(a) Pensions commencing upon normal retirement date or vested terminated retirement date for group VI firefighters. A vested group VI firefighter under this division who retires on or after the group VI firefighter's normal retirement date and requests commencement of the group VI firefighter's pension, or a group VI firefighter who terminates employment prior to the group VI firefighter's normal retirement date and who waits until such normal retirement date to apply for a pension, shall receive an annual life pension, the amount of which shall be 2.5% of the group VI firefighter's compensation base multiplied by the group VI firefighter'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 VI firefighter's pension. This pension benefit shall be called the "group VI firefighter's standard pension benefit."
(b) Omitted per council direction.
(c) Early retirement.
(1) A group VI firefighter can retire prior to their normal retirement date with a reduced pension if:
a. The group VI firefighter is age 50; and
b. The group VI firefighter has been a member of the fund for five years or more.
(2) Early retirement pension calculation.
a. An early retirement pension shall be an annual life pension, the amount of which shall be the specified percentage of the group VI firefighter's compensation base multiplied by the group VI firefighter's total years of credited service. For purposes of the preceding sentence, the specified percentage of the group VI firefighter's compensation base shall be 2.25%;
b. In addition to the reduced multiplier described in subsection (c)(2)a. above, a group VI firefighter taking early retirement shall have his benefit reduced by an amount equal to the product of 0.416666667% multiplied times the number of months by which the commencement of the early retirement pension antedates the group VI firefighter's normal or vested terminated retirement date. This reduction shall be applied to all parts of the benefit.
(d) Payable. The pension shall be payable monthly on the first day of each month commencing with the month following the board's approval of the group VI firefighter's pension per § 2.5-75(a) and (c). The pension shall be payable monthly. This retirement pension shall be defined as the "group VI firefighter standard pension benefit B."
(e) Alternative pension benefit. In lieu of the group VI firefighter standard pension benefit B, a group VI firefighter 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 payable in two parts:
(1) Normal retirement alternative pension benefit.
a. One part in a lump sum amount not less than 5% nor greater than 25% of the actuarial equivalent of the group VI firefighter's standard pension benefit "B," which lump sum shall be payable on the date benefits commence under subsection (e)(1)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 VI firefighter's pension.
(2) Omitted per council direction.
(3) Limitation on alternative pension benefit. The only people eligible for the alternative pension benefit are group VI firefighters who take normal retirement and do not enroll in DROP.
(Ord. 21459-09-2014, § 2, passed 9-16-2014; Ord. 23516-12-2018, § 1, passed 12-11-2018)