1976 ORDINANCES - Laserfiche WebLink

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• I I • • 0 379 RETIREMENT SHALL BE COUNTED AS CREDITABLE SERVICE. (C) WHENEVER THE COMMISSION ASCERTAINS THAT ANY BENEFICIARY OF A DISABILITY RETIREMENT ALLOWANCE IS BEFORE HIS NORMAL RETIREMENT DATE ENGAGED IN GAINFUL OCCUPATION OR WORK BUT IS STILL INCAPABLE OF PERFORMING THE USUAL AND CUSTOMARY DUTIES OF HIS FORMER POSITION WITH THE CITY, THE COMMISSION MAY REDUCE SUCH BENEFICIARY'S ALLOWANCE BY UP TO BUT NOT MORE THAN FIFTY PERCENT THEREOF AND SUCH REDUCTION SHALL REMAIN IN EFFECT SO LONG AS THE BENEFICIARY IS ENGAGED IN GAINFUL OCCUPATION OR WORK; PROVIDED, HOWEVER, THAT UPON SUCH BENEFICIARY ATTAINING HIS SIXTY-FIFTH BIRTHDAY, THE REDUCTION SHALL BE RESTORED. SECTION 2-219.13. OPTIONAL BENEFITS. (A) EACH MEMBER SHALL HAVE THE RIGHT AT ANY TIME, NOT AFTER THE LATER OF THE EFFECTIVE DATE OF THE MEMBER'S RETIREMENT OR THE DATE OF THE WRITTEN NOTIFICATION TO THE COMMISSION OF THE RETIREMENT OF THE MEMBER, TO ELECT TO HAVE HIS RETIREMENT ALLOWANCE, OTHER THAN ANY PORTION OF SUCH ALLOWANCE THAT IS PAY- ABLE UNDER THE PROVISIONS OF SECTION 2-219.5(B) OF THIS CODE, PAYABLE UNDER ONE OF THE OPTIONS SET FORTH IN SUBSECTIONS (B) AND (C) OF THIS SECTION, IN LIEU OF THE RETIREMENT ALLOWANCE OTHERWISE PAYABLE TO HIM UPON RETIRMENT. THE AMOUNT OF ANY SUCH OPTIONAL RETIREMENT ALLOWANCE SHALL BE THE ACTUARIAL EQUIVALENT OF THE AMOUNT OF SUCH RETIREMENT ALLOWANCE OTHERWISE PAYABLE TO THE MEMBER. THE MEMBER SHALL MAKE SUCH AN ELECTION BY WRITTEN NOTICE TO THE COMMISSION. (B) A MEMBER MAY ELECT TO RECEIVE A DECREASED RETIREMENT ALLOWANCE DURING HIS LIFETIME AND HAVE SUCH RETIREMENT ALLOWANCE, OR A DESIGNATED FRACTION THEREOF, CONTINUED AFTER HIS DEATH TO ONE OTHER PERSON, CALLED A CONTINGENT BENEFICIARY, DURING THE LIFETIME OF SUCH CONTINGENT BENEFICIARY; ''PROVIDED, HOWEVER, THAT THE ACTUARIALLY COMPUTED PRESENT VALUE OF THE PAYMENTS EXPECTED TO BE MADE TO THE RETIRED MEMBER MUST BE AT LEAST ONE-HALF OF THE ACTUARIALLY COMPUTED PRESENT VALUE OF THE PRESENT VALUE OF THE COMBINED TOTAL PAYMENTS EXPECTED TO BE MADE TO THE RETIRED MEMBER AND THE CONGINGENT BENEFICIARY.'' IN THE CASE OF A MEMBER WHO RETIRES FOR DISABILITY UNDER THE PROVISIONS OF SECTION 2-219.10 OF THIS CODE, THE ELECTION OF THIS OPTION SHALL NOT BECOME EFFECTIVE, AND NEED NOT BE MADE, UNTIL HE ATTAINS THE DATE THAT WOULD HAVE BEEN HIS NORMAL RETIREMENT DATE HAD HE REMAINED IN SERVICE UNTIL THEN. (C) A MEMBER WHO RETIRES FOR EARLY SERVICE RETIREMENT UNDER THE PROVISIONS OF SECTION 2-219.4(C) OF THIS CODE MAY ELECT TO RECEIVE AN INCREASED RETIREMENT ALLOWANCE UP TO THE DATE HIS PRIMARY SOCIAL SECURITY BENEFIT IS EXPECTED TO COMMENCE, AND A DECREASED RETIREMENT ALLOWANCE THEREAFTER, THEREBY PROVIDING A MORE NEARLY LEVEL RETIREMENT ALLOWANCE WHEN SUCH DECREASED RETIREMENT ALLOWANCE IS ADDED TO HIS ANTICIPATED PRIMARY BENEFITS UNDER THE FEDERAL SOCIAL SECURITY ACT. (D) THE ELECTION BY A MEMBER OF ANY ONE OF THE OPTIONS PROVIDED IN SUBSECTIONS (B) AND (C) OF THIS SECTION SHALL BE NULL AND VOID IF THE MEMBER DIES PRIOR TO RETIREMENT, OR PRIOR TO THE DATE THE OPTION BECOMES EFFECTIVE, AND THE ELECTION BY A MEMBER OF THE OPTION PROVIDED IN SUBSECTION (B) OF THIS SECTION SHALL BE NULL AND VOID IF THE DESIGNATED CONTINGENT BENEFICIARY DIES BEFORE THE MEMBER'S RETIREMENT OR BEFORE THE DATE THE OPTION BECOMES EFFECTIVE.