employee will be considered a participant of the retirement plan/benefit that is available to him or her by virtue of the transfer.
(Ord. 2446, passed 7-1-1974; Ord. 2496, passed 5-19-1975; Ord. 3518, passed 9-22-2003)
(a) (1) Should any person elected to the City Council or elected District Judge of the 68th Judicial District who has eight or more years of credited service or any other member who has 15 or more years of credited service leave City employment prior to his or her voluntarily retirement age, for any reason except his or her death, retirement or discharge for cause, and does not withdraw his or her accumulated contributions from the employees’ savings fund, he or she shall be entitled to a pension as provided in § 35-23 if he or she is a general member, as provided in § 35-24 if he or she is a firefighter member, or as provided in § 35-24.1 if he or she is a police officer member, in either case as the applicable section was in force at the time he or she left City employment. His or her pension shall begin the first day of the calendar month next following the month in which he or she files his or her application for same with the Board of Trustees on or after his or her attainment of his or her voluntary retirement age or at such time as he or she would have qualified for a pension had he or she continued in the employment of the City. Unless otherwise provided in this retirement plan, in no case shall he or she receive credit for the period of his or her absence from City employment.
(2) As of the effective date of this section, and thereafter, should any general member who is an elected official, an elected District Judge of the 68th Judicial District, or an appointee of those officials and has eight or more years of service, or who is an employee not represented by a recognized bargaining unit and not employed by the Board of Hospital Managers, and has ten or more years of credited service leave City employment prior to his or her voluntary retirement age for any reason except death, retirement or discharge for cause, and does not withdraw his or her accumulated contributions from the employees’ savings fund, he or she shall be entitled to a pension as provided in § 35-23 as was in force at the time he or she left City employment. His or her pension shall begin the first day of the calendar month next following the month in which he or she files his or her application for same with the Board of Trustees on or after he or she attains age 55. Provided, however, those who were last hired prior to the effective date of this section and who have eight or more years of credited service, if elected or appointed by those elected, or who have 15 or more years of credited service may elect to begin his or her pension on the first day of the calendar month next following the month in which he or she files his or her application for the same with the Board of Trustees at such time as he or she would have qualified for a pension had he or she continued in the employment of the City. Unless otherwise provided, in no event shall he or she receive credit for the period of his or her absence from City employment.
(b) Until the date his or her pension begins, his or her balance in the employees’ savings fund shall be accumulated at regular interest.
(Ord. 1860, passed 8-16-1965; Ord. 2206, passed 4-13-1970; Ord. 2277, passed 8-9-1971; Ord. 2379, passed 1-29-1973; Ord. 2457, passed 10-7-1974; Ord. 2496, passed 5-19-1975; Ord. 2628, passed 4-10-1978; Ord. 2905, passed 4-9-1984)
(a) Prior to the effective date of his or her retirement, but not thereafter, a member may elect to receive his or her pension as a straight life pension payable throughout his or her life; or he or she may elect to receive the actuarial equivalent of his or her straight life pension in a reduced pension payable throughout his or her life, and nominate a beneficiary, in accordance with the provisions of Option “A,” “B” or “C” set forth below. If a member does not elect an option prior to the effective date of his or her retirement, his or her pension shall be paid him or her as a straight life pension. A straight life pension and Options “B” and “C” shall be subject to subsection (b) of this section.
(1) Option “A.” Pension for ten years certain and life thereafter. Under Option “A,” a retirant will receive a reduced pension payable throughout his or her life with the provision that if he or she dies before he or she has received on 120 monthly pension payments, the payments shall be continued for the remainder of the period of 120 months to such person as the retirant shall have nominated in written designation duly executed and filed with the Board of Trustees. Upon commencement of benefits, the designated beneficiary may nominate a survivor beneficiary by written designation duly executed and filed with the Board of Trustees. If there be no such person surviving the retirant the remaining monthly pension payments shall be paid to the estate of the last to survive of the retirant and the named beneficiary.
