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At the end of each fiscal year the board of the Firefighters' Pension Fund shall allow and credit regular interest on the balance standing to each member's credit in the accumulated contributions account at the beginning of each quarter.
(1957 Rev. Ords., § 2.1135; 1992 Code, § 35-115) (Ord. 2758, passed 6-8-1971; Ord. 118-16, passed 12-20-2016)
The right of a person to a pension, to the return of accumulated contributions, the pension itself, any optional benefit, any other right accrued or accruing under the provisions of this subchapter to any member, retirant or beneficiary and all monies belonging to the pension fund shall be unassignable and shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency law, or any other process of law whatsoever except as is specifically provided in this subchapter.
(1957 Rev. Ords., § 2.1136; 1992 Code, § 35-116; Ord. 118-16, passed 12-20-2016)
Should any change or error in the records result in any member, retirant or beneficiary receiving from the Firefighters' Pension Fund more or less than he or she would have been entitled to receive had the records been correct, the board shall correct the error and as far as is practicable shall adjust the payment of the benefit in a manner that the actuarial equivalent of the benefit to which the member, retirant or beneficiary was correctly entitled shall be paid.
(1957 Rev. Ords., § 2.1137; 1992 Code, § 35-117; Ord. 118-16, passed 12-20-2016)
(a) The board of trustees of the Firefighters' Pension Fund shall provide annual post-retirement redetermination of pensions. The redetermined amount shall not be less than the amount of pension otherwise payable. Any provision of this subchapter which limits the amount of pension shall not apply to the operation of this section in redetermining the amount of pension. The application of any provision redetermining pension amounts may be restricted to pensions having an effective date of payment either prior to or subsequent to a specified date. Any post-retirement redetermination of one or more pensions within a pension fund shall be prefunded and may not bring the pension fund into noncompliance with the provisions of § 39.339(c).
(b) Pursuant to division (a) above, the pension upon which redeterminations of pension are made shall be increased once on January 1, 1986, by 0.5% for each year of retirement based on the current pension for each person retiring on or before December 31, 1974, and 0.5% for each year of retirement based on the original pension for each person retiring after December 31, 1974.
(c) (1) Starting January 1, 1991, on the first of the month following the thirty- sixth full month of retirement, the board shall redetermine the pensions of those retirants and beneficiaries whose pensions were effective 36 full months prior to the date of redetermination, and the pensions shall be increased as provided in this section effective on the first of the month following the thirty- sixth full month of retirement. On January 1, 1991, and thereafter on each January 1, the board shall redetermine the pensions of all retirants and beneficiaries and the pensions shall be increased as provided in this section. The pension shall be increased by an amount equal to the current forecast base times the pension increase percentage. The pension increase percentage shall be equal to the percentage increase, to a maximum of 3%, in the Consumer Price Index for All Urban Consumers, as computed by the United States Department of Labor, for the year ending in the month of June preceding the January 1 redetermination date.
(2) Any transfer of funds and calculation of benefits required in this section shall be made effective as of the dates mentioned in this section, and the actual transfers and calculation of benefits may be made on a later date. Changes in amounts paid to retirants and beneficiaries shall be paid as soon as practicable after the end of the calendar year.
(1957 Rev. Ords., § 2.1141; 1992 Code, § 35-119) (Ord. 2696, passed 7-27-1970; Ord. 108-85, passed 12-2-1985; Ord. 96-87, passed 11-16-1987; Ord. 110-89, passed 10-16-1989; Ord. 110-90, passed 12-3-1990; Ord. 83-93, passed 11-22-1993; Ord. 118-16, passed 12-20-2016)
No change may be made in employee contribution levels of this Firefighters' Pension Fund or present or future benefits of this pension fund, by ordinance or otherwise, without an affirmative vote by both the council and the membership of the pension fund.
(1992 Code, § 35-120) (Ord. 108-85, passed 12-2-1985; Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)
(a) The administrative cost of the plan during the year;
(b) The actuarially determined cost of future benefits accruing to members during the year; and
(c) An amount sufficient to amortize any unfunded liability of the pension fund over a period not to exceed 40 years on the basis of reasonable and generally accepted actuarial assumptions.
(1992 Code, § 35-121) (Ord. 108-85, passed 12-2-1985; Ord. 118-16, passed 12-20-2016)
No benefits, present or future, may be changed or modified in any manner unless the pension fund's actuaries have prepared an actuarial statement showing the effect of those changes on the pension fund. No benefits, present or future, may be changed or modified if the change or modifications will bring the pension fund into noncompliance with the provisions of § 39.338.
(1992 Code, § 35-122) (Ord. 108-85, passed 12-2-1985; Ord. 118-16, passed 12-20-2016)
The city shall maintain records with respect to each employee sufficient to determine benefits due under this subchapter or which may become due to the employee. The city shall furnish to the pension fund administrator any information necessary for the administrator to make reports required under the provisions of this subchapter.
(1992 Code, § 35-123) (Ord. 108-85, passed 12-2-1985; Ord. 118-16, passed 12-20-2016)
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