§ 54-191. Benefit amounts and eligibility.

(a)

Normal retirement age and date. A member's normal retirement age is the earlier of the attainment of age 55 and the completion of six years of credited service or the completion of 25 years of credited service, regardless of age. Each member shall become 100 percent vested in his accrued benefit at normal retirement age. A member's normal retirement date shall be the first day of the month coincident with or next following the date the member retires from the city after attaining normal retirement age.

(b)

Normal retirement benefit. A member retiring hereunder on or after his normal retirement date shall receive a monthly benefit which shall commence on the first day of the month coincident with or next following his retirement and be continued thereafter during member's lifetime, ceasing upon death, but with 120 monthly payments guaranteed in any event. The monthly retirement benefit shall equal three percent of average final compensation for all years of credited service, provided, however, that the monthly benefit shall not exceed 95 percent of average final compensation, but in any event, the benefit shall not be less than two and three-quarters percent of average final compensation for each year of credited service.

(c)

Early retirement date. A member may retire on his early retirement date which shall be the first day of any month coincident with or next following the attainment of age 50 and the completion of six years of credited service. Early retirement under the system is retirement from employment with the city on or after the early retirement date and prior to the normal retirement date.

(d)

Early retirement benefit. A member retiring hereunder on his early retirement date may receive either a deferred or an immediate monthly retirement benefit payable in the same form as for normal retirement as follows:

(1)

A deferred monthly retirement benefit which shall commence on what would have been his normal retirement date, determined based upon his actual years of credited service, and shall be continued on the first day of each month thereafter. The amount of each such deferred monthly retirement benefit shall be determined in the same manner as for retirement on his normal retirement date, determined based upon his actual years of credited service, except that credited service and average final compensation shall be determined as of his early retirement date; or

(2)

An immediate monthly retirement benefit which shall commence on his early retirement date and shall be continued on the first day of each month thereafter. The benefit payable shall be as determined in paragraph a. above, reduced by three percent for each year by which the commencement of benefits precedes age 55.

(e)

Required distribution date. The member's benefit under this section must begin to be distributed to the member no later than April 1 of the calendar year following the later of the calendar year in which the member attains age 70½ or the calendar year in which the member terminates employment with the city.

(Ord. No. 00-22, § 1, 2-24-00; Ord. No. 01-59, § 2, 9-13-01; Ord. No. 07-54, § 1, 11-29-07; Ord. No. 09-03, § 3, 3-12-09; Ord. No. 10-13, § 1, 4-8-10; Ord. No. 16-60, § 4, 11-10-16; Ord. No. 16-61, § 2, 12-6-16)