(A) Normal retirement.
(1) Date.
(a) The normal retirement date for police officer members shall be the earliest of:
1. The first day of the month coincident with or next following attainment of the member's fifty-fifth (55th) birthday; or
2. The first day of the month coincident with or next following attainment of the member's fifty-second (52nd) birthday and completion of twenty-five (25) years of credited service; or
3. Completion of thirty (30) years of credited service, regardless of age.
4. For police officer members who are employed on or after October 1, 2006 and retire or enter the DROP after that date, completion of twenty-eight (28) years of credited service as a police officer member, regardless of age.
5. For police officer members who are employed on or after April 5, 2012, completion of twenty-five (25) years of credited service as a police officer member regardless of age.
(b) The normal retirement date for firefighter members hired before March 15, 2012, shall be the earliest of:
1. The first day of the month coincident with or next following attainment of the member's fifty-fifth (55th) birthday; or
2. The first day of the month coincident with or next following attainment of the member's fifty-second (52nd) birthday and completion of twenty-five (25) years of credited service; or
3. Effective October 1, 2007, completion of twenty-five (25) years of credited service, regardless of age, at eighty-five percent (85%) of average final compensation.
4. Effective October 1, 2007, completion of twenty-eight (28) years of credited service, regardless of age at a maximum of one hundred percent (100%) of average final compensation.
(c) The normal retirement date for firefighter members hired on or after March 15, 2012, shall be:
1. The first day of the month coincident with or next following the completion of twenty-five (25) years of credited service, regardless of age; or
2. Attainment of the member’s fifty-fifth (55th) birthday and completion of ten (10) years of credited service.
(2) Benefit.
(a) For each police officer member:
1. The normal retirement benefit shall be an amount equal to two percent (2%) of his average final compensation multiplied by his credited service prior to June 1, 1992 and two and one-half percent (2.50%) of his average final compensation multiplied by his credited service on and after June 1, 1992.
2. If such police officer has completed twenty (20) years of credited service as a police officer, instead of the amount described in subdivision 1. above, his monthly normal retirement benefit shall be an amount equal to three percent (3%) of his average final compensation multiplied by his credited service.
3. If such police officer has completed more than twenty (20) years of credited service as a police officer, in addition to the amount described in subdivision 2. above, his monthly normal retirement benefit shall be an amount equal to four percent (4%) of his average final compensation multiplied by his credit service in excess of twenty (20) years, to a maximum of one hundred percent (100%) of his average final compensation.
4. For police officer members who terminate city employment on or after October 1, 2006, and retire or enter the DROP after that date, if such member has completed more than twenty (20) years of credited service as a police officer, in addition to the amount described in subdivision 2. above, his monthly normal retirement benefit shall be an amount equal to five percent (5%) of his average final compensation multiplied by his credit service in excess of twenty (20) years, to a maximum of one hundred percent (100%) of his average final compensation.
5. For police officer members who are hired on or after October 1, 2016, the maximum normal retirement benefit shall be eighty-five percent (85%) of average final compensation.
(b) For each firefighter member:
1. The normal retirement benefit for members hired before March 15, 2012, shall be an amount equal to two percent (2%) of his or her average final compensation multiplied by his or her credited service prior to October 1, 1991 and two and one-half percent (2.5%) of his or her average final compensation multiplied by his or her credited service on and after October 1, 1991. Provided, however, that if such firefighter has completed twenty (20) years of credited service as a firefighter, instead of the amount described in the previous sentence, his or her monthly normal retirement benefit shall be an amount equal to three percent (3%) of his or her average final compensation multiplied by his or her credited service. Provided further, however, if such firefighter has completed more than twenty (20) years of credited service as a firefighter, in addition to the amount described in the previous sentence, his or her monthly normal retirement benefit shall be an amount equal to five percent (5%) of his or her average final compensation multiplied by his or her credited service in excess of twenty (20) years, to a maximum of one hundred percent (100%) of his or her average final compensation upon the completion of twenty-eight (28) years of service.
2. The normal retirement benefit for members hired on or after March 15, 2012, shall be as follows: The benefit formula for members with less than twenty (20) years of credited service shall be an amount equal to two and one-half percent (2.5%) of his or her average final compensation multiplied by his or her credited service. The benefit formula for members with 20 or more years of credited service shall be three and two-tenths percent (3.2%) of average final compensation, with a maximum benefit of ninety percent (90%) of average final compensation, excluding supplemental benefits.
