(a) A member may postpone his or her retirement and continue in employment beyond his or her normal retirement date until age 70. If requested to do so by the Employer and if he or she voluntarily agrees, employment may be continued beyond age 70.
(b) If a member does postpone his or her retirement, his or her monthly benefit shall be postponed until a date not later than his or her actual retirement. The Pension Committee shall take whatever action may be necessary to postpone the commencement of income payments.
(c) The member's retirement benefit on his or her actual retirement will be the equivalent actuarial value of the benefit computed in accordance with Section 284.10(b), using years of credited service and average monthly compensation as of his or her normal retirement date.
(d) The benefits payable pursuant to this section shall be paid in accordance with Section 284.10(c).
(Ord. 826. Passed 10-9-84.)