181.11 SUPPLEMENTAL RETIREMENT BENEFITS FOR THOSE EMPLOYEES NOT INCLUDED IN THE PUBLIC EMPLOYEES RETIREMENT SYSTEM PRIOR TO MAY 15, 1962.
(a) Calculation of Supplemental Retirement Benefits.
(1) Active employees upon retirement. An active employee of the City, who is a member of PERS and who is included in the Metropolitan Retirement Plan, upon retirement shall be entitled to a supplemental retirement benefit paid by the City and calculated as follows: a determination shall be made regarding the PERS benefits that would have been payable to such employee had he been covered by PERS during his full period of employment by the City based upon PERS benefits in effect and selected by him on the date of his retirement. From such projected total shall be deducted the sum of actual PERS benefits payable plus Metropolitan Retirement Plan benefits then receivable, if any. Metropolitan Retirement Plan benefits subsequently received (at age sixty-five) shall be added to this sum. Such Metropolitan Plan Benefits to be included shall be based upon the assumption that the employee withdrew his employee contribution to the Plan. Such supplemental retirement benefit shall be ninety percent (90%) of the difference. (Ord. 88-10-90. Passed 10-26-88.)
(2) Retired employees. A retired employee of the City who is a member of PERS and who is included in the Metropolitan Retirement Plan, shall be entitled to a supplemental retirement benefit paid by the City and calculated as follows: a determination shall be made regarding the PERS monthly annuity amount that would have been payable to such employee had he been covered by PERS during his full period of employment by the City based upon PERS benefits in effect and selected by him on the date of his retirement. From such projected monthly annuity amount shall be deducted the monthly annuity amount of PERS benefits paid at the time of retirement. Such supplemental retirement benefit shall be ninety percent (90%) of the difference in the monthly amounts. From such projected supplemental retirement benefit shall be deducted, at age sixty-five the Metropolitan Retirement Plan benefit based upon the assumption that the subject employee had withdrawn his employee contribution to the Metropolitan Retirement Plan. No supplemental retirement benefit shall be payable for any period prior to December 1, 1988.
(Ord.89-2-23. Passed 2-22-89.)
(b) Maximum Supplemental Retirement Benefits. No active employee eligible to receive a supplemental retirement benefit hereunder upon retirement, nor a retired employee presently eligible to receive a supplemental retirement benefit hereunder, shall receive a supplemental retirement benefit greater than he would have received had he been covered by PERS during his full period of employment by the City. (Ord. 88-10-90. Passed 10-26-88.)
(c) Minimum Supplemental Retirement Benefits.
(1) The supplemental retirement benefits presently paid to retired employees under the provisions of Ordinance OR78-12-79, adopted December 27, 1978, herein repealed, shall not be reduced by this legislation below the level established by the aforesaid Ordinance OR78-12-79.
(2) An additional minimum monthly supplemental retirement benefit based upon years of service under the Metropolitan Retirement Plan shall also be paid as follows:
A. Over 30 years of Metropolitan Service (Non PERS service) $500.00
B. Over 25 years of Metropolitan Service (Non PERS service): $400.00
C. Over 20 years of Metropolitan Service (Non PERS service): $300.00
D. Over 15 years of Metropolitan Service (Non PERS service): $200.00
E. Over 5 years of Metropolitan Service (Non PERS service ): $100.00
(3) The benefits provided in subsection (c)(2) hereof shall be retroactive to December 1, 1988. (Ord. 89-6-53. Passed 6-14-89.)
(d) Payment of Supplemental Retirement Benefit at Death of Employees.
(1) If an employee, who is eligible to receive supplemental retirement benefits hereunder, retires and selects the PERS retirement plan which permits him to receive a retirement allowance payable throughout his life and which terminates at his death, then such supplemental retirement benefits provided herein shall terminate at the death of such employee and any monthly benefit payable to such employee shall be prorated to the date of his death.
(2) If an employee, who is eligible to receive supplemental retirement benefits hereunder retires and selects one of the PERS optional retirement plans which permits him to receive a retirement allowance throughout his life and continuing after his death to a surviving designated beneficiary, then upon the death of such employee the supplemental retirement benefits payable to the employee shall be recalculated based upon the amount of PERS benefits payable to such named beneficiary and such recalculated supplement retirement benefit shall be paid to such named beneficiary during the life of such beneficiary. In the event the aforesaid PERS optional retirement plans are modified in the future the supplemental retirement benefit provided herein shall be adjusted to maintain the relationship with PERS benefits established by this section.
(e) Cost of Living Adjustments to Supplemental Retirement Benefits. In the event the Public Employees Retirement Board, pursuant to Ohio R.C. 145.323, increases the benefits payable under PERS based upon a specified percentage of increase in the Consumer Price Index, the supplemental retirement benefits provided herein shall be increased by the same percentage as such PERS benefits. (Ord. 88-10-90. Passed 10-26-88.)