1976 ORDINANCES - Laserfiche WebLink

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CREDITABLE SERVICE SHALL BOTH BE FIXED AS OF SUCH NORMAL RETIREMENT DATE AND SHALL NOT BE INCREASED ON ACCOUNT OF SUCH CONTINUED SERVICE THEREAFTER. ANY MEMBER WHO CONTINUES IN SERVICE BEYOND HIS NORMAL RETIREMENT DATE MAY RETIRE, OR • MAY BE RETIRED BY HIS APPOINTING AUTHORITY, AT ANY TIME THEREAFTER, UPON WRITTEN NOTIFICATION TO THE COMMISSION, MADE BY THE MEMBER OR BY HIS APPOINTING AUTHORITY, SETTING FORTH AT WHAT DATE THE RETIREMENT IS TO BECOME EFFECTIVE; PROVIDED, THAT SUCH EFFECTIVE DATE SHALL BE AFTER THE MEMBER'S LAST DAY OF SERVICE AND SHALL NOT BE MORE THAN NINETY DAYS PRIOR TO THE FILING OF SUCH NOTIFICATION. (C) ANY MEMBER WHO IS IN SERVICE AND WHO HAS COMPLETED FIVE OR MORE YEARS OF CREDITABLE SERVICE MAY RETIRE AT ANY TIME WITHIN FIVE-YEAR PERIOD IMMEDIATELY PRECEDING HIS NORMAL RETIREMENT DATE UPON WRITTEN NOTIFICATION TO THE COMMISSION, MADE BY THE MEMBER, SETTING FORTH AT WHAT DATE THE RETIREMENT IS TO BECOME EFFECTIVE; PROVIDED THAT SUCH EFFECTIVE DATE SHALL BE AFTER THE MEMBER'S LAST DAY OF SERVICE AND SHALL NOT BE MORE THAN NINETY DAYS PRIOR TO THE FILING OF SUCH NOTIFICATION. • (D) ANY MEMBER WHO TERMINATES SERVICE AFTER COMPLETING FIVE OR MORE YEARS OF CREDITABLE SERVICE MAY RETIRE UNDER THE PROVISIONS OF EITHER SUBSECTION (A) OR SUBSECTION (C) OF THIS SECTION PROVIDED, THAT THE REQUIREMENT AS TO SUCH MEMBER BEING IN SERVICE SHALL NOT APPLY. SECTION 2-219.5. SERVICE RETIREMENT ALLOWANCE. d (A) UPON SERVICE RETIREMENT ON OR AFTER JULY 1, 1975, A MEMBER SHALL RECEIVE AN ANNUAL RETIREMENT ALLOWANCE PAYABLE MONTHLY TO HIM FOR LIFE COMMENCING ON THE FIRST DAY OF THE MONTH COINCIDING WITH OR NEXT FOLLOWING HIS DATE OF RETIREMENT, IN AN AMOUNT COMPUTED AS THE LARGER OF (1) AND (2) FOLLOWING: (1) THE EXCESS, IF ANY, OF TWO PERCENT OF THE MEMBER'S AVERAGE FINAL COMPENSATION MULTIPLIED BY THE NUMBER OF YEARS OF HIS CREDITABLE SERVICE, OVER TWO AND ONE-HALF PERCENT OF THE MEMBER'S ANNUAL PRIMARY SOCIAL SECURITY BENEFIT, MULTIPLIED BY THE NUMBER OF YEARS OF HIS CREDITABLE SERVICE UP TO A MAXIMUM OF TWENTY YEARS. (2) ONE AND THIRTY-FIVE HUNDREDTHS PERCENT OF THE MEMBER'S AVERAGE FINAL COMPENSATION MULTIPLIED BY THE TOTAL NUMBER OF YEARS OF HIS CREDITABLE SERVICE. THE FOREGOING PROVISIONS OF THIS SUBSECTION TO THE CONTRARY NOTWITH- STANDING, IF THE RETIREMENT DATE OF A MEMBER WITH LESS THAN THIRTY YEARS OF • CREDITABLE SERVICE PRECEDES HIS NORMAL RETIREMENT DATE, HIS RETIREMENT ALLOWANCE AMOUNT AS COMPUTED IN ACCORDANCE WITH THE PRECEDING PROVISIONS OF THIS SUBSECTION SHALL BE REDUCED BY ONE-HALF OF ONE PERCENT FOR EACH COMPLETE MONTH IN THE PERIOD BETWEEN THE MEMBER'S RETIREMENT DATE AND THE EARLIER OF HIS NORMAL RETIREMENT DATE OR THE DATE ON WHICH HE WOULD HAVE COMPLETED THIRTY YEARS OF CREDITABLE SERVICE HAD HE REMAINED AN EMPLOYEE CONTINUOUSLY UNTIL SUCH DATE. (B) IN ADDITION TO THE RETIREMENT ALLOWANCE TO WHICH HE IS ENTITLED UNDER THE PROVISIONS OF SUBSECTION (A) OF THIS SECTION A RETIRED MEMBER WHO AT HIS DATE OF RETIREMENT WAS IN SERVICE AS A POLICE OFFICER OR FIREFIGHTER AND WHO HAS COMPLETED TWENTY YEARS OR MORE OF CREDITABLE SERVICE SHALL RECEIVE AN ADDITIONAL ANNUAL 11