(A) The preamble to this section is hereby adopted by reference herein.
(B) Beginning March 15, 2003, no past, present or future city employee shall be eligible for the “old city retirement plan” (as that term is defined in the preamble to this ordinance with benefits as set forth in division (C) below) unless he or she meets (or exceeds, as the case may be) the following requirements:
(1) The employee must be at least 65 years of age;
(2) The employee must have 20 or more years of full-time employment service with the city;
(3) The employee must not have participated in the CERS or the City IRA plan mentioned hereinabove; and
(4) The employee can not be employed by the city, in any capacity whether full or part time, at any time in which he or she receives benefits under the “old city retirement plan”.
(C) If a person is eligible, under the criteria set forth in division (B) above to receive benefits under the “old city retirement plan”, he or she shall receive the following benefits upon and after the employee’s sixty-fifth birthday:
(1) One hundred dollars per month for the life of the employee, with this benefit inuring to the benefit of his or her spouse until said spouse’s death, if said spouse does, in fact, survive the employee;
(2) A life insurance policy and/or death benefit in the amount of $5,000 payable to a designated beneficiary upon the death of the employee; and
(3) Health insurance benefits (or Medicare supplements) for the employee and his or her spouse for the life of the employee and his or her spouse, with said benefit to cease upon the death of the person receiving said benefit.
(Ord. 230.9-2003, passed 2-10-2003)