Chapter 18 PENSIONS*
Section 18-107 Retirement by reason of age or service.
(a) A covered firefighter employee
shall be eligible to receive retirement benefits: (i) upon
reaching the age of fifty-five (55) and upon having completed at least one (1) year of active
service. For purposes of this section and eligibility to retire after having attained the age of fifty-five
(55) and having completed one (1) year of active service, active service shall include
military leave which qualifies under the Uniformed Services Employment and Reemployment
Rights Act (38 U.S.C. 4301, et seq.) as now enacted, or hereafter amended (USERRA), only to
the extent any contributions required under section 18-106 are made to the firefighters
retirement fund either during the period of qualified military service under USERRA or within
five (5) years from the date of reemployment.
(b) A former covered firefighter employee
shall be eligible to receive retirement benefits
upon reaching the age of sixty-five (65).
(c) The administrator shall pay to
a retiree, retired on account of age or service, the
following retirement benefits:
(1) A retirement benefit equal to two and five-tenths (2.5)
percent of the retiree's highest
average salary multiplied by the number of years of active service.
(2) If a retiree is age fifty (50) and not yet age fifty-five
(55) at the date of retirement, the
retirement benefit payable under section 18-107(c)(1) will be reduced by five-tenths (0.5) of a
percent for each month that the retirement date precedes age fifty-five (55).
(d) Upon approval of any application
for benefits by the administrator, the applicant shall be
entitled to receive monthly benefit payments beginning on the last day of the month immediately
following the month which employment ends. A married retiree eligible for survivor benefits
under Section 18-109(c) shall receive a fifty (50) percent, sixty-six and two-thirds(66-2/3)
percent, seventy-five (75) percent or one hundred (100) percent joint and survivor annuity based
on his or her election which is the actuarial equivalent of a single life annuity under this section.
The actuarial equivalent shall be based on assumptions for the applicable interest rate
applicable mortality table as determined under Code Section 417(e).
(e) If, when a covered firefighter's
employment is terminated, and the reserve value of the
employee's retirement benefits is less than five thousand dollars ($5,000.00), the administrator
shall pay the employee the amount of the reserve value in a single lump sum payment. "Reserve
value" is the actuarial equivalent of the pension benefits the covered firefighter employee would
otherwise be eligible to receive under the firefighters' retirement plan. The single lump sum
payment shall be made as soon as possible after employment is terminated and shall be in lieu of
all other retirement benefits otherwise due the employee under the firefighters' retirement plan.
The single lump sum payment shall be a complete discharge of all liabilities of the firefighters'
retirement fund to the employee. This subsection shall not apply to covered firefighter employees
who retire on disability.
(f) In accordance with the requirements
of Section 401(a)(9) of the Code, distributions of
retirement benefits under this section shall begin no later than April 1 of the year in which the
retiree either attains the age of seventy and one-half or retires, whichever is later. Any
distribution options in the firefighters' retirement plan inconsistent with the provisions of Section
401(a)(9) of the Code are overridden by the provisions of the Code.
(Ord. No. 21455, § 1, 9-17-12)
(Ord. 21455, Added, 09/17/2012)