(A) The amount of retirement benefit to be provided under the normal form for an active participant on his retirement date shall be determined according to the provisions of this section.
(1) Normal retirement date. An active participant's retirement benefit on his normal retirement date shall be equal to his accrued benefit on such date.
(2) Early retirement date.
(a) An active participant's retirement benefit on his early retirement date shall be equal to his accrued benefit on such date, multiplied by the factor shown below corresponding to the number of years his early retirement date precedes his normal retirement date.
Number of Years Early Retirement Date Precedes Normal Retirement Date | Factor |
1 | .9333 |
2 | .8667 |
3 | .8000 |
4 | .7333 |
5 | .6667 |
(b) The above factors shall be prorated for a partial year (counting a partial month as a complete month).
(3) Late retirement date. An active participant's retirement benefit on his late retirement date shall be equal to the greater of divisions (A)(3)(a) or (A)(3)(b) below:
(a) His accrued benefit on his late retirement date.
(b) His accrued benefit on his normal retirement date, multiplied by the factor shown below corresponding to the number of years his late retirement date follows his normal retirement date.
Number of Years Late Retirement Date Follows Normal Retirement Date | Factor |
Number of Years Late Retirement Date Follows Normal Retirement Date | Factor |
1 | 1.0600 |
2 | 1.1200 |
3 | 1.1900 |
4 | 1.2600 |
5 | 1.3400 |
6 | 1.4200 |
7 | 1.5000 |
8 | 1.5900 |
9 | 1.6900 |
10 | 1.7900 |
The above factors shall be prorated for a partial year (counting a partial month as a complete month). Factors for years beyond ten shall be determined using a consistently applied reasonable actuarially equivalent method.
(B) In any event, an active participant's retirement benefit under the normal form on his retirement date will not be less than the greater of his required contribution accrued benefit on his retirement date, reduced in the same manner as his accrued benefit is reduced at early retirement date if his retirement date is an early retirement date, or the monthly benefit under the normal form that is the actuarial equivalent of his required contribution account on such date.
(C) The participant's retirement benefits shall be distributed to the participant according to the distribution of benefits provisions of §§ 38.050 through 38.053 and the small amounts provisions of § 38.098. The amount of payment under any form (other than the normal form) shall be determined as provided under § 38.052. (Ord. 1806, passed 1-7-15)