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” and “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)