(2) Option “B.” Joint and survivor pension. Under Option “B,” a retirant shall receive a reduced pension payable throughout his or her life with the provision that upon his or her death his or her reduced pension shall be continued throughout the life of and paid to the person, having an insurable interest in his or her life, as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees prior to the effective date of his or her retirement.
(3) Option “C.” Modified joint and survivor pension. Under Option “C,” a retirant shall receive a reduced pension payable throughout his or her life with the provision that upon his or her death one-half of his or her reduced pension shall be continued throughout the life of and paid to the person, having an insurable interest in his or her life, as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees prior to the effective date of his or her retirement.
(b) Upon the death of a retirant who is in receipt of a straight life pension, or upon the death of the survivor of a retirant and his or her beneficiary under the election of Option “B” or “C” provided in subsection (a) of this section, and in the event that the death of the retirant, or the death of the survivor of the retirant and his or her beneficiary occurs before there has been paid in pensions an aggregate amount equal to the retirant’s accumulated contributions standing to his or her credit in the employee’s savings fund at the time of his or her retirement, the difference between his or her accumulated contributions and the aggregate amount of pension payments shall be paid to the person or persons as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees. If there be no such designated person surviving the retirant the difference, if any, shall be paid to his or her legal representative. No benefits shall be paid under this subsection on account of the death of a retirant who elected Option “A” provided in subsection (a) of this section.
(c) (1) In the case of persons elected to the City Council, District Judges of the 68th Judicial District, the City Administrator, appointees of the City Council, appointees of the Mayor provided for in Sections 4-202 and 4-203 of the Charter of the City of Flint, general members not represented by recognized bargaining units not employed by Board of Hospital Managers, shall within 60 days of election or appointment or within 60 days of the effective date of this amendment, whichever shall last occur, and not thereafter, elect the option of voluntary withdrawal of his or her own accumulated contributions. Failure to elect this option within the specified time will preclude withdrawal of his or her own accumulated contributions upon retirement. A member who elects this option shall increase his or her personal contribution to the retirement system from 6-1/2% to 10% of the gross compensation paid to him or her by the City, effective with the election of this option for employees thereafter elected or appointed as provided herein. A member who has elected this option may at the time of application for retirement choose to have 25%, 50%, 75% or 100% of his or her accumulated contributions returned in a single payment. The member’s pension shall then be reduced by the actuarial equivalent of the accumulated contributions withdrawn as determined by the City’s actuaries. The accumulated contributions for the member in the employees’ savings fund shall be reduced by the amount of the single payment.
(2) In the event a member elects the above mentioned option in subsection (1), then upon refund of the employee’s accumulated contributions, the employee shall receive regular interest at 1% per annum, compounded annually on his or her accumulated contributions. “Regular interest” shall be defined as set forth in § 35-6 hereof.
(3) Nothing contained in this section shall be construed to prohibit an employee who elects this option from electing other applicable options provided in the retirement plan.
(4) The employee may also elect to cancel his or her decision to apply for an annuity withdrawal option. In such a case, the employee forfeits the right to withdraw his or her own accumulated contributions and shall not be entitled to a refund of any excess contributions made by him or her for such option during the period of his or her entitlement thereto.
(d) (1) General members employed by the Board of Hospital Managers whose retirement date is effective during the period from May 1, 1985 through December 31, 1985, may elect at the time of application for retirement to have 25%, 50%, 75% or 100% of their accumulated contributions returned in a single payment. The member’s pension shall then be reduced by the actuarial equivalent of the accumulated contributions withdrawn as determined by the City’s actuaries. The accumulated contributions for the member in the employees’ savings fund shall be reduced by the amount of the single payment.
(2) In the event a member elects the aforementioned option, then upon refund of the employee’s accumulated contributions the employee shall receive regular interest at 1% per annum, compounded annually on his or her accumulated contributions. “Regular interest” shall be defined as set forth in § 35-6 hereof.
(3) Nothing contained in this section shall be construed to prohibit an employee who elects this option from electing other applicable options provided in the retirement plan.
(Ord. 1860, passed 8-16-1965; Ord. 2904, passed 4-9-1984; Ord. 2959, passed 6-24-1985; Ord. 3766, passed 5-24-2010)
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