3. In addition, each firefighter member shall receive a supplemental monthly retirement benefit of one hundred and eighty-nine dollars ($189.00). Effective October 1, 2006, this supplemental monthly retirement benefit shall be increased to four hundred fifty eight dollars ($458.00) and paid for by Chapter 175 excise tax monies. This supplemental benefit shall only be paid during the member's lifetime.
(c) Benefits shall commence on the first day of the month coincident with or next following a member's retirement and shall be payable for life but with one hundred twenty (120) payments guaranteed in any event. Benefits payable by the system shall be in addition to federal Social Security benefits.
(B) Early retirement.
(1) Date.
Early retirement date shall be the earlier of:
(a) The first day of the month coincident with or next following attainment of the member's forty-fifth (45th) birthday and completion of twenty (20) years of credited service; or
(b) The first day of the month coincident with the next following attainment of the member's fiftieth (50th) birthday and completion of ten (10) years of credited service.
(2) Benefit.
For each member early retirement shall be as follows:
(a) A deferred monthly benefit commencing on the date that would have been his normal retirement date had he remained in employment, determined in the same manner as for retirement at normal retirement date, except that credited service and average final compensation shall be determined as of early retirement date; or
(b) An immediate monthly benefit commencing on his or her early retirement date. The immediate monthly benefit shall be the actuarial equivalent of the deferred monthly benefit but in no event shall the immediate monthly benefit be reduced by more than three percent (3%) for each year by which the starting date of the immediate monthly benefit precedes the date that would have been his or her normal retirement date had he or she remained in employment.
(c) In addition to either of the foregoing monthly benefits, each firefighter member shall receive a supplemental monthly early retirement benefit of one hundred eighty-nine dollars ($189.00). Effective October 1, 2006, this supplemental monthly early retirement benefit shall be increased to four hundred fifty-eight dollars ($458.00) and paid for by Chapter 175 excise tax monies. This supplemental benefit shall only be paid during the member's lifetime.
(d) Benefits shall commence on the first day of the month coincident with or next following a member's early retirement and shall be payable for life but with one hundred and twenty (120) payments guaranteed in any event. The monthly benefits payable by the system shall be in addition to federal Social Security benefits.
(C) Supplemental Benefit for Police Officer Members. Effective October 1, 2006, police officer members who either terminate while vested or reach normal retirement or early retirement shall receive a supplemental benefit of twenty-five dollars ($25.00) per month for each complete year of credited service. This benefit shall only be paid for the life of the member, and will not be paid to disabled members. The benefit shall commence upon receipt of a retirement benefit and separation from the city and shall cease when the member attains the age of sixty-five (65). Effective October 1, 2021, police officer members who thereafter either terminate while vested or reach normal retirement or early retirement shall receive a supplemental benefit of thirty-five dollars ($35.00) per month for each complete year of credited service. This benefit shall only be paid for the life of the member and will not be paid to disabled members. The benefit shall commence upon receipt of a retirement benefit and separation from the city and shall cease when the member attains eligibility for Medicare/Medicaid in accordance with federal standards.
(D) Supplemental Benefit for Firefighter Members. Effective October 1, 2007, firefighter members who either terminate while vested or reach normal retirement or early retirement shall receive a supplemental benefit of twenty- five dollars ($25.00) per month for each year of credited service earned prior to March 15, 2012. Effective March 15, 2012, members who have not attained age 55 with 10 or more years of credited service or 25 years of credited service regardless of age on that date, who either terminate while vested or terminate upon reaching normal or early retirement shall receive a supplemental benefit of $12.00 per month for each year of credited service earned on or after March 15, 2012. This benefit shall only be paid for the life of the member, and will not be paid to disabled members who are being retained on the City's insurance at the expense of the City. The benefit shall commence upon entry into the DROP or upon receipt of a retirement benefit and separation from the City. This benefit shall cease when the member attains the age of Medicare eligibility.
(Ord. 2000-15, passed 5-5-00; Am. Ord. 2000-48, passed 9-21-00; Am. Ord. 2001-64, passed 10-18-01; Am. Ord. 2003-09, passed 3-20-03; Am. Ord. 2004-04, passed 1-22-04; Am. Ord. 2005-27, passed 6-20-05; Am. Ord. 2006-29, passed 5-4-06; Am. Ord. 2006-132, passed 12-21- 06; Am. Ord. 2007-64, passed 9-6- 07; Am. Ord. 2007-108, passed 11- 15-07; Am. Ord. 2007-111, passed 12-20-07; Am. Ord. 2011-69, passed 3-15-12; Am. Ord. 2012-09, passed 4-5-12; Am. Ord. 2013-45, passed 8-13-13; Am. Ord. 2017-29, passed 4-6-17; Am. Ord. 2021-91, passed 1-6-22)