(A) An active participant's monthly accrued benefit as of any date, subject to the modifications below, will be equal to the following:
(1) An amount equal to 2.85% of his average compensation for each year of his accrual service. Such amount shall not exceed 80% of his average compensation.
(B) Notwithstanding the above, for a participant who retired or was an inactive participant prior to October 1, 1998, his monthly accrued benefit as of any date is an amount equal to the sum of divisions (B)(1), (B)(2), and (B)(3) below:
(1) Two percent of his average compensation multiplied by his accrual service before October 1, 1980.
(2) The product of divisions (B)(2)(a) and (B)(2)(b) below:
(a) An amount equal to division (B)(2)(a)1. or (B)(2)(a)2. below:
1. Two percent of his average compensation, for a participant making required contributions of 2%.
2. Two and one-half percent of his average compensation, for a participant making required contributions of 5%.
(b) His accrual service on and after October 1, 1980 and before October 1, 1982.
(3) The product of divisions (B)(3)(a) and (B)(3)(b) below:
(a) An amount equal to divisions (B)(3)(a)1. or (B)(3)(a)2. below:
1. Two percent of his average compensation, for a participant making required contributions of 3%.
2. Two and one-half percent of his average compensation, for a participant making required contributions of 6%.
(b) His accrual service on and after October 1, 1982.
(C) However, accrued benefit is modified as follows.
(1) An active participant's monthly accrued benefit shall be reduced by the amount of deferred monthly retirement benefit under the normal form beginning on his normal retirement date in lieu of which he has received a single sum payment under the Plan.
(2) After the date the accrued benefit is frozen (as stated in § 38.001), no additional benefits shall accrue under the Plan.
(3) In no event shall an employee who retires from employment with the employer, who receives a retirement benefit from such employment, and who is rehired by the employer be deemed to be an eligible employee for purposes of participating in this Plan to receive an increased or second benefit under this Plan.
(4) If the employer rehires a participant after the participant's retirement date, any monthly retirement benefits he is receiving shall continue unchanged. If he also becomes an active participant, there shall be no duplication of benefits for him under this Plan. See § 38.030.
(5) The participant's accrued benefit resulting from employer contributions is equal to the participant's total accrued benefit reduced by his required contribution accrued benefit. (Ord. 1806, passed 1-7-15)