Section 18-67 Retirement by reason of age or service.
Prior to the adoption of Ord. 21455 on 09/17/2012, Section 18-67 read as follows.
A covered firefighter employee shall be eligible to receive retirement benefits upon
reaching the age of sixty-five (65) or upon having completed twenty (20) years of active service,
without regard to age.
For purposes of this section and eligibility to retire after having completed
twenty (20) years of active service without regard to age, 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 18-65 of this code 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.
A former covered firefighter employee shall be eligible to receive retirement benefits
upon reaching the age of sixty-five (65).
The administrator shall pay to a retiree, retired on account of age or service, the
following retirement benefits:
To a retiree with less than twenty (20) years of active service, a retirement
benefit equal to two (2) per cent of the retirees highest average salary multiplied by the number
of years of active service.
To a retiree who has completed at least twenty (20) years of service, a retirement benefit
equal to seventy (70) per cent of the employees highest average salary plus two (2) per cent per
year for each year of active service in excess of twenty (20) years, up to a maximum benefit of
eighty (80) per cent of the highest average salary of the retiree.
The retirement benefit shall be increased each year on the anniversary date of the
retirees retirement by two (2) per cent.
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 in which employment ends.
If, when a covered firefighters employment is terminated, the reserve value of the
employees 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
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.
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.
(Code 1964, § 9.1950; Ord. No. 9917, § 1, 8-15-83; Ord. No. 10299, §
1, 9-4-84; Ord. No. 12868,
§ 1, 2-4-91; Ord. No. 018160, § 1, 7-6-04)