Fort Walton Beach Ordinance — 801 Restate General Emp Plan — reading text

under the definition of this article who has had at least ten ( 10) years of service at the onset of disability, a remainder inter~st may exist expressed as a deferred retirement benefit at normal retirement age equal to: the actuarial equivalent at normal retirement age of the remaining values if any, after the total benefits paid under the disability provisions have been subtracted from the present value, discounted at the current assumed.', rate of interest and for mortality, of the accrued benefit at the o' nset of disabili ty. As an alternate, an employee may elect to receive a refund of his own contributions with interest calculated as of the day of disability less all benefits paid while disabled. 2) For any employee returning to work or determined to be no longer disabled under the definitions, of this article who has fewer than ten 10) years of service at the onset of disability, a refund of his contributions to the fund, with interest as calculated under the provisions of this article, less all benefits paid while disabled. If the benefits paid exceed the employee' s own total contribution together with interest as calculated under the provisions of this article, no further interest will exist in this fund for that employee as respects all service prior to the date of disability. b) With respect to employer contributions Pa~ e 47  1) For any employee returning to work or determined to be no longer disabled under the definitions of this article who has had at least ten ( 10) years of service at the onset of disability, any interest in employer contributions will be limited to the deferred remainder a)( interest as outlined in subsection 17 - 28. 2( 1), if any, and if the employee does not elect to withdraw his contributions, if any, as outlined above. 2) For any employee returning to work or determined to be no longer disabled under the definitions of this article who has had fewer than ten ( 10) years of service at the onset of disability there will exist no interest in employer contributions. No benefits under this section will be paid to an employee whose employment terminated prior to his becoming disabled nor in any case where the disability resul ts from self- inflicted injury, injury incurred in the commission of a felony or excessive or habitual use of narcotics, hallucinogenic drugs or alcoholic beverages. Sec. 17- 28. 3. Deferred retirement; maximum age. An employee participating in this plan may defer retirement to a deferred retirement date which shall be no longer than the participant' s seventieth ( 70th) birthday. On such deferred retirement date he shall be entitled to a retirement benefit determined in accordance with section 17- 28 and based on credite~ service to his normal retirement date. Sec. 17- 29. Normal retirement benefits; alternate forms of retirement income. A participating member of this retirement fund may, at any time prior to the date of his retirement, elect to receive on his early, normal, disability or deferred retirement date, benefits to which he is entitled under sections 17- 28, 17- 28. 1, 17- 28. 2 or 17- 28. 3 of this article under anyone of the following options, provided that the benefits payable under anyone of these options shall be the actuarial equivalent of the amount under anyone of the other options: a) Lifetime income with modified cash refund at death ( OPTICN A). This is an alternate option to the guaranteed retirement benefit provided in section 17 - 28 of this article. This option provides for an increased retirement benefit which shall be payable during the lifetime of the employee with benefits terminating at the employee' s death. If a retired Pa~ e 48  employee under this option should die prior to receiving retirement benefits equal to his own contributions to the retirement fund, together with interest accumulated to his date of retirement according to the provisions of this article, then the balance of the difference between the sums contributed to the fund by him together with the interest noted above, and amounts withdrawn through benefits shall be paid to his named beneficiary. b) Lifetime income with monthly payments guaranteed ( certain) for ten years ( 120 months) ( OPTION C). This option is the standard retirement option provided for under the ' calculation method in section 17- 28 of this article. It provides for a retirement benefit which shall be payable during the lifetime of the employee with monthly payments guaranteed certain) for ten ( 10) years ( 120 months). Under this option the retiring employee will receive the retirement benefit during his entire lifetime and. the same benefit will be paid to his beneficiary should he die after his retirement prior to receiving one hundred twenty ( 120) r;nonthly retirement payments. Such payments to the beneficiary will continue until the period certain ( 120 months) has been accomplished. c) Lifetime income with monthly payments guaranteed ( certain) for five years ( 60 months) ( OPTION B), fifteen years ( 180 months)( OPTICN D) or twenty years ( 240 months) ( OPTION E). These options provid~ for an increased retirement benefit which shall be payable during the lifetime of the employee with monthly payments guaranteed ( certain) for a period of five ( 5) years ( 60 months), decreased retirement benefits which shall be payable during the lifetime' of the employee with monthly payments guar anteed ( certain) for periods of fifteen (I5) years ( 180 months) or twenty ( 20) years ( 240 months) as elected by the retiring employee. Under these options, the retiring employee will receive the increased or decreased retirement benefit during his entire lifetime and the same benefi t will be paid to his beneficiary should he die after his retirement prior to receiving monthly retirement benefi ts at least equal to the period certain specified. Such payments to the beneficiary will continue until the period certain has been accomplished. d) Joint and survivor monthly life income; full benefi t( OPTION F). This option provides for a decreased retirement benefit which shall be payable PaRe 49  during the joint lifetime of the retiree and his legal spouse or other legal dependent and which shall continue after the death of either during the lifetime of the survivor in the same amount. e) Joint and survivor monthly life income; two- thirds ( 2/ 3) benefit( OPTICN G). This option provides a decreased retirement benefit which shall be payable during the joint lifetime of the retiree and his legal spouse or other legal dependent and which shall continue after the death of the employee or his spouse or other legal dependent during the lifetime of the survivor in an amount equal to two- thirds ( 2/ 3) of the amount which was payable during the joint iifetime of the employee and his spouse or other legal dependent. f) Joint and survivor monthly life income; one- half ( 1/ 2) benefit( OPTICN H). This option provides a decreased retirement benefit which shall be payable during the joint lifetime of the retiree and his legal spouse or other legal dependent and which shall continue after the death of the retiree or his spouse or' other legal dependent during the lifetim,e of the survivor in an amount which was payable during the joint lifetime of the employee and his spouse or other legal