Fort Walton Beach Council agenda — 02-22-11 regular — reading text

N as 3. Early Retirement Date a UL U. A Member may retire on his Early Retirement Date which shall be the first day of any month coincident with or next following the later of the attainment of age forty -five (45) and as the completion of ten ( 10) years of Credited Service. E M 0 4. Early Retirement Benefit ti M CO A Member retiring hereunder on his Early Retirement Date shall receive a monthly a benefit calculated by determining his normal retirement benefit based upon his Credited Service to his normal retirement date, but reducing said amount by one -quarter percent (. 25 %) for each thirty a 30) days that the early retirement date precedes the Member's normal retirement date. In no event may the early retirement benefit exceed one hundred percent ( 100 %) ofthe Member's Average Final 0 Compensation. Ir- 5. Cost of Living Adjustment r- r- Commencing on January 1, 1993 and each January 1 thereafter, each pension payable M CD to all service retirees, who have attained fifty -eight ( 58) years of age, current and future, shall be increased by an amount equal to three percent ( 3 %). 0 6. Required Distribution Date. a) E The Member's benefit under this Section must begin to be distributed to the Member s no later than April 1 of the calendar year following the later of the calendar year in which the to Member attains age seventy and one -half ( 701/2) or the calendar year in which the Member Q terminates employment with the City. SECTION 7. PRE -RETIREMENT DEATH. 1. Service Incurred. The beneficiary of a deceased Member whose death was directly caused by the performance of his duty as a Firefighter shall receive the accrued benefit otherwise payable to the Member equal to the monthly amount which would have been payable had the deceased Member retired under early or normal retirement, or fifty percent ( 50 %) of the Member's Average Final Compensation, whichever is greater. Page 12 of53 Pages  2. Non -Service Incurred. A. Less Than Five ( 5) Years Credited Service. The beneficiary of a deceased Member whose death was not directly caused by the performance of his duty as a Firefighter who was not receiving monthly benefit payments, and who had not yet attained five ( 5) years of Credited Service, shall receive twenty percent ( 20 %) of Average Final Compensation or refund of one -hundred percent ( 100 %) of the Member' s accumulated contributions. B. Five ( 5) or More Years Credited Service. c The beneficiary of a deceased Member whose death was not directly caused M K by the performance of his duties as a Firefighter who was not receiving C monthly benefit payments, and who had attained five ( 5) or more years of 0 Credited Service, shall receive the greater of forty percent ( 40 %) of the a Member' s Average Final Compensation or otherwise payable to the Member n. at early or normal retirement age, or a refund of one -hundred percent ( 100 %) of the Member's accumulated contributions. Duration of Benefit. Any monthly benefit payable under this Section 7 shall terminate as follows: A. If the death of the Member is service -incurred and payable to the spouse, the benefit shall terminate upon his or her death. If the death of the Member is not service -incurred and payable to the spouse, the benefit shall terminate upon his or her death or remarriage. B. If payable to a child or children, upon attainment of age eighteen ( 18), or age twenty -three ( 23) if engaged in a fiYll -time education. P P P C. If 120 payments have not been made under this Section, then the difference ti between 120 payments and the number actually paid shall be paid to the M CO Member's estate. P L o SECTION 8. DISABILITY. r_ 0 1. Disability Benefits On -Duty. E s Each Member in the Pension Plan and who shall have become totally and permanently disabled while an active Member of the Fort Walton Beach Fire Department to the extent that he is unable, by reason of a medically determinable physical or mental impairment, to render useful and efficient service as a Firefighter which disability was directly caused by the performance of his duty as a Firefighter, shall, upon establishing the same to the satisfaction of the Board, be entitled to a monthly pension equal to two and one -half percent (2. 50 %) of his Average Final Compensation multiplied by the total years of Credited Service, but in no event shall the minimum amount paid to the Member be less than fifty percent ( 50 %) of the Average Final Compensation of the Member. Any condition or impairment of health of a Member caused by tuberculosis, hypertension or heart disease shall be presumed to have been suffered in line of duty unless the contrary is shown by competent evidence, provided that such Member shall have successfully passed a physical examination upon entering into such service, including cardiogram, which examination Page 13 of53 Pages failed to reveal any evidence of such condition; and provided further, that such presumption shall not apply to benefits payable or granted in a policy of life insurance or disability insurance. 2. Disability Benefits Off D - uty. Each Member in the Pension Plan with ten ( 10) years or more Credited Service who shall have become totally and permanently disabled to the extent that he is unable, by reason of a medically determinable physical or mental impairment, to render useful and efficient service as a Firefighter wherein such disability is not directly caused by the performance of his duties as a Firefighter shall be entitled to a monthly pension equal to two and one -half percent (2. 50 %) of his Average Final Compensation multiplied by the total years of Credited Service, but in no event shall the amount paid to the Member be less than twenty -five percent ( 25 %) of his Average Final Compensation. c a 3. Conditions Disqualifying Disability Benefits. c 0 N Each Member who is claiming disability benefits shall establish, to the satisfaction c of the Board, that such disability was not occasioned primarily by: as a LL U. A. Excessive or habitual use of any drugs, narcotics or intoxicants. B. Injury or disease sustained while willfully and illegally participating in fights, riots or civil insurrections. C. Injury or disease sustained while committing a crime. D. Injury or disease sustained while serving in any branch of the Armed Forces. E. Injury or disease sustained after his employment as a Member with the City of Fort Walton Beach shall have terminated. 4. Physical Examination Requirement. qe