(A) Qualifications. Each full-time employee who has qualified for a pension under the terms of his or her respective service, Police Department or Fire Department, with at least 20 years of active duty service, shall be eligible for the retirement incentive bonus program.
(B) Date and method of exercise.
(1) Any qualified employee shall exercise his or her option to invoke the retirement incentive bonus program at any time after becoming qualified. Only one such lifetime election and benefit is available to a qualified employee.
(2) The method of exercise shall be in writing. Three copies shall be served. One copy shall be delivered to the department head. One copy shall be delivered to the City Treasurer. One copy shall be delivered to the respective pension board. Delivery may be done either by personal service or by mailing a copy to the individuals. The date of posting the mail shall be the operative date of service.
(3) At present the fiscal year of the city is May 1 through April 30. This may be changed by the City Council as otherwise allowed by law.
(C) Date of retirement. Any full-time employee may retire at any time following the exercise of the option to retire.
(D) Date of receipt of incentive.
(1) Any full-time employee who is eligible for and has exercised his or her option to retire shall receive his or her incentive payment minus all legal deductions within 60 days of the date of his or her respective retirement.
(2) As an alternative method of payment, the employee may request the incentive bonus to be paid over a period of 12 months in equal installments.
(3) This election must be made at the date of the exercise of the options to retire.
(E) Incentive amount.
(1) Generally.
(a) Any full-time Police Department employee will be entitled to an incentive amount in the amount equal to 55% of an officer’s annual salary and 58% of a sergeant’s or higher ranking officer’s annual salary. Any full-time Fire Department employee will be entitled to an incentive amount in the amount equal to 59% of a firefighter’s annual salary, 60% of an engineer’s annual salary and 63% of a lieutenant’s or higher ranking firefighter’s annual salary.
(b) The employee will be entitled to the following percentages of the above-calculated amount, depending on the year following eligibility in which retirement actually occurs:
Percentage | Year of Eligibility |
Percentage | Year of Eligibility |
100 | First |
90 | Second |
80 | Third |
70 | Fourth |
60 | Fifth |
50 | Sixth |
40 | Seventh |
30 | Eighth |
20 | Ninth |
10 | Tenth |
(2) Definitions. For the purpose of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ANNUAL SALARY. The salary of the employee as reflected in last year’s budget. In the event there are any retroactive salary raises allowed, these amounts shall be included in setting the annual salary. It expressly does not include incentive overtime pay, worker’s compensation permanent partial disability benefits or other extraordinary payments.
(F) Pension rights. No additional pension rights are herein created.
(2000 Code, § 2.22.130) (Am. Ord. 2011-08-0351O, passed 8-23-2011; Am. Ord. 2020-06-0795O, passed - -)