(A) (1) Upon retirement from service, a member not covered by a collective bargaining agreement who has attained the voluntary retirement age and has ten or more years of credited service shall receive a pension, called a straight life pension, equal to 2% of the member’s average final compensation multiplied by his years and fraction of a year of credited service for his first 25 years of service, plus 1% of the member's average final compensation multiplied by his years of credited service over 25 years. Upon his retirement, he shall have the right to elect an option provided for in division (B) of this section.
(2) Effective July 1, 1969, the formula of the straight life pension in division (A)(1) shall apply to all existing retirees who otherwise are qualified to receive this pension.
(3) In the event a retirant dies before receiving division (A)(1) pension payments totaling an amount equal to his accumulated contributions to his credit in the pension savings fund at the time of his retirement, the difference between the accumulated contributions and the aggregate amount of pension payments shall be paid from the pension accumulation fund to the person or persons as the retirant has nominated by written designation duly executed and filed with the Board. If there is no designated person or persons surviving the retirant, then the difference, if any, shall be paid to his legal representative. No benefits shall be paid under this division on account of the death of a retirant if he elected Option (A) or Option (B) provided for in division (B) of this section.
(4) The pension of each member retiring after July 1, 1968, shall be adjusted July 1, 1969, and each July 1 thereafter, as follows.
(a) The adjusted pension shall be equal to the initial pension increased by 2% for each completed year of retirement after July 1, 1968.
(b) The maximum adjusted pension shall be equal to the initial pension multiplied by the ratio of the average Consumer Price Index for the calendar year preceding the year of adjustment to the average Consumer Price Index for the calendar year preceding retirement.
('70 Code, § 36.28)
(B) Prior to the effective date of his retirement, but not thereafter, a member may elect to receive his pension as a straight life pension payable throughout his life, or he may elect to receive the actuarial equivalent of his straight life pension in a reduced pension payable throughout his life, and nominate a survivor beneficiary, in accordance with the provisions of Option (A) or (B) as set forth below.
(1) Option (A): Joint and survivor pension. Upon the death of a retirant, his reduced pension shall be continued throughout the life of and paid to that person having an insurable interest in his life, as he has nominated by written designation duly executed and filed with the Board prior to the effective date of his retirement.
(2) Option (B): Modified joint and survivor pension. Upon the death of a retirant, one-half of his reduced pension shall be continued throughout the life of and paid to that person, having an insurable interest in his life, as he has nominated by written designation duly executed and filed with the Board prior to the effective date of his retirement.
('70 Code, § 36.30)
Cross-reference:
Pension options, see Charter, Sec. 14.11