(a) Pensions commencing upon normal retirement date. A vested group IV member under this division who retires on or after the group IV member’s normal retirement date and requests commencement of the group IV member’s pension, or a group IV member who terminates employment prior to the group IV 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 2.5% of the group IV member’s compensation base multiplied by the group IV 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 IV member’s pension. This pension benefit shall be called the “group IV member’s standard pension benefit.”
(b) Alternative pension benefit. In lieu of the standard pension benefit, a group IV 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 IV member’s standard pension benefit 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 iv member’s standard pension benefit, which lump sum shall be payable on the date benefits commence under subsection (b)(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 IV member’s pension.
(c) 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 § 2.5-36, death benefit under § 2.5-37, or normal vested termination pension under § 2.5-34, nor shall it be available to any retired group IV 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 IV member who becomes re-employed by the city.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)