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(a) Nonservice Connected Survivor Pension. Whenever any member of the Fire or Police Department (other than a member retired on account of years of service or a member eligible to retire on account of years of service, but including a member retired on account of disability pursuant to the provisions of Section 1312 of this Tier 1) who shall have served in such department for five years or more in the aggregate from the date of his last appointment to such department, shall die from causes other than those arising out of or from the performance of his duties, then an annual pension shall be paid in equal monthly installments to his widow, or child or children, or dependent parent or parents, in an amount equal to 40% of the highest salary (exclusive of any amount payable by reason of assignment to special duty) attached to the rank of police officer or fire fighter at the date of such member’s death.
(b) Persons Entitled to Pension. The pension described in subsection (a) shall be paid to the widow during her lifetime and thereafter a pension in the same amount shall be paid in equal monthly installments to the legally appointed guardian of the child or children of such deceased member until such child or children shall have attained the age of 18 years, or to his child or children should there be no widow until such child or children shall have attained the age of 18 years, or to his dependent parent or parents during their lifetime or during such dependence, should there be no widow or child. During the lifetime of such widow an additional amount shall be paid to such widow for each child during the lifetime of such child, or until such child shall have married or reached the age of 18 years, as follows:
(1) For one child: 25% of the pension allowed in subsection (a);
(2) For two children: 40% of such pension; and
(3) For three or more children: 50% of such pension.
(c) Limitation on Widow Pensions. No widow shall be entitled to a pension pursuant to the provisions of this section unless she shall have been married to such deceased member for at least one year prior to the date of his death. No widow of a member who shall die while on disability retirement pursuant to the provisions of Section 1312 relating to Nonservice Connected Disability Pensions of the Charter shall be entitled to a pension pursuant to the provisions of this section unless she shall have been married to such deceased member for at least one year prior to the date of his retirement.
(a) Election. Upon the death of a retired member retired pursuant to Section 1312 relating to Nonservice Connected Disability Pensions, any person entitled to a pension pursuant to Section 1316 relating to Nonservice Connected Survivor Pensions must make and file with the Board a written election to have the amount thereof calculated either upon the salary specified in Section 1316 relating to Nonservice Connected Survivor Pensions or upon the salary specified in Section 1312 relating to Nonservice Connected Disability Pensions and the Board shall grant the pension in accordance therewith.
(b) Election for Incompetent Person or Minor Child. Any such election, on behalf of any incompetent person or on behalf of a minor child of such member, must be made by the guardian of his estate and shall be either authorized or approved by a court order, a certified copy of which shall be filed with the Board. Section 1316 relating to Nonservice Connected Survivor Pensions hereafter shall be construed and applied in accordance with this section.
(a) Creation of Funds. Two entirely separate and distinct funds hereby are created and established for the payment of pension benefits pursuant to this Tier 1 and certain other benefits as may be authorized from time to time pursuant to the enabling provisions of Section 1330 of Tier 1, one of which shall be known as the “Fire and Police Tier 1 Service Pension Fund” and the other of which shall be known as the “Fire and Police Tier 1 General Pension Fund.”
(b) Fire and Police Tier 1 Service Pension Fund. The Fire and Police Tier 1 Service Pension Fund shall consist of:
(1) contributions made, pursuant to Section 1324 concerning Member Contributions, from the salaries of members of the Fire Department and of the Police Department; and
(2) all interest, earnings and profits resulting from investments of such moneys.
(c) Fire and Police Tier 1 General Pension Fund. The Fire and Police Tier 1 General Pension Fund shall consist of:
(1) all moneys appropriated to the fund by the Council;
(2) all interest, earnings and profits resulting from investments of fund moneys; and
(3) all moneys transferred from the Fire and Police Tier 2 General Pension Fund created and established by Tier 2 of this Article.
(d) Use of Funds. The moneys in the Fire and Police Tier 1 Service Pension Fund shall be used, other than for the investment thereof, exclusively for the payment of service pensions granted pursuant to Section 1304 concerning Service Pensions. The moneys in the Fire and Police Tier 1 General Pension Fund shall be used, other than for the investment thereof and except as provided in subsection (e), exclusively for the payment of all pensions other than service pensions and such other benefits as may be provided by ordinance adopted pursuant to the provisions of Section 1330 of this Tier 1.
(e) Transfer to Service Pension Fund. In the event that the moneys in the Fire and Police Tier 1 Service Pension Fund should be insufficient, at any time, to pay all service pensions, then the Board shall have the power and authority to cause the Controller of the City to transfer to the fund sufficient moneys therefor from the Fire and Police Tier 1 General Pension Fund. In no other event shall any of the moneys in either of these funds be commingled with any of the moneys in the other of these funds, whether as moneys or cash on deposit or as moneys invested.
