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This division shall apply to group IV members as defined by § 2.5-1.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)
(a) Earnings shall mean the amount actually paid to a group IV member by the city for services rendered to the city during the calendar year, plus acting, assignment, holiday, longevity, educational incentive, safety award, incentive and shift differential pay, as reported on the group IV member’s W-2 form. Earnings shall also include weekly workers’ compensation benefits (currently referred to as temporary income benefits), beginning for such amounts received by group IV members on or after January 1, 2006, so long as required by law. Earnings does not include any amount received as a result of overtime. Regardless of the fact that the following payments may be shown on a group IV member’s W-2 form, earnings shall not include:
(1) Any non-salary allowance (such as uniform reimbursement, automobile allowance or mileage, etc.);
(2) Lump sum payments received at time of termination for unused vacation leave, sick leave and personal leave;
(3) Any award by a court, administrative body or settlement agreement in excess of earnings;
(4) Any payment received from the city’s wellness program;
(5) Any amount received from the city’s vacation sell-back program; and
(6) any amount paid to a group IV member for which the city does not contribute to the fund under § 2.5-3(b).
(b) A group IV member participating in a city-sponsored deferred compensation plan shall have the amount of any deferred compensation credited to that group IV member during the calendar year added to earnings reported on the group IV member’s W-2 form to arrive at total earnings for fund matters. Mandatory group IV member contributions that are picked-up by the city and excluded from a group IV member’s W-2 form shall also be included as part of earnings. Notwithstanding the foregoing, earnings in excess of $200,000, if any (or such other amounts as may be determined by taking into account the cost-of-living adjustment provided under § 401(a)(17) of the code) shall be disregarded for all purposes of this definition. Notwithstanding the preceding provisions, earnings shall not include any amounts paid following a group IV member’s effective DROP election.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)
(a) Normal retirement date. A group IV member shall be eligible for pension benefits on or after the normal retirement date which shall be the last day of the month in which the earliest of the following occurs:
(1) The group IV member’s years of age and years of credited service total 80;
(2) The later of:
a. The date on which the group IV member reaches age 65; or
b. The fifth anniversary of the date the group IV member joined the fund.
(3) The last day of the month in which such group IV member’s years of credited service total 25.
(b) Vested terminated retirement date. A vested group IV member who is voluntarily or involuntarily separated from the service of the city shall be eligible for pension benefits on or after such group IV member’s vested termination date which shall be the last day of the month in which the group IV member reaches age 50, or, if earlier, the last day of the month in which the group IV member’s age when added to his or her credited service totals 80.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)
(a) Pension, death, disability and vested termination benefits shall be based upon the group IV member’s compensation base which shall mean the average annual earnings which were paid to the group IV member by the city for employment with the city during any five years. If a group IV member has less than five calendar years of employment, the group IV member’s compensation base shall be determined by the executive director under uniform, non- discriminatory procedures that are consistently applied.
(b) For compensation base purposes, any lump sum payments of earnings for any prior time period, whether awarded to the group IV member by a court, administrative body or settlement agreement, shall be retroactively attributed to the calendar year in which it would otherwise have been received by the group IV member from the city for services rendered.
(c) For purposes of computing the compensation base for a group IV member who has made an effective DROP election, the group IV member’s compensation base shall be calculated using the group IV member’s earnings prior to the effective date of the DROP election.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)
(a) Contribution refund prior to vesting. A group IV member who is voluntarily or involuntarily separated from the service of the city before the group IV member is vested shall be entitled to receive the amount of the group IV member’s contributions plus regular interest less any amount previously paid to the group IV member from the fund.
(b) Vested termination pension.
(1) a. A vested group IV member who is voluntarily or involuntarily separated from the service of the city shall be entitled to receive a vested termination pension payable:
1. In full, pursuant to § 2.5-32(b); or
2. In a reduced amount commencing on or after age 50.
b. A group IV member must file a request for the commencement of the vested termination pension by completing such forms and following such procedures as are established by the board. A vested termination pension shall be payable monthly on the first day of each month commencing with the month following approval of the vested termination pension by the board.
(2) A vested termination pension shall be an annual life pension, the amount of which shall be the specified percentage of the group IV member’s compensation base multiplied by his or her total years of credited service to date of such voluntary or involuntary separation from the service of the city. For purposes of the preceding sentence, the specified percentage of the group IV member’s compensation base shall be 2.25%, unless the group IV member has attained his or her normal retirement date or vested retirement date prior to the date that pension payments begin, in which case the specified percentage shall be 2.5%. A vested termination pension shall be calculated using the specified percentage and compensation base in effect at the time the group IV member’s earned the credited service.
(3) If a group IV member has not attained his or her normal retirement date or vested retirement date prior to the date the vested termination pension payments begins, the amount of reduction for commencement of a pension prior to the group IV member’s normal retirement date or vested retirement date (in addition to the specified percentage of 2.25%), shall be 0.416666667% for each month by which commencement of the pension antedates the group IV member’s normal retirement date had he or she remained employed by the city.
(c) Contribution refund after vesting in lieu of vested termination pension. Any vested group IV member who is voluntarily or involuntarily separated from the service of the city may elect to receive a refund of the group IV member’s contributions, plus regular interest less any amount previously paid to the group IV member from the fund, either at the date of such separation or at any time thereafter prior to commencement of retirement benefit, but by so doing, the group IV member shall forfeit all rights under the fund and thereafter be entitled to no further benefits hereunder.
(Ord. 20471-10-2012, § 2, passed 10-23-2012; Ord. 22977-10-2017, § 1, passed 10-24-2017)
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