Section 18-67 Retirement by reason of age or service.
Prior to the adoption of Ord. 018160 on 07/06/2004, Section 18-67 read as follows.
Covered firefighter employees shall be eligible for retirement benefits
by reason of age and
service in the following instances:
(1) A covered firefighter employee
shall be eligible for the normal retirement benefit upon
reaching the age of sixty-five (65) without regard to the fact that the employee may have ceased
active employment prior to reaching age sixty-five (65).
(2) A covered firefighter employee
shall be eligible for a normal retirement benefit upon
having completed twenty (20) years of active service without regard to age.
(a) 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.
(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) 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
(2) 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.
(3) The retirement benefit shall be increased
each year on the anniversary date of the
retirees retirement by two (2) per cent.
(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 in which employment ends.
(3) No covered firefighter employee
shall be required to continue in covered employment
after becoming eligible for a retirement benefit established under this section. Covered
employment shall cease at the date that a covered firefighter employee becomes seventy (70);
provided, however, that a covered firefighter employee may be continued by the city manager in
covered employment past his seventieth birthday, upon his request and with the consent of the
fire chief, until September thirtieth of the year in which he turns seventy (70) years of age,
six (6) months after the attainment of seventy (70) years of age, whichever is less.
(4) If the present value of
a covered employees accrued benefit is three thousand five
hundred dollars ($3,500.00) or less at the time of the termination of the covered employees
employment, the director of finance shall at any time direct that the covered employees accrued
benefit be paid in the form of a lump-sum cash payment.
(e) 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.
(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.
(Code 1964, § 9.1950; Ord. No. 9917, § 1, 8-15-83; Ord. No. 10299, § 1, 9-4-84; Ord.
§ 1, 2-4-91)