Each member shall be entitled to receive a pension benefit, provided he or she has attained fifty years and one month of age and has accrued twenty years of service with the Department of Police. However, payment of pension benefits upon retirement shall be conditioned upon a member being subject to service, from time to time, as a police reserve, until unfitted for such service, at which time such member shall be finally discharged by reason of age or disability. In no case, however, shall a member's retirement date be later than the date when he or she attains sixty-five years of age.
A member entitled to a pension benefit shall receive, during his or her lifetime, a monthly retirement income equal to one-half of his or her final monthly average salary.
Each member who becomes entitled to a pension benefit shall also become entitled to payment of a service increment benefit equal to the number of whole years, in excess of twenty, of continuous service (including any credit for military service as provided in Section 289.04) multiplied by one-fortieth of the pension benefit which the member is entitled to receive. No service increment benefit which is in excess of five hundred dollars ($500.00) per month shall be paid to a member, nor shall such increment reflect any employment after the member has reached sixty-five years of age.
The pension payments herein provided for shall not be subject to attachment, execution, levy, garnishment or other legal process, and shall be payable only to the member or his or her survivors, nor shall they be subject to assignment or transfer.
If any member, whether active or retired, dies, his or her spouse, or if no spouse survives or if a spouse survives and subsequently dies or remarries, a member's child or children under eighteen years of age, shall receive a monthly income equal to fifty percent of the pension benefit the member was receiving under the Plan, or would have received if his or her pension had been in pay status at the time of his or her death.
If a member of the employer incurs a disability under the Plan and has completed at least fifteen years of continuous service with the employer, he or she shall be entitled to receive a monthly disability pension benefit which shall be equal to his or her pension benefit as of his or her disability date.
Each member who becomes entitled to receive a disability pension benefit from the Pension Fund shall be required to submit to medical examinations by three physicians designated by the employer. Thereafter, the employer may annually require the member to have a medical examination to certify such member's continued disability and, if the member refuses to comply with such requirement, payment of his or her disability pension benefit shall cease.
If a member dies while receiving a disability pension benefit from the Pension Fund, such benefit payments, in an amount equal to fifty percent of the disability pension benefit, may be continued to the member's surviving spouse, or if no spouse survives or if the spouse survives and subsequently dies or remarries, then to the child or children under eighteen years of age of the deceased member.
(Ord. 4460. Passed 4-13-88; Ord. 4929. Passed 2-11-04.)