For the purpose of this chapter the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACCRUED SERVICE. Service rendered prior to a valuation date.
ACCUMULATED CONTRIBUTIONS. The sum of all amounts deducted from the compensations of a member and credited to his individual account in the pension savings fund, together with applicable regular interest thereon.
AVERAGE FINAL COMPENSATION. The average of the highest annual regular compensations received by a member not covered by a collective bargaining agreement during any period of five consecutive years of credited service contained within his ten years of credited service rendered immediately preceding his retirement. In the event a member has less than five years of credited service, his average final compensation shall be the average of his annual regular compensations for his total years of credited service.
BENEFICIARY. Any person, except a retirant, who is in receipt of a pension payable from funds of the retirement system.
BOARD. The Board of Trustees provided for in this chapter.
CITY. The City of Garden City and its predecessor, the Village of Garden City.
COMPENSATION. The regular salary or wages paid a member for service, not including overtime, rendered by him to the city. In case a member's compensation is not all paid in money, the Board shall fix the value of that part of his compensation not paid in money. For purposes of § 415 of the Internal Revenue Code, compensation shall mean compensation actually paid during the limitation year and the limitation year shall be July 1 through June 30 or such other consecutive 12-month period over which compensation is otherwise determined under the retirement system. For limitation years beginning on and after January 1, 2001, for purposes of applying the limitations described herein, compensation paid or made available during such limitation years shall include elective amounts that are not includible in the gross income of the member by reason of § 132(f)(4) of the Internal Revenue Code. The annual compensation of each member taken into account in determining benefit accruals in any retirement system year beginning after December 31, 2001, shall not exceed $200,000. Annual compensation means compensation during the retirement system year or such other consecutive 12-month period over which compensation is otherwise determined under the retirement system (the determination period). In determining benefit accruals in years beginning after December 31, 2001, the annual compensation limit for determination periods beginning before January 1, 2002 shall be $150,000 for any determination period beginning in 1996 or earlier; $160,000 for any determination period beginning in 1997, 1998, or 1999; and $170,000 for any determination period beginning in 2000 or 2001. The $200,000 limit on annual compensation shall be adjusted for cost-of-living increases in accordance with § 401(a)(17)(B) of the Internal Revenue Code. The cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year.
COUNCIL. The City Council of the city.
CREDITED SERVICE. Service credited to a member's service account. See Charter, Sec. 14.06.
FIREFIGHTER. Any employee of the Fire Department holding the rank of firefighter, including probationary firefighter, or higher rank, but not including any privately employed firefighter, any person temporarily employed as a firefighter for an emergency, any civilian employee of the Fire Department, any person who is not employed as a firefighter on a full-time basis by the city.
FUTURE SERVICE. Service to be rendered on and after a valuation date.
MANDATORY RETIREMENT AGE. Not less than 60 years for police officers and firefighters. Not less than 65 years for any other class or classes of members, except elected officials of the city. Provision can be made for continued service. See Charter, Sec. 14.07(B).
MEMBER. Any person included in the membership of the retirement system. See Charter, Sec. 14.05.
PENSION or STRAIGHT LIFE PENSION. An annual amount payable in equal monthly installments from funds of the retirement system for the life of a retired member, or as otherwise provided in this chapter.
PENSION RESERVE. The present value of all payments to be made on account of any pension, or benefit in lieu of any pension, computed upon the basis of mortality tables and other tables of experience as the Board may from time to time adopt, plus regular interest.
POLICE OFFICER. Any employee of the Police Department holding the rank of patrolman, including probationary patrolman, or higher rank, but not including any privately employed police officer, any person temporarily employed as a police officer for an emergency, any civilian employee of the Police Department, or any person who is not employed as a police officer on a full-time basis by the city.
REGULAR INTEREST. A rate or rates of interest per annum, compounded annually, as the Board may from time to time determine.
RETIRANT. A member who retires with a pension payable from funds of the retirement system.
RETIREMENT SYSTEM or SYSTEM. The city employee retirement system.
SERVICE. Service rendered to the city by a person in the employ of the city.
SOCIAL SECURITY BENEFITS. The benefits provided under the old age and survivors' insurance program of the Federal Social Security Act as now enacted and as it may be amended from time to time.
VOLUNTARY RETIREMENT AGE. Fifty-five years or older for any police officer or firefighter member. Sixty years or older for any other class or classes of members, provided in either case that the member has ten or more years of credited service. However, if any member has 25 or more years of credited service, voluntary retirement may be taken regardless of age. During time of war engaged in by the United States, or other national emergency recognized by the Council, the Council may extend the age at which any class of members may voluntarily retire.
(‘83 Code, § 36.01) (Am. Ord. 2002-07, passed 5-13-02)