(a) Reserve Basis of System. The Fire and Police Pension Plan – Tier 1 shall be maintained on a reserve basis which, for the purposes of this Tier 1 shall mean one which provides for the accumulation and maintenance of the Fire and Police Tier 1 Service Pension Fund and the Fire and Police Tier 2 General Pension Fund which together will at all times be equal to the difference between the present value of the obligations assumed and the present value of the moneys to be received for paying such obligations, where such present values are estimated in accordance with accepted actuarial methods and on the basis of an assumed rate of interest and the mathematical probabilities of the occurrence of such contingencies as affect both the payment of the assumed obligations and the receipt of moneys with which they are to be paid in accordance with the provisions of Sections 1210(b)(1) concerning Fire and Police Pension Plans Budget and 1324 concerning Member Contributions. The Board shall retain a competent consulting actuary for the purpose of making the necessary actuarial studies and reports on the required investigations and valuations.
(b) Actuarial Investigation and Valuation. The Board shall secure an actuarial valuation showing the cost of maintaining the system and funds on such reserve basis and, at intervals of not to exceed five years, shall cause to be made an actuarial investigation including, but not limited to, the mortality, service and salary experience of the members and beneficiaries and shall further cause to be made annually an actuarial valuation of the assets and liabilities of the funds.
(c) Assumed Rate of Interest. The Board, from time to time and with the advice of the investment counsel, shall establish an assumed rate of interest as in its judgment seems proper in the light of the experience and prospective earnings on the investments of the funds.
(d) Unrealized Profits and Losses. With the advice of the consulting actuary and of the investment counsel, the Board, for the purpose of the actuarial valuations, shall provide by rule for the manner and to the extent to which any unrealized profits or losses in the equity-type investments of the funds shall be taken into consideration.
(a) Required Contributions. Each member of the Fire Department and of the Police Department included within the pension provisions of this Tier 1 shall contribute to the Fire and Police Tier 1 Service Pension Fund in the manner provided in this section, except that further contributions to the Fund shall not be required from an employee who has served as a member of the Fire Department or of the Police Department for more than 30 years.
(b) Payroll Deduction. The administrative head of each such department shall cause to be shown on each and every payroll of the department a deduction of six percent (6%) of the amount of salary, as shown on each such payroll, of each such member whose name appears thereon, and shall certify to the Controller on each such payroll the amount to be deducted from the compensation of each such member whose name appears thereon, and shall cause to be drawn a payroll check in favor of the “Board of Fire and Police Pension Commissioners” for the total amount of deduction shown on each payroll of such department, and the Board shall deposit the payroll check to the credit of the Fire and Police Tier 1 Service Pension Fund. It shall be the duty of the administrative head of each department to cause to be furnished a copy of each and every payroll to the Board.
(c) Deemed Consent to Deduction. Each member shall be deemed to consent and agree to each deduction made as provided for herein and the payment of each payroll check to such member shall be a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by each member during the period covered by such payroll, except such claims as a member has to the benefits or payments provided for in this Tier 1.
(d) Maintenance of Individual Accounts. Starting July 1, 1982, the Board shall maintain an individual account of the contributions by each member, as hereinabove provided. Regular interest shall be credited to such individual accounts as of the last day of June and December of each year after July 1, 1982, at such rate as the Board may deem proper in light of the earnings of the funds of the Fire and Police Pension Plan – Tier 1, exclusive of profits and losses on principal resulting from sales of securities. No such interest shall be credited at any other time, except such interest shall be credited to the individual account of a member whose employment is terminated for any reason for any period of service between the next preceding last day of June or December and the end of the pay period preceding the date of such termination at the rate at which regular interest was last credited to members’ individual accounts.
(e) Refund of Individual Account Balance. Every person who is a member of the Fire and Police Pension Plan – Tier 1 on July 1, 1982 shall, upon termination of employment be entitled to a refund of contributions made by him or her pursuant to the provisions of this section. A person not a member on July 1, 1982 and whose employment terminated prior to that date, shall not be entitled to a refund of contributions made by him or her during periods of membership prior to July 1, 1982.
The refund of contributions shall be subject to the following conditions and limitations:
(1) Refund on Termination. Upon termination of employment as a member of the Fire Department or the Police Department for any reason except retirement pursuant to the provisions of this Tier 1, a member shall be entitled to have refunded to him or her all contributions made by such member to the Fire and Police Tier 1 Service Pension Fund (and any predecessor funds) prior to July 1, 1982, plus 6% per annum interest on such contributions calculated in the same manner as if interest had regularly been credited to the member’s contributions, compounded as of the last day of the last pay period of December and to the end of the last pay period preceding the effective date of termination of employment.
(2) Forfeiture of Pension. Members who elect to receive a refund of contributions, forfeit the right to benefits provided in this Tier 1. After payment of any pension benefit has commenced, a member forfeits the right to a refund of the member’s contributions. Members who return to active duty from a disability pension may not thereafter have contributions made by them prior to their retirement on such disability pension refunded.
(3) Beneficiary Designation. Members shall have the right to designate persons who shall be entitled to receive monies to which a member would otherwise be entitled upon termination of employment, to be payable to such designated person or persons upon the member’s death; except that no such monies shall become payable if any person should be entitled to any other benefit provided in this Tier 1. The Board shall adopt appropriate forms for the designation by members of persons who shall be a member’s beneficiaries.
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