Loading...
(a) Prior to the effective date of retirement, but not thereafter, a member may elect to receive a retirement allowance as a straight life retirement allowance payable for life, or may elect to receive the actuarial equivalent of the straight life retirement allowance in a reduced retirement allowance, and nominate a beneficiary in accordance with the provisions of option A, B, C, D or E set forth as follows. If a member does not elect an option prior to the effective date of retirement, the retirement allowance shall be paid as a straight life retirement allowance.
(1) Option A; allowance for ten years certain and life thereafter. Under option A, a retirant shall receive a reduced retirement allowance payable for the retirant's life with the provisions that, if deceased before receiving 120 monthly retirement allowance payments, the payments shall be continued for the remainder of the 120 months to the person as the retirant shall have nominated by written designation duly executed and filed with the board. If no designated beneficiary survives to receive the remaining monthly retirement allowance payments, the payments as they become due shall be paid to the estate of the last survivor of the retirant or the survivor's designated beneficiaries.
(2) Option B; joint and survivor allowance. Under option B, a retirant shall receive a reduced retirement allowance payable for life with the provision that upon death the reduced retirement allowance shall be continued throughout the life of and paid to the person, having an insurable interest in the retirant's life, as shall have been nominated by written designation duly executed and filed with the board prior to the effective date of retirement.
(3) Option C; modified joint and survivor allowance. Under option C, a retirant shall receive a reduced retirement allowance payable for life with the provision that upon death one-half of the reduced retirement allowance shall be continued throughout the life of and paid to the person, having an insurable interest in the retirant's life, as shall have been nominated by written designation duly executed and filed with the board prior to the effective date of retirement.
(4) Option D; joint and survivor pop-up allowance. Under option D a retirant shall receive a reduced retirement allowance with the provision that upon death the reduced retirement allowance shall be continued throughout the life of and paid to the person, having an insurable interest in the retirant's life, as shall have been nominated by written designation duly executed and filed with the board prior to the effective date of retirement. If the nominated beneficiary dies first, the retirant shall, upon the death of the nominated beneficiary, begin to receive an allowance equal to the straight life allowance which would have been payable had no option been elected.
(5) Option E; modified joint and survivor pop-up allowance. Under option E, a retirant shall receive a reduced retirement allowance with the provision that upon death one-half of the reduced retirement allowance shall be continued throughout the life of and paid to the person, having an insurable interest in the retirant's life, as shall have been nominated by written designation duly executed and filed with the board prior to the effective date of retirement. If the nominated beneficiary dies first, the retirant shall, upon the death of the nominated beneficiary, begin to receive an allowance equal to the straight life allowance which would have been payable had no options been elected.
(b) If a retirant who elected option B, C, D or E provided in division (a) above and the retirant's beneficiary both die before they have received, in retirement allowances, an aggregate amount equal to the retirant's accumulated contributions account at the time of retirement, the difference between the accumulated contributions and the aggregate amount of retirement allowance payments received by them shall be paid to the person as the retirant shall have nominated by written designation duly executed and filed with the board. If there be no designated persons surviving the retirant, the difference, if any, shall remain in the retirement system.
(c) Notwithstanding any provision to the contrary, the retirement system shall pay all benefits in accordance with a good faith interpretation of the requirements of Internal Revenue Code § 401(a)(9) and regulations pertaining thereto, as applicable to a governmental plan within the meaning of Internal Revenue Code § 414(d).
(1) A member's benefits shall be distributed to him or her not later than April 1 of the calendar year following the later of:
A. The calendar year in which the member attains age 70 and one-half; or
B. The calendar year in which the member retires.
(2) Distributions to a member and his or her beneficiaries shall only be made in accordance with the incidental death benefit requirements of Internal Revenue Code § 401(a)(9)(G) and rulings pertaining thereto.
(1957 Rev. Ords., § 2.519; 1992 Code, § 35-31) (Ord. 2491, passed 8-7-1967; Ord. 96-87, passed 11-16-1987; Ord. 110-90, passed 12-3-1990; Ord. 118-16, passed 12-20-2016)
Upon the application of a member or his or her department head, a member who becomes totally and permanently disabled for duty in the employ of the city, by reason of a personal injury or disease which the board finds to have occurred solely and exclusively as the natural and proximate result of causes arising out of and in the course of his or her employment by the city, may be retired by the board, provided that:
(a) Any condition of impairment of health which the board finds to have been caused by hypertension, heart disease or respiratory disease resulting in permanent total or partial disability to a police officer member who successfully passed a physical examination on entering the employ of the city, which examination failed to have any evidence of the condition, shall be presumed to have occurred as the natural and proximate result of the performance of his or her duty as a police officer in the employ of the city;
(b) After a medical examination of the member, made by or under the direction of the medical director, the medical director reports in writing to the board that the member is mentally or physically totally disabled for duty in the employ of the city and that his or her disability will probably be permanent; and
(c) The report of the medical director is concurred in by the board.
(1957 Rev. Ords., § 2.520; 1992 Code, § 35-32) (Ord. 2491, passed 8-7-1967)
(a) A member who retires after his or her voluntary retirement age, on account of disability as provided in § 39.237, shall receive the applicable disability retirement allowance provided as follows.
(b) Upon his or her retirement he or she shall have the right to elect to receive his or her retirement allowance under an option provided in § 39.236 in lieu of a straight life retirement allowance:
(1957 Rev. Ords., § 2.521; 1992 Code, § 35-33) (Ord. 2491, passed 8-7-1967)
(a) A member who retires before his or her voluntary retirement age, on account of disability as provided in § 39.237, shall receive the applicable disability retirement allowance provided as follows.
(b) (1) In computing his or her retirement allowance the credited service used shall be the sum of:
A. His or her credited service in force at the time of his or her retirement; plus
B. The number of years, and fraction of a year, in the period from the date of his or her retirement to the date he or she would attain his or her voluntary retirement age.
(2) His or her disability retirement allowance shall begin as of the date of his or her disability, but not more than six months before the date his or her application for disability retirement is filed with the board, nor prior to the date his or her name last appeared on a city payroll with pay. Upon his or her retirement he or she shall have the right to elect to receive his or her retirement allowance under an option provided in § 39.236 in lieu of a straight life retirement allowance.
(1957 Rev. Ords., § 2.522; 1992 Code, § 35-34) (Ord. 2491, passed 8-7-1967)
Upon the application of a member or his or her department head, a member who has ten or more years of credited service and becomes totally and permanently disabled for duty in the employ of the city as a result of causes not occurring in the course of his or her actual performance of duty in the employ of the city, may be retired by the board, provided, that after a medical examination of the member, made by or under the direction of the medical director, the medical director reports in writing to the board that:
(a) The member is mentally or physically totally disabled for duty in the employ of the city; and
(b) The disability will probably be permanent.
(1957 Rev. Ords., § 2.523; 1992 Code, § 35-35)
A member who retires on account of disability as provided in § 39.240 shall receive a disability retirement allowance computed according to § 39.230 if he or she is a general member, or according to § 39.231 if he or she is a police officer member. His or her retirement allowance shall be as of the date ofhis or her disability, but not more than six months before the date his or her application for disability retirement is filed with the board, nor prior to the date his or her name last appeared on a city payroll with pay. Upon his or her retirement he or she shall have the right to elect to receive his or her retirement allowance under an option provided in § 39.236 in lieu of a straight life retirement allowance. His or her disability retirement allowance shall be subject to §§ 39.242, 39.243 and 39.244.
(1957 Rev. Ords., § 2.524; 1992 Code, § 35-36)
Loading...