Other participants shall be entitled to retire and receive a pension benefit based upon their accrued benefit upon attainment of normal retirement age. The pension benefit for other participants shall be computed on the basis of 2% for each year of service completed after June 30, 2003 multiplied by such other participant’s final average base pay. Other participant’s 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 any other participant’s pension benefit under the retirement system exceed 70% of final average base pay. The pension benefit shall be paid in the form of a life annuity at normal retirement date unless the other 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 forms 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 such other participant regardless of any temporary reduction thereof or any non-payment on account of illness or other temporary absence.
(Ord. passed 1-24-2011)