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

dependent. Anything in this plan to the contrary notwithstanding, the employee shall not have the right prior to his retirement irrevocable to elect to have or a part of his interest in this plan, which would otherwise become payable to him dyring his lifetime, paid only to his beneficiary after his death. Sec. 17- 29. 1. Cost of living adjustment; method of determining; maximum adjustment. Subject to the provisions of section 17- 36 of this article, providing for rights of the ci ty to amend, modify or discontinue this plan, a cost- of- living adjustment will be made in early, normal or deferred retirement benefits which are being paid to retirees, beneficiaries or contingent annuitants under tpis plan. Such cost- of- living adjustment shall be made effective the first day of April of each year and shall apply to the retirement benefit being paid through the month of March of the following year. In each year, the maximum cost- of- living adjustment, expressed as a percentage increase of retirement benefits being paid shall be three percent ( 3%). If the Bureau of Labor Statistics Consumer Price Index ( all items- United Stat~s city PaRe 50 average) for the month of December of the immediately preceding year shall be less than three percent ( 3%), the cost- of- living adjustment will be reduced accordingly, expressed to the nearest one- tenth ( 1/ 1 Oth) of one percent ( 1 %) and applied to the current retirement benefits being paid. The cost- of- living adjustment shall not apply to disability benefits being paid under the provisions of this article. Sec. 17- 30. Limitation on benefits; limitation on benefits for certain highly paid employees. A member' s annual benefit under tt"is plan shall not exceed the lesser of: a) $ 75, 000, or this amount as adjusted under section 415( d) of the Internal Revenue Code at the time of his separation from service to take into account increases in the cost of living, or b) One hundred ( 100%) of the member' s average compensation for the period of three ( 3) consecutive calendar years during which such member bothj was an active member of the plan and had the greatest aggregate compensation from the employer. This limi tation shall be deemed not to be exceeded if the retirement benefits payable to or on behalf of the member under this and all other defined benefit plans of the employer do not exceed $ 10, 000 for the plan year in question or any prior plan year and if such member h~.s never participated in any defined contribution plan maintained by the employer.' If the member separates from service after the completion of fewer than ten 10) years of service, the limitation otherwise applicable under the terms of this section shall be reduced by multiplying this otherwise applicable limitation by the following fraction: YEARS CF SERVICE - 10 The benefits payable to any member who is among the twenty- five ( 25) highest paid employees on January 1, 1966 and whose anticipated annual benefit under the plan exceeds $ 1, 500 shall be subject to the following limitations: Notwithstanding any other provisions of this plan to the contrary, if this plan is terminated within ten ( 10) years after January 1, 1966, if the benefits of such Pa~ e 51