1976 ORDINANCES - Laserfiche WebLink

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THE POST-RETIREMENT SUPPLEMENTS BEING PAID SHALL HAVE BEEN APPROPRIATED. NO CHANGE IN THE AMOUNT OF ANY POST-RETIREMENT SUPPLEMENT SHALL BE EFFECTED BETWEEN DETERMINATION DATES EXCEPT AS NECESSARY TO REFLECT CHANGES IN THE AMOUNT OF THE • ALLOWANCE BEING SUPPLEMENTED, TO THE END THAT ANY POST-RETIREMENT SUPPLEMENT SHALL REMAIN A CONSTANT PERCENTAGE OF THE RESPECTIVE ALLOWANCE BEING SUPPLEMENTED, NOR SHALL ANY NEW POST-RETIREMENT SUPPLEMENT BE COMMENCED EXCEPT AS OF A DETERMINATION DATE. THE POST-RETIRMENT SUPPLEMENT DETERMINED AS OF ANY DETERMINATION DATE SHALL BECOME EFFECTIVE AS OF THE PAYMENT DATE NEXT FOLLOWING SUCH DETERMINATION DATE AND SHALL BE IN LIEU OF ANY POST-RETIREMENT SUPPLEMENT PREVIOUSLY PAYABLE, WHICH SHALL THEREUPON BE TERMINATED. (D) THE CITY COUNCIL SHALL MAKE AN ANNUAL REVIEW OF THE POST-RETIREMENT SUPPLEMENTS BEING PAID IN ACCORDANCE WITH THIS SECTION AND SHALL DETERMINE WHETHER OR NOT THE FOLLOWING JULY 1 SHALL BE A DETERMINATION DATE AS OF WHICH THE AMOUNTS OF SUCH SUPPLEMENTS SHALL BE RECOMPUTED. SECTION 2-219.16. RECOMPUTATION OF ALLOWANCES. • ANY FORMER MEMBER WHO HAS RETIRED AND IS, AT JUNE 30, 1975, RECEIVING A SERVICE RETIREMENT ALLOWANCE PURSUANT TO THE PROVISIONS OF THE PLAN AS IN EFFECT ON SUCH DATE, SHALL, EFFECTIVE JULY 1, 1975, RECEIVE A RETIRMENT ALLOWANCE WHICH SHALL BE COMPUTED AS THE LARGER OF THE ALLOWANCE BEING PAID AS OF JUNE 30, 1975, OR THE ALLOWANCE THAT WOULD HAVE BEEN PAYABLE IF THE PROVISION OF THIS ARTICLE AS v IN EFFECT ON JULY 1, 1975, HAD BEEN IN EFFECT ON THE DATE OF RETIREMENT OF SUCH C7� MEMBER. SECTION 2-219.17. WAIVER OF BENEFITS. ANY BENEFICIARY MAY, BY A WAIVER SIGNED BY SUCH BENEFICIARY AND FILED WITH THE COMMISSION AND APPROVED BY IT, DECLINE TO ACCEPT ANY PART OR ALL OF THE BENEFITS TO WHICH HE IS ENTITLED UNDER THIS ARTICLE. SUCH WAIVER MAY BE REVOKED AT ANY TIME BY A WRITTEN REVOCATION FILED WITH THE COMMISSION, BUT NO PAYMENT OF THE WAIVED BENEFITS SHALL BE MADE COVERING THE PERIOD DURING WHICH SUCH WAIVER WAS IN EFFECT. ANY SUCH WAIVER OR REVOCATION OF WAIVER SHALL BECOME EFFECTIVE ON THE FIRST DAY OF THE MONTH FOLLOWING THE DATE OF THE MEETING OF THE COMMISSION AT WHICH SUCH WAIVER OR REVOCATION OF WAIVER IS APPROVED. SECTION 2-219.18. CORRECTIONS AND OTHER EFFECTS ON BENEFITS. (A) SHOULD ANY CHANGE OR ERROR IN RECORDS RESULT IN ANY MEMBER OR BENEFICIARY RECEIVING FROM THE PALN MORE OR LESS THAN HE WOULD HAVE BEEN ENTITLED • TO RECEIVE HAD THE RECORDS BEEN CORRECT, THEN ON DISCOVERY OF SUCH ERROR THE COMMISSION SHALL CORRECT IT, AND AS FAR AS PRACTICABLE, SHALL ADJUST THE PAYMENTS IN SUCH A MANNER THAT THE ACTUARIAL EQUIVALENT OF THE BENEFIT TO WHICH SUCH MEMBER OR BENEFICIARY WAS CORRECTLY ENTITLED SHALL BE PAID. (B) EXCEPT AS OTHERWISE PROVIDED HEREIN AND IN SECTION 2-219.12 OF THIS CODE, THE FACT THAT A FORMER MEMBER IS EMPLOYED AFTER RETIREMENT WILL NOT AFFECT THE PAYMENT OF THE BENEFITS TO WHICH HE IS ENTITLED UNDER THE PROVISIONS OF THIS ARTICLE. HOWEVER, SHOULD A FORMER MEMBER BE AGAIN IN SERVICE AT ANY TIME SUBSEQUENT TO HIS RETIREMENT UNDER SECTION 2-219.4 OF THIS CODE FOR ANY PERIOD IN EXCESS OF SIXTY DAYS, HIS RETIREMENT ALLOWANCE SHALL THEREUPON CEASE, HE SHALL RESUME HIS STATUS AS A MEMBER OF THE SYSTEM, AND HIS PREVIOUS PERIOD OF CREDITABLE SERVICE SHALL BE RE-ESTABLISHED. ANY BENEFITS WHICH MAY BECOME PAYABLE THEREAFTER UNDER ANY OF THE PROVISIONS OF THIS ARTICLE UPON HIS SUBSEQUENT RETIREMENT OR • DEATH SHALL BE COMPUTED IN ACCORDNACE WITH THE APPLICABLE PROVISIONS OF THIS ARTICLE AS IF HIS PREVIOUS RETIREMENT HAS NOT OCCURRED, BASED ON THE TOTAL OF HIS CREDITABLE SERVICE BEFORE AND AFTER HIS PERIOD OF RETIREMENT.