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Surviving spouses whose pension benefits under this subchapter have terminated or whose future pension benefits are subject to termination because of remarriage will have their surviving spousal pension benefits reinstated as of the effective date of the ordinance from which this section derives. The reinstatement of surviving spousal benefits will not be retroactive and will not include post-retirement redetermination benefit increases granted since termination of benefits, but pension benefits will begin again based on their last calculated benefit. They will be eligible under the same regulations as other retirants for future post-retirement redetermination increases.
(1992 Code, § 35-124.1) (Ord. 110-89, passed 10-16-1989)
In the event of termination of this plan, the rights of all affected participants to benefits then accrued shall thereupon become 100% vested and nonforfeitable to the extent then funded or the amounts credited to the employees’ accounts are nonforfeitable.
(1992 Code, § 35-124.2) (Ord. 5-05, passed 1-10-2005)
(a) Any officer or employee who retires from city employment with an immediate annuitized pension benefit after December 31, 2013, shall upon retirement receive a monthly stipend. The stipend shall be paid at the rate of $40 per month per year of service until such retirant is Medicare eligible or upon death, whichever is sooner. Such stipend shall be adjusted for inflation at an annual rate of 3% beginning in January, 2015.
(b) Credited service for purposes of calculation of the monthly stipend will be determined in the same manner as identified in § 39.309 for members that retire with a regular, early reduced, duty-incurred disability or non-duty-incurred disability retirement benefit.
(Ord. 24-13, passed 5-7-2013; Ord. 118-16, passed 12-20-2016)
FIREFIGHTERS’ PENSION FUND;
RETIREMENT BOARD
RETIREMENT BOARD
(a) There is hereby created a retirement board whose duties shall be to administer, manage and operate the Firefighter's Pension Fund and to construe and carry into effect the provisions of this subchapter, subject to those powers as are retained by the council.
(b) The pension fund is established as a qualified defined benefit plan known as the "city of Sioux Falls Firefighters' Pension Fund" as amended from time to time, pursuant to §§ 401(a) and 414(d) of the Internal Revenue Code and such other provision of the Internal Revenue Code as applicable and applicable Treasury Regulations and other guidance.
(1957 Rev. Ords., § 2.1103; 1992 Code, § 35-125) (Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)
(a) The board of trustees of the Firefighters' Pension Fund shall be composed of five trustees as follows:
(1) The mayor, or the person as the mayor shall designate to act on the mayor's behalf; and one member who may or may not be a member of the council appointed by the mayor with advice and consent of the council, to represent the council;
(2) Two members of the pension fund selected by the membership; and
(3) One resident of the city who is not an official or employee of the city and whose membership on the board of trustees creates no conflict of interest. The member shall be nominated and approved by an affirmative majority vote of the trustees selected pursuant to divisions (a)(1) and (a)(2) above.
(b) The regular term of office for the trustees selected under divisions (a)(2) and (a)(3) above shall be three years, to expire on a staggered basis. The regular term of office for the trustee member appointed by the mayor shall be four years to expire on December 31 in the year of the mayoral election.
(c) No trustee selected under divisions (a)(1) or (a)(3) above, except the mayor or their designee, shall serve more than two consecutive full terms of office.
(1957 Rev. Ords., § 2.1103; 1992 Code, § 35-126) (Ord. 108-85, passed 12-2-1985; Ord. 67-94, passed 7-25-1994; Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)
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