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AN ORDINANCE AMENDING AND REENACTING SECTION 2-208 OF CHAPTER 2 OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1965, ENTITLED "RETIREMENT PAY RATES". BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE THAT SECTION 2-208 OF CHAPTER 2 OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1965, ENTITLED "RETIREMENT PAY RATES" BE AMENDED AND REENACTED TO READ AS FOLLOWS: SECTION 2-208. RETIREMENT PAY RATES. SUBJECT TO THE TERMS OF THIS ARTICLE INCLUDING THE REDUCTION FOR PRIMARY SOCIAL SECURITY BENEFITS AS PROVIDED IN SECTION 2-202, THE CITY WILL PAY RETIREMENT PAY ON A MONTHLY BASIS TO ANY PERSON ELIGIBLE TO RECEIVE SUCH RETIREMENT PAY IN ACCORDANCE WITH THE FORMULA SET FORTH BELOW. FORMULA FIXING RETIREMENT PERCENTAGES BASED ON SALARY AND YEARS OF SERVICE AND INCLUDING PRIMARY SOCIAL SECURITY BENEFITS. ANNUAL SALARY AT TIME OF RETIREMENT UP TO $15,000 PER YEAR ON PORTION OF SALARY OVER $15,000 MINIMUM 15 YRS. THRU 19 YRS. 40% OF SALARY PLUS 2% FOR EACH FULL YEAR OF SERVICE THE ABOVE PLUS- ON PORTION OF SALARY IN EXCESS OF $15,00, 30% PLUS 2% FOR EACH FULL YEAR OF SERVICE AFTER 15TH THRU 19TH MINIMUM PAY FROM CITY $40.00 PER MONTH 20 YEARS AND OVER 50% OF SALARY PLUS 1/2 OF 1% FOR EACH FULL YEAR OF SERVICE AFTER THE 20TH THE ABOVE PLUS- ON PORTION OF SLARY IN EXCESS IF $15,000, 40% PLUS 1/2 OF 1% FOR EACH FULL YEAR OF SERVICE AFTER THE 20TH MININMUM PER FROM CITY $50.00 PER MONTH PLUS 5% FOR EACH FULL YEAR IN EXCESS OF 20 YEARS. ADOPTED BY THE COUNCIL FEBRUARY 19, 1968 AYES: MR. HAGGERTY, MR. MOUNT, MR. RENNOLDS, MR. RINEHART AND MR. VOGT. NOES: NONE. CLERK SIGNATURE PRESIDENT SIGNATURE AN ORDINANCE AMENDING AND REENACTING SECTION 2-206 OF CHAPTER 2 OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1965, ENTITLED "ELIGIBILITY FOR PLAN". BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE THAT SECTION 2-206 OF CHAPTER 2 OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1965, ENTITLED "ELIGIBILITY FOR PLAN" BE AMENDED AND REENACTED TO READ AS FOLLOWS: SECTION 2-206. ELIGIBILITY FOR PLAN. THE PROVISIONS OF THE ARTICLE SHALL EXTEND TO ALL FULL TIME EMPLOYEES OF THE CITY WHO (1) REMAIN IN THE CONTINUOUS SERVICE OF THE CITY UNTIL THEY REACH THE AGE OF SIXTY-FIVE YEARS AND HAVE 15 YEARS OR MORE OF CONTINUOUS SERVICE WITH THE CITY; OR (2) MEET THE REQUIREMENTS OF (1) ABOVE BUT DECIDE TO RETIRE AT AGE 62 OR OVER AT REDUCED BENEFITS AS SET FORTH IN SECTION 2-207; OR (3) ARE FORCED TO RETIRE FOR REASONS OF DISABILITY AS SET FORTH IN SECTION 2-209; OR (4) ARE, HAVING REACHED THE AGE OF 62 OR OVER AND HAVING AT LEAST 20 YEARS OF CONTINUOUS SERVICE, REQUESTED TO RETIRE BY THE CITY COUNCIL, IF APPOINTED BY THEM, OR BY THE CITY MANAGER, IF EMPLOYED BY HIM OR HIS DEPARTMENT HEADS; OR (5) COMPLETE AT LEAST 20 YEARS OF CONTINUOUS AND FULL TIME EMPLOYMENT WITH THE CITY AND TERMINATE THEIR EMPLOYMENT EITHER VOLUNTARILY OR INVOLUNTARILY, PRIOR TO THEIR REACHING RETIREMENT AGE. THESE PERSONS SHALL BE ELIGIBLE TO RECEIVE RETIREMENT PAY FROM THE CITY WHEN THEY REACH THE AGE OF 65, OR AT REDUCED BENEFITS AT AGE 62 OR OVER AS PROVIDED IN THIS ARTICLE, AT THE RATES SET FORTH IN SECTION 2-208. RETIREMENT PAY UNDER THIS SECTION SHALL BE BASED ON THE AMOUNT OF THE EMPLOYEES SALARY AND THE NUMBER OF YEARS OF SERVICE EFFECTIVE AT THE TIME HIS CITY EMPLOYMENT IS TERMINATED.