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A participant, other than a teacher participant, with a vested benefit who terminates service with the city prior to normal retirement date shall be entitled to a pension based upon 2% for each year of service completed after June 30, 2003 multiplied by the participant’s final average base pay. Pension benefits for years of service completed prior to July 1, 2003 shall be determined in accordance with the retirement system provisions in effect on June 30, 2003 based on the participant’s years of service as of June 30, 2003, the benefit formula applicable to the participant on June 30, 2003, and on the participant’s final average base pay prior to his or her termination of service. The vested benefit shall be payable as a monthly annuity for the participant’s life commencing on the first day of the month following the date the participant would have attained his normal retirement age if the participant had remained employed by the city, unless the participant elects in accordance with rules established by the Retirement Board to receive such vested benefit, as applicable, in the form of (i) a joint and 50% spousal survivor annuity or joint and 100% spousal survivor annuity, (ii) a joint and 50% qualified domestic partner survivor annuity or joint and 100% qualified domestic partner survivor annuity, or (iii) such other forms of payment as may be established by the Retirement Board, in all cases with appropriate adjustment for actuarial equivalency.
(Ord. passed 1-24-2011)