(a) Normal Retirement. Any Tier 5 Plan Member with 20 Years of Service and a minimum age of 50 years, shall be retired by order of the Board from further active duty as a Department Member either upon the filing of the Plan Member’s written application or upon the filing of a written request by or on behalf of the head of the department in which the Plan Member is a Department Member, if it shall be determined by the Board to be for the good of such department, other than for a cause or reason which would entitle such Tier 5 Plan Member to a disability pension pursuant to Section 4.2006, and the Board, if it shall so determine, shall state the cause or reason in its order retiring such Plan Member.
(b) Service Pension Benefits for Terminated Employees (Deferred Retirement). Notwithstanding any other provisions of this Tier 5, a former Tier 5 Plan Member who became such because of termination of the Former Member’s employment for any reason other than death or retirement on account of disability pursuant to the provisions of Section 4.2006, and who has completed at least 20 Years of Service, may elect to leave the former Member’s contributions in the Fire and Police Service Pension Fund. Upon reaching the age of 50 years, such former Tier 5 Plan Member shall be entitled to receive service retirement benefits identical to those available under Tier 3, in accordance with the formula set forth in Section 1504(d) of the City Charter. The election to leave member contributions in the fund shall be irrevocable and must be in writing, filed with the Board within three years from the date of such termination of employment. Upon the execution and filing of the same, the former Tier 5 Plan Member’s individual account shall be credited with an amount equal to all of the regular interest which, had the former Member otherwise been entitled to the same, would have been credited thereto between the date of such termination of employment and the date of the filing of such election and thereafter, regular interest shall, until the former Member be paid a pension, be credited thereto in the same manner as Tier 5 Plan Members’ individual accounts shall be credited. In the event that any such person should die before being paid a pension, the only benefit which shall be paid under the provisions of this Tier 5 is the payment of the former Member’s accumulated contributions, including interest credited thereto, to such persons as may be entitled thereto. Failure to file such an election within three years shall constitute an irrevocable decision not to take the service retirement benefits herein provided.
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(d) Pension Amount. The minimum service pension payable pursuant to the provisions of this section shall be paid monthly for life in an amount which shall be equal to 50% of Final Average Salary at age 50 with 20 years of service. For each additional Year of Service after 20 years, an amount of 3% of Final Average Salary shall be provided per such year of service, with the exception of the 30th year, in which 4% shall be provided. The maximum percentage of Final Average Salary payable, regardless of length of service, shall be 90% of Final Average Salary.
SECTION HISTORY
Added by Ord. No. 174,367, Eff. 12-19-01.