(A) Police officer. A police officer retiring on his or her normal retirement date shall receive a monthly benefit which shall commence on his or her normal retirement date and be continued thereafter during his or her lifetime. If the member dies after retirement but before he or she has received benefits for a period of ten years, the same monthly benefit will be paid to the beneficiary (or beneficiaries) as designated by the member for the balance of such ten-year period. Upon reaching normal retirement age a member’s benefits shall be fully vested. The amount of the normal retirement benefit is 3% of average monthly earnings for each year of continuous service, subject in any event to a maximum of 75% of average monthly earnings, plus 2% of average monthly earnings for each year of continuous service in excess of 37.5 years. However, members who are eligible for normal retirement as of the effective date provided in § 34.053, shall receive the greater of the benefit provided by the formula of this subsection or 50% of average monthly earnings.
(B) Firefighters.
(1) A firefighter retiring on his or her normal retirement date shall receive a monthly benefit which shall commence on his or her normal retirement date and be continued thereafter during his or her lifetime. If the member dies after retirement but before he or she has received benefits for a period of ten years, the same monthly benefit will be paid to the beneficiary (or beneficiaries) as designated by the member for the balance of such ten-year period. Upon reaching normal retirement age a member's benefits shall be fully vested.
(2) For firefighters who separated from city employment or who were not part of the DROP prior to September 1, 2003, the amount of the normal retirement benefit is 3.0% of average monthly earnings for each year of continuous service, subject in any event to a maximum of 75% of average monthly earnings, plus 2% of average monthly earnings for each year of continuous service in excess of 37.5 years. However, members who are eligible for normal retirement as of the effective date provided in § 34.053 shall receive the greater of the benefit provided by the formula of this subsection or 50% of average monthly earnings.
(3) For firefighters who separate from city employment or who were part of the DROP on or after September 1, 2003, and before October 1, 2022, the amount of the normal retirement benefit is 3.0% of average monthly earnings for each year of continuous service for the first ten years of service, 4.0% of average monthly earnings for each year of continuous service for the second ten years of service, and 2% of average monthly earnings for each year of continuous service for the next five years of service subject in any event to a maximum of 80% of average monthly earnings upon attaining 25 years of continuous service, plus 2% of average monthly earnings for each year of continuous service in excess of 40 years. Notwithstanding the foregoing sentences, effective October 1, 2022, for members who were active firefighters on October 1, 2022, excluding members who were participating in the DROP on that date, and firefighters hired on or after October 1, 2022, the normal retirement benefit is 4% of average monthly earnings as defined in § 34.045, up to a maximum of 80% of average monthly earnings upon attaining 20 years of continuous service; subject to the limitations contained in City Ordinance § 34.0571 or as may be limited by the Internal Revenue Code.
(C) Limitation of benefits. The normal retirement benefit or pension payable to a retiree who becomes a member of this retirement system or plan and who has not previously participated in the plan, on or after January 1, 1980, shall be limited in the following manner.
(1) If the member does not receive Social Security benefits, his pension benefit shall not exceed 100% of his average final compensation.
(2) Nothing contained in this section shall apply to supplemental retirement benefits or to pension increases attributable to cost-of-living increases or adjustments.
(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 another retirement system or plan. However, this restriction does not apply to Social Security coverage or benefits.
(‘58 Code, § 11.44) (Ord. 72-59, passed 8-15-72; Am. Ord. 73-11, passed 1-3-73; Am. Ord. 80-30, passed 12-26-79; Am. Ord. 2000-73, passed 9-12-00; Am. Ord. 2001-71, passed 7-10-01; Am. Ord. 2002-41, passed 3-12-02; Am. Ord. 2006-9, passed 12-13-05; Am. Ord. 2015-19, passed 1-13-15; Am. Ord. 2023-10, passed 11-8-22)