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(1) Retired employees. A retired member who is receiving retirement benefits from the Retirement System and who is rehired by the City shall have such benefits suspended for the duration of reemployment unless:
(a) The member is rehired as an election officer, a registrar of voters, or a juror; or
(b) The member is rehired as a member of a board or commission which does not participate in the Retirement System pursuant to Section 22-201 (Membership Upon Employment).
(2) Reemployment for less than three (3) years. If the period of reemployment under Plan A, Plan B, Plan L, Plan Y, Plan '10, or Plan 16 is less than three (3) years, then when the reemployed member retires from City employment, the previous retirement benefits shall resume, and the Board shall refund the member's regular contributions made during the period of reemployment, and cancel the member's service credit for that period of reemployment. 54
(3) Reemployment for three (3) or more years. If the period of reemployment under Plan A, Plan B, Plan L, Plan Y, Plan '10, or Plan 16 is three (3) years or more, then when the reemployed member retires from City employment, the member's retirement benefits are redetermined to include credited service earned both before and after reemployment. 55
(a) If a reemployed member previously received an Option 5 partial lump sum benefit, then the redetermination under this subsection (3) shall include an actuarial reduction so that the following two amounts are actuarial equivalents:
(.1) the Partial Lump Sum (as defined in subsection 22-312(1)) and all monthly pension benefits received by the member prior to reemployment, plus the value of all redetermined pension benefits as actuarially reduced; and
(.2) the monthly pension benefits the member would have received prior to reemployment had the member elected the Regular Benefit Option (as defined in subsection 22-312(1)) rather than Option 5, plus the value of all monthly pension benefits as they would have been redetermined under this subsection without actuarial reduction.
(4) Reemployment of retired members of Plan D, Plan J or Plan X. Any member who becomes reemployed by the City following retirement and who is receiving benefits under Municipal Revised Coverage Plan 60 or Police- Fire Coverage Plan 50, shall become a member of the appropriate plan as if the member were first employed on the date of reemployment. Notwithstanding the foregoing, such member shall be entitled to retire thereafter under the age and service provisions of the plan covering such member's employment at the time of the prior retirement. Such member shall continue to accrue service credit during the period of subsequent employment. Upon subsequent retirement, the member shall be entitled to receive the accrued benefit earned under the member's original plan together with any additional accrued benefit earned for the period of subsequent employment under the plan which covers the member upon reemployment. If a retired member reenters the service of the City and remains an employee of the City continuously for three (3) or more years after reemployment, the member may elect to retire thereafter under the age and service provisions applicable at the time of subsequent retirement with full credit for the entire service with the City both before and after the first retirement, provided that if such retired member previously received an Option 5 lump sum benefit, then the member's recalculated pension benefits under this sentence shall be actuarially reduced in the same manner as provided in subsection (3)(a). 56
(5) Accrued benefit. In no event shall the accrued benefit of a retired member who is reemployed after retirement be less than the member's accrued benefit as of the date of the prior retirement, unless the employee has elected to transfer to a different plan upon reemployment.
(6) Employees of a "quasi-public agency". Any employee of a "quasi-public agency" as defined by an ordinance approved March 1, 1963 (1963 Ordinances, p. 148), as amended, who is entitled to retire or has retired under the provisions of the "quasi-public agency" retirement plan and who thereafter enters or reenters the service of the City shall not be entitled to receive credited service in the Retirement System for municipal service which has been transferred to the "quasi-public agency" or for service rendered under the "quasi-public agency" retirement plan.
(7) Disabled Members. A disabled member receiving service-connected disability retirement benefits shall have such benefits suspended upon reemployment and may, upon completing five (5) years of continuous reemployment with the City, purchase credited service for the period of time spent receiving service-connected disability retirement benefits. The purchase of credited service must occur prior to completion of the sixth year of reemployment unless the member enters into an installment payment plan pursuant to Section 22-806 (Installment Payments). For members of Plan D, Plan J and Plan X, each year of credited service or portion thereof purchased shall cost six percent (6%) of the annual salary of the position the member separated from at the time of the member's separation to receive a service-connected disability retirement benefit plus six percent (6%) annual interest on said cost from the year separated to the date of application for repurchase under this subsection. For members of Plan A, Plan B, Plan Y, Plan L, Plan '10, and Plan 16, each year of credited service or portion thereof purchased shall cost an amount determined by the total of: 57
(a) the product of the percentage of compensation that employees in the employee's plan were contributing at the time of the employee's separation to receive a service-connected disability retirement times the annual salary that the employee was receiving at that time, or, for members of Plan 16 whose annual salary was in excess of the Stacked Hybrid Cap, times the Stacked Hybrid Cap; plus 58
(b) nine percent (9%) annual interest on the amount in (a) from the year separated to the date of application for repurchase under this subsection.
(8) No repayment. Reemployed members are not required to repay any retirement benefits that were received.
Amended, Bill No. 110443 (became law September 15, 2011), effective December 14, 2011.