(A) Amount.
(1) The monthly retirement benefit for any member retiring on or after October 1, 2005 and before October 1, 2021, shall be an amount equal to 2.75% of average monthly earnings as defined in § 34.010 times all years (and completed months) of continuous service earned. Effective October 1, 2021, the monthly retirement benefit for any member retiring on or after October 1, 2021, shall be an amount equal to 3.00% of average monthly earnings as defined in § 34.010 times all years (and completed months) of continuous service earned by Tier I members and Tier II members who have paid the additional 3% member contribution for all future and past years of service. Continuous service earned shall not include the time spent on leave of absence, on voluntary or involuntary service with the armed forces of the United States, in an employment category within the city not covered by this plan or any period of time after December 8, 1972, during which the employee did not receive compensation from the city and contribute to the retirement system.
(2) For members hired on or after June 8, 2011, the monthly retirement benefit shall be an amount equal to 2.0% of average monthly earnings as defined in § 34.010 times all years (and completed months) of continuous service, less the time spent on leave of absence, on voluntary or involuntary service with the armed forces of the United States, in an employment category within the city not covered by this plan or any period of time during which the employee did not receive compensation from the city and contribute to the retirement system, provided that the member’s annual benefit shall not exceed the lesser of $90,000, starting at age 62 plus cost of living adjustments, or 100% of the member’s average base compensation for the five years immediately prior to retirement.
(3) Notwithstanding paragraph (2) above, for members hired on or after June 8, 2011 and before December 8, 2020 who make contributions in accordance with § 34.025(D) and (E), the monthly retirement benefit for service before December 8, 2020 shall be as provided in Section (A)(1).
(4) Effective December 8, 2020 for members hired on or after June 8, 2011 and before December 8, 2020, and members hired on or after December 8, 2020, the monthly retirement benefit for service on or after December 8, 2020 shall be as provided in Section (A)(1).
(B) Duration. A member retiring hereunder on his normal retirement date shall receive a monthly benefit which shall commence on his normal retirement date and be continued thereafter during his lifetime, with benefits ceasing upon the death of the member unless the member had previously selected an option providing for survivor benefits.
(C) Minimum normal retirement benefit. As regards any participant under the city general employees pension plan as of the date of adoption of this system, the normal retirement benefit shall not in any event be less than the normal retirement benefit would have been had the prior plan continued in existence.
(D) No member of this retirement system or plan who was not a member of the plan on October 1, 1978, shall be allowed to receive a retirement benefit or pension which is in part or in whole based upon any service with respect to which the member is already receiving, or will receive in the future, a retirement benefit or pension from a different employer’s retirement system or plan. However, this restriction does not apply to Social Security coverage or benefits or federal benefits under Chapter 67, Title 10, United States Code.
(‘58 Code, § 11.08) (Ord. 73-3, passed 11-8-72; Am. Ord. 76-19, passed 12-30-75; Am. Ord. 80-29, passed 12-26-79; Am. Ord. 91-16, passed 12-4-90; Am. Ord. 2005-23, passed 1-11-05; Am. Ord. 2006-34, passed 4-25-06; Am. Ord. 2011-53, passed 6-14-11; Am. Ord. 2021-31, passed 12-8-20; Am. Ord. 2022-12, passed 12-14-21)