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(A) The retirement system created will be available to retired city employees who meet the following criteria:
(1) Who were employed by the city on August 25, 1975; and
(2) Who have completed at least twenty five (25) years of employment with the city; and
(3) Who retire from employment for the city.
(B) The pension shall be five hundred dollars ($500.00) per month payable from the general funds, but there shall be a dollar for dollar offset for any other pension or retirement benefits received from any other source other than social security or SSI by the employee. With regard to the city’s funded pensions, this offset shall apply to only that portion of any city funded pension benefits that are attributed to city contributions to the pension. The portion of the benefit attributed to the city employee’s contribution shall not be offset. The offset provided for herein shall apply retroactively to all other pension or retirement benefits heretofore granted as described in the preamble hereto.
(C) The pension shall be payable only to the employee for and during his or her natural life and no payment will be due or payable to either the dependents of, heirs of, spouse of or other relatives of the employee following his or her demise.
(D) No disability plan or fund is established.
(E) This section shall not create any property rights and shall be subject to amendment or cancellation at any time.
(F) No policemen or firemen are eligible to participate in this retirement plan.
(Ord. 0-98-001, passed 2-23-98)