Fort Walton Beach Council agenda — 02-08-11 regular — reading text

CO M 1. Normal Retirement Date. L 0 A Member' s Normal Retirement Date who retires after the effective date of this ordinance a shall be the first day ofthe month coincident with, or next following, the attainment of age fifty -five E 55) and the completion of ten ( 10) years of Credited Service or the completion of twenty -five (25) s 0 years of Credited Service regardless of age. A Member may retire on his Normal Retirement Date M or on the first day of any month thereafter, and each Member shall become 100% vested in his a accrued benefit on :his Normal Retirement Date. 2. Normal Retirement Benefit a)A. A Member retiring hereunder on or after his Normal Retirement Date, and on or before January 1, 2000, shall receive a monthly benefit which shall commence on his Retirement Date and be continued thereafter during his lifetime, ceasing upon death, but with one -hundred twenty ( 120) monthly payments guaranteed in any event. The monthly retirement benefit shall equal two and one -half percent (2. 50 %) of Average Final Compensation, for each year of Credited Service. Page 11 of53 Pages  b-)B. Each person who meets the eligibility requirements in subsection (1), above, is one hundred percent ( 100 %) vested on January 1, 2000, and retires on or after that date, shall receive a monthly benefit which shall commence on his Retirement Date and be continued thereafter during his lifetime, ceasing upon death, but with one hundred twenty ( 120) monthly payments guaranteed in any event; and such person shall receive a retirement benefit commencing at normal retirement equal to two and three -fourths percent (2. 75 %) of average final compensation for each year of credited service, but no greater than one hundred percent ( 100 %) of average final compensation. ejC. Each person who meets the eligibility requirements in subsection ( 1), above, and retires on or after January 1, 2000, but is not one hundred percent ( 100 %) vested on that date, and all future plan Members, shall receive a benefit c commencing at normal retirement equal to two and three- fourths percent FL 2. 75 %) of average final compensation for each year of credited service, but c no greater than one hundred percent ( 100 %) of average final compensation. 0 N C 3. Early Retirement Date a U. 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 the completion of ten ( 10) years of Credited Service. 4. Early Retirement Benefit A Member retiring hereunder on his Early Retirement Date shall receive a monthly 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 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 Compensation. T T Cost of Living Adiustment T ti Commencing on January 1, 1993 and each January 1 thereafter, each pension payable M CO to all service retirees, who have attained fifty -eight (58) years of age, current and future, shall be T increased by an amount equal to three percent (3 %). a O 6. Required Distribution Date. a E The Member's benefit under this Section must begin to be distributed to the Member s 0 no later than April 1 of the calendar year following the later of the calendar year in which the M 2) or the calendar year in- which the Member Member attains age seventy and one -half t70 % a 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. The beneficiary