(a) Pensions commencing prior to October 1, 2013.
(1) Standard pension benefit A. A vested group III member who retires on or after the group III member’s normal retirement date and who requests commencement of the group III member’s pension prior to October 1, 2013, or a group III member who terminates employment prior to October 1, 2013, and prior to the group III member’s normal retirement date and who waits until such vested retirement date to apply for a pension, shall receive an annual life pension, the amount of which shall be 3% of the group III member’s applicable compensation base as defined by § 2.5-23(a)(1) or (a)(2), whichever is applicable, multiplied by the group III member’s total years of credited service, payable monthly on the first day of each month commencing with the month following the board’s approval of the group III member’s pension. This retirement pension shall be defined as the “group III member’s standard pension benefit A.”
(2) Alternative pension benefit. In lieu of the group III member standard pension benefit A, a group III member under this subsection (a) may irrevocably elect with his or her spouse’s consent (where applicable), in advance of his or her retirement and pursuant to regulations and requirements the board in its discretion may adopt, to receive an “alternative pension benefit” which shall be actuarially equivalent to the group III member’s standard pension benefit A and which shall be payable in two parts:
a. One part in a lump sum amount not less than 5% nor greater than 25% of the actuarial equivalent of the group III member’s pre-October 1, 2013 standard pension benefit A, which lump sum shall be payable on the date benefits commence under subsection (a)(2)b. below; and
b. The remainder in an annual life pension, payable monthly on the first day of each month commencing with the month following the board’s approval of the group III member’s alternative pension benefit.
(3) Limitation on alternative pension benefit. Notwithstanding any other provision in this division to the contrary, the option to elect an alternative pension benefit shall not be available for any disability pension under § 2.5-26, death benefit under § 2.5-27, or normal vested termination pension under § 2.5-24, nor shall it be available to any group III member who is receiving pension benefits as of the effective date of the alternative pension benefit provisions of this section, nor shall it be available upon re-retirement to any retired group III member who becomes re-employed by the city.
(b) Pensions commencing on or after October 1, 2013.
(1) Pensions commencing upon normal retirement date or vested retirement date for group iii members hired and vested prior to October 23, 2007, whose pensions commences on or after October 1, 2013 (not subject to the 12% earnings cap). A vested group III member hired and vested prior to October 23, 2007, who retires on or after the group III member’s normal retirement date and requests commencement of the group III member’s pension on or after October 1, 2013, or a group III member who terminates employment on or after October 1, 2013, and prior to the group III member’s normal retirement date and who waits until such vested retirement date to apply for a pension, shall receive an annual life pension, the amount of which is calculated by adding the following:
a. Three percent of the group III member’s compensation base as defined by § 2.5-23(a)(1) multiplied by the group III member’s years of credited service from date of hire until September 30, 2013; and
b. Two and fifty one-hundredths percent of the group III member’s compensation base as defined by § 2.5-23(b) multiplied by the group III member’s years of credited service from October 1, 2013, until date of termination.
(2) Pensions commencing upon normal retirement date for group III members hired prior January 1,2013 and not vested by October 23, 2007 (subject to the earnings cap). A group III member hired prior to January 1, 2013, who was not vested by October 23, 2007 who retires on or after the group III member’s normal retirement date and requests commencement of the group III member’s pension, and whose pension commences on or after October 1, 2013, or who terminates employment on or after October 1, 2013, but prior to the group III member’s normal retirement date and who waits until such vested retirement date to apply for a pension, shall receive an annual life pension, the amount of which is calculated by adding the following:
a. Three percent of the group III member’s compensation base as defined by § 2.5-23(a)(2) multiplied by the group III member’s years of credited service from date of hire until September 30, 2013; and
b. Two and fifty one-hundredths percent of the group III member’s compensation base as defined by § 2.5-23(b) multiplied by the group III member’s years of credited service from October 1, 2013 until date of termination.
(3) Payable. The pension should be payable monthly on the first day of each month commencing with the month following the board’s approval of the group III member’s pension benefit. This retirement pension shall be defined as the “group III member standard pension benefit B.”
(c) Alternative pension benefit. In lieu of the group III member standard pension benefit A or B, a group III member may irrevocably elect with his or her spouse’s consent (where applicable), in advance of his or her retirement and pursuant to regulations and requirements the board in its discretion may adopt, to receive an “alternative pension benefit” which shall be actuarially equivalent to the group III member’s standard pension benefit A or B and which shall be payable in two parts:
(1) One part in a lump sum amount not less than 5% nor greater than 25% of the actuarial equivalent of the group III member’s standard pension benefit A or B, which lump sum shall be payable on the date benefits commence under subsection (c)(2) below; and
(2) The remainder in an annual life pension, payable monthly on the first day of each month commencing with the month following the board’s approval of the group III member’s pension.
(d) Limitation on alternative pension benefit. Notwithstanding any other provision in this division to the contrary, the option to elect an alternative pension benefit shall not be available for any disability benefits under § 2.5-26, death benefits under § 2.5-27, or vested termination pension under § 2.5-24, nor shall it be available to any group III member who is receiving pension benefits hereunder as of the effective date of the alternative pension benefit provisions of this section, nor shall it be available upon re-retirement to any retired group III member who becomes re-employed by the city.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)