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A member electing to purchase service credit with the Retirement System for a period of Unpaid Parental Leave must so elect in writing on a form provided by the Retirement System. This election must be made before the date he or she files the application to retire or the effective date of his or her retirement, whichever is later.
This election must be for a minimum period of two months of Unpaid Parental Leave or all of his or her Unpaid Parental leave where such total period is less than two months. This election is limited to a maximum period of four months for each period of Unpaid Parental Leave.
A member may only elect to purchase service credit for a period of Unpaid Parental Leave taken prior to July 1, 2003.
(Added by Proposition G, 11/4/2008)
All costs to purchase the service shall be paid by the member. There shall be no cost to the City and County. The Retirement System shall determine the cost to purchase the service. No service credit will be allowed unless and until all such costs are received by the Retirement System.
The retirement board shall have the authority to establish procedures to determine costs to purchase service credit for periods of Unpaid Parental Leave in accordance with this Section.
(Added by Proposition G, 11/4/2008)
Upon completion of the payment in the amount specified by the Retirement Board, the member shall be credited with City and County service for the period of Unpaid Parental Leave for which he or she has elected to receive credit as City and County service pursuant to this Section.
(Added by Proposition G, 11/4/2008)
The City and County shall contribute jointly with the members of the Retirement System to meet the liabilities accruing under the system because of service rendered to the City and County by persons after becoming members of the system. Members of the system shall contribute not to exceed 10 percent of their salaries or wages, provided that members may, at their option, elect to contribute at rates in addition to those fixed as normal by the retirement board. The City and County shall contribute an amount equal to normal contributions of members as provided for in the preceding sentence, but the City and County shall not contribute any amount because of additional contributions by members.
(a) Each retirement or death allowance which is not subject to change when the salary rate of any member is changed and which is payable to or on account of any member who has retired or died prior to July 1, 1967, except such allowances payable to or on account of persons who retired or died prior to July 1, 1947, as members under Section 8.507, but including death allowances payable under Section 8.561 which are not subject to change when the salary rate of any member is changed, shall be increased for time on and after July 1, 1968, by the percentage set forth in the following table opposite the fiscal year in which said allowance became effective, said percentage to be applied to the allowance payable to the individual who was receiving the allowance on July 1, 1968, (a) exclusive of the annuity provided by additional contributions and (b) prior to reduction pursuant to Subsection (a) of Section 8.514:
Fiscal year in which allowance became effective | Percentage |
Fiscal year in which allowance became effective | Percentage |
All years prior to July 1, 1959 | 16% |
July 1, 1959 to June 30, 1960 | 14% |
July 1, 1960 to June 30, 1961 | 12% |
July 1, 1961 to June 30, 1962 | 10% |
July 1, 1962 to June 30, 1963 | 8% |
July 1, 1963 to June 30, 1964 | 6% |
July 1, 1964 to June 30, 1965 | 4% |
July 1, 1965 to June 30, 1966 | 2% |
July 1, 1966 to June 30, 1967 | 1% |
(1) Funds, necessary for the payment of such increases in allowances payable to, or on account of, members who retired or died as members under Charter Sections 8.507 or 8.509, shall be provided from the City's accumulated contributions held by the system on account of miscellaneous members under Section 8.509.
(2) Funds, necessary for the payment of such increases in allowances to, or on account of, members who retired or died as members under Charter Sections 8.543 or 8.544, shall be provided from the City's accumulated contributions held by the system on account of police members under Section 8.544.
(3) Funds, necessary for the payment of such increases in allowances to, or on account of, members who retired or died as members under Charter Sections 8.567 or 8.568, shall be provided from the City's accumulated contributions held by the system on account of fire members under Section 8.568.
The necessary funds shall be transferred on the effective date of this section from said accumulated contributions to the accumulated contributions held by the system to meet the obligations of the City and County on account of benefits that have been granted and which are based on services rendered as members. The contribution being required of the City and County currently, as percentages of salaries of persons who are members under Sections 8.509, 8.544 and 8.568, shall be increased to percentages determined by the actuary as necessary to replace the accumulated contributions so transferred.
(b) (1) The retirement board shall determine, prior to April 1 of each year, the percentage of increase or decrease in the cost of living during the preceding calendar year or years, as shown by the then current Consumer Price Index, All Items, San Francisco (1957-59=100), issued by the U.S. Bureau of Labor Statistics and published in the Monthly Labor Review or a successor publication. The cost of living adjustments as hereinafter provided shall be based on the percentage of such increase or decrease.
