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(A) Any regular participant who has attained normal retirement age shall be eligible to retire and receive a pension benefit commencing on or after the regular participant’s normal retirement date. The pension benefit for a regular participant shall be computed on the basis of 2% for each year of service completed after June 30, 2003 multiplied by the regular participant’s final average base pay. Regular participants’ pension benefit 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. In no event shall the pension benefit for any regular participant exceed 70% of final average base pay. The pension benefit shall be paid in the form of a life annuity commencing at normal retirement date unless a regular participant elects to receive his accrued 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 form of payment as may be established by the Retirement Board, in all cases with appropriate adjustment for actuarial equivalency.
(B) The pension shall be based upon the base pay of the regular participant regardless of any temporary reduction thereof or any non-payment on account of illness or other temporary absence.
(Ord. passed 1-24-2011)