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Any firefighter or police participant who has attained normal retirement age shall be eligible to retire and receive a pension benefit commencing on or after the firefighter or police participant’s normal retirement date. The pension benefit for a firefighter and police participant shall be computed on the basis of 2% for each year of service completed after June 30, 2003, multiplied by the participant’s final average base pay. Firefighter or police participants’ 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. In no event shall any firefighter or police participant pension benefit exceed 70% of final average base pay. For purposes of determining a firefighter or police participant’s final average base pay, his base pay shall include holiday pay plus, for firefighters’ drivers’ pay, if applicable. The pension benefit shall be paid in the form of a life annuity at normal retirement date, unless a firefighter or police participant elects to receive his or her 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. The pension shall be based upon the base pay of the firefighter or police participant regardless of any temporary reduction thereof or any non-payment on account of illness or other temporary absence.
(Ord. passed 1-24-2011)