(2) Notwithstanding any other Charter or ordinance provision governing the Retirement System, every retirement or death allowance payable to, or on account of, any member who retires or dies as a member of the system or who has retired or died as such a member, except allowances subject to change when the salary rate of any member is changed, shall be increased or decreased as of July 1, 1969, and on July 1, of each succeeding year, subject to the provisions of this Subsection (b), by a percentage of the allowance established on July 1, 1968, after any increase under Subsection (a) of this section or on the effective date of such allowance, whichever is later, as payable to the individual who is receiving the allowance on the date of any such adjustment (a) exclusive of the annuity provided by additional contributions, and prior to modification pursuant to Subsection (f) of Section 8.514. On July 1, 1969, the percentage of increase in each such allowance shall be the percentage which is determined by the retirement board to approximate to the nearest one percent, the percentage of increase in the cost of living during the preceding calendar year. On July 1, 1970, and on July 1 of each succeeding year, the percentage of increase or decrease in each such allowance shall be the percentage which is determined by the retirement board to approximate to the nearest one percent of increase or decrease in the cost of living in the calendar year or years since January 1, 1969, or since January 1 of the year in which the last such cost of living adjustment in allowances was made, whichever is later. Such adjustment in any year shall not exceed two percent of such allowance; provided, however, that no allowance shall be reduced below the amount being received by the member or his beneficiary on July 1, 1968, or on the effective date he began to receive the allowance, whichever is later.
(3) Commencing with the calendar year 1982, if the percentage of increase or decrease in the cost of living in any calendar year, as determined to the nearest one percent by the retirement board, were to exceed two percent as compared with the cost of living in the next preceding calendar year, the percentage of increase or decrease in the cost of living in excess of two percent, shall be accumulated to provide increases or decreases in the cost of living in each succeeding calendar year.
(4) Any such increase in allowances which are not funded by such allocations of such earnings, shall be funded by contributions of members under Sections 8.507, 8.509, 8.544, 8.568, 8.584, 8.586 and 8.588, and by contributions of the City, which shall be at rates which are in addition to the rates of contribution otherwise provided by Charter or ordinance, provided that a member's rate of contribution shall not exceed one-half of one percent of his monthly compensation. The contributions made under this section by any member, shall be credited together with regular interest thereon to his individual account and shall be subject to the same Charter and ordinance provisions relating to accumulated contributions of the member, including withdrawal and death benefits other than death allowances, provided, however, that upon his retirement or death, such accumulated contributions and interest shall not be applied to provide a part of the retirement benefits payable to him or the death allowance benefits payable on account of his death otherwise provided by Charter or ordinance, but instead shall be held, together with the accumulated contributions made by the City pursuant to this Subsection (b), with interest thereon, to provide the benefits under this Subsection (b).
(5) The rates of contribution of members and the City, as provided herein, shall be fixed by the retirement board from time to time as it determines necessary.
Starting on July 1, 1997, the Retirement Board shall establish in the Retirement Fund a Reserve Account. Funds in this Reserve Account shall be used to provide supplemental cost of living benefit adjustments to retirement allowances in addition to cost of living adjustments now provided for in the Charter. Funds placed in this Reserve Account shall consist of all earnings of the Retirement Fund in the previous fiscal year which are in excess of the expected earnings on the actuarial value of the assets. The expected earnings are the earnings projected by the actuarial assumption for return on assets that was in place for that fiscal year. The maximum amount of funds to be placed in this Reserve Account shall not exceed the amount of funds projected to be necessary to fund benefits provided pursuant to this section for that fiscal year and the following two fiscal years.
The funds in this Reserve Account shall be used solely to provide supplemental cost of living benefit adjustments as follows:
(a) On July 1, 1997 and July 1 of each succeeding year, if there are sufficient funds in this Reserve Account, each retirement allowance or death allowance payable on account of a member who died, including retirement allowances subject to change when the salary rate of a member is changed, shall be increased by an amount equal to three percent (3%) of the allowance, less the amount of any cost of living adjustment provided pursuant to Section 8.526 and less the amount of any cost of living adjustment, payable in that fiscal year, which is the result of a change in the salary of the member.
(b) On July 1, 1997, if there are sufficient funds in this Reserve Account, each retirement allowance payable to or account of a member who was retired on or before December 31, 1979 as a member under Sections 8.507 or 8.509 or 8.584 shall be increased by a monthly amount equal to $3 for each complete year of retirement. In computing years of retirement, the Retirement System shall count completed fiscal years between the member's effective date of retirement and June 30, 1997.
(c) On and after June 30, 2003, any supplemental cost of living benefit adjustment, once paid to a member, shall not be reduced thereafter.
(d) On and after June 30, 2003, the Reserve Account set forth in this section shall be used to finance only the increase in the supplemental cost of living benefit adjustments for the next ensuing fiscal year as set forth in section (a). If there are insufficient funds in the Reserve Account to pay the increase in the supplemental cost of living benefit adjustments for the next ensuing fiscal year, then the increase in the supplemental cost of living benefit adjustments for that fiscal year shall not be paid. However, any excess earnings as defined in this section shall be accumulated until an amount sufficient to make one fiscal year's increase in the supplemental cost of living benefit adjustments is reached.
(Added November 1996; amended March 2002)
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