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

the fund by him together with the interest noted above, and amounts withdrawn through benefits shall be paid to his named beneficiary.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 provides for a retirement benefit which shall be payable during the lifetime of the employee with monthly payments guaranteed ( certain) for ten ( l 0) 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) monthly retirement payments. Such payments to the beneficiary will continue until the period certain ( 120 months) has been accomplished. c) Lifetime income with monthly payments guarante~d ( certain) for five years ( 60 months) ( OPTION B), fifteen years ( 180 months) ( OPTION D) or twenty years ( 240 months) ( OPTION E). These options provide for a decreased retirement benefit which shall be payable during the lifetime of the employee with monthly payments guaranteed ( certain) periods for...'. of five ( 5) years ( 60 months), fifteen ( 15) years ( 180 months) o~' twenty 20) years ( 240 months) as elected by the retiring employee. . Under these options, the retiring employee will recei ve the decreased 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 monthly retirement benefits 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 benefit ( OPTI<::x\ F). l This option provides for a decreased retirement benefit which shall be payable during the joint lifetime of the employee 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) PaRe 21  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 employee 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 lifetime of the employee and his spouse or other legal dependent. f) Joint and survivor monthly life income; one- half ( 1/ 2) benefit ( OPTION H). This option provides a decreased retirement benefit which shall be payable during the joint lifetime of the employee 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 one- half ( 1/ 2) of the amount which was ' payable during the joint lifetime of the employee and his spouse or other legal dependent. Anything in this plan to the contrary notwithstanding, the employee shall not have the right prior to his retirement to irrevocably elect to have all or part of his interest in this plan which would otherwise become payable to him during his lifetime, paid only to his beneficiary after his death. Sec. 17- 16. Cost of living adjustment; method of determining; maximum adjustment. Subject to the provisions of section 17- 20 of this article, providing for the rights of the city to amend 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 or contingent annuitants under this 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- Uni ted States city 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 and the accordingly, expressed to the nearest one- tenth of one percent applied to current retirement benefits being paid. Pa~ e 22  The cost- of- living adjustment shall not apply to disability benefits being paid under the provisions of this article. Sec. 17 - 16. 1. Limitation on the benefits; limitation on benefits for certain highly paid employees. A member' s annual benefit under this 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 percent ( 100%) ' of the member' s average compensation for the period of three ( 3) consecutive calendar years during which such member both was an active member of the plan and had the greatest aggregate compensation from the employer. This limitation 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 questio'l, or any prior plan year and if such member has 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 limitatioD,',by the following fraction: Years of Service - 10 The benefi ts payable to any member who was 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 member become payable within ten ( 10) years of this date, or if the benefits of such member become payable more than ten ( 10) years after this date but before the full current costs attributable to such ten ( 10) year period have been met, the employer contributions which may be used for the benefit of such member or his spouse, beneficiary or contingent beneficiary may not exceed the greater of: I) $ 20, 000; or PaRe 23  2) An amount equal to twenty percent ( 20%) of the first $ 50, 000 of such members average annual compensation during the immediately preceding five 95) calendar years of employment by the employer, multiplied by the number of years between January 1, 1966 and. i) the date on which the plan is terminated, ii) the date prior to termination on which the benefits become payable, or iii) the date of the failure to meet the full current cost of the plan if such costs are not met for the ten ( 10) year period after such date and if benefits become payable more than ten 10) years after such date. If on the date ten ( 10) years following January 1, 1966, the full current cost of this plan shall not have been met, the restrictions set forth in this section shall continue to apply until the full current costs are funded for the first time. . The foregoing restrictions shall not limit the current payment of retirement or disability benefits under an annuity payable for the life of the member or under