(a) Normal Retirement. Each member may retire on or at any time after his or her normal retirement date. Any member so retiring shall be entitled to receive a monthly pension commencing as of the first day following his or her date of actual retirement and ending with the payment made as of the first day of the month in which his or her death occurs. The monthly pension to which such retired member shall be entitled under this Plan shall be equal to fifty percent of such member's average applicable salary.
In addition to the above monthly retirement benefit, each member who has completed twenty-six years of service shall receive an additional monthly pension benefit equal to a maximum of one hundred dollars ($100.00) per month.
(b) Late Retirement. An employee shall be allowed to continue as an employee beyond his or her normal retirement date. In such case, the employee shall remain a member of this Plan until he or she actually retires or ceases to be an employee. Any contributions required pursuant to subsection (a) hereof shall continue.
(c) Disability Retirement. If a member retires because of a total and permanent disability, he or she shall be entitled to receive a pension benefit equal to seventy percent of his or her salary at the time the disability was incurred, offset by any Social Security disability benefits received by the member for the same injury. Salary shall mean base wage. The benefit shall commence on the first day of the month following the month in which the member retires. The Township reserves the right to require the disabled member to present evidence of total and permanent disability and of the continuance of such condition from time to time and either reserves the right to require members to submit to medical examinations by practitioner(s) selected by the Township as a precondition to the continued payment of benefits.
(d) Early Retirement Benefit. Each member may retire on or at any time after his or her early retirement date. Upon termination, the member must file with the Secretary of the Township, a written notice of his or her intention to elect an early retirement benefit. This benefit shall become effective as of the date of the notice or the date designated in the notice, whichever is later. The amount of the early retirement benefit shall be the actuarial equivalent of a vested retirement benefit as computed in Section 294.06. The actuarial equivalent of the vested retirement benefit shall be determined by actuarially reducing the vested retirement benefit to reflect that it will commence on the effective date of the early retirement rather than on the member's normal retirement date. The actuarial reduction shall be calculated using the actuarial assumptions reported in the last actuarial valuation report filed with the Public Employee Retirement Commission.
(Ord. 91-5. Passed 6-24-91; Res. 93-13. Passed 1-1-93; Res. 94-2. Passed 12-21-94; Ord. 99-1. Passed 4-19-99; Ord. 00-6. Passed 10-16-00; Ord. 2003-02. Passed 4-21-03; Ord. 2003-03. Passed 4-21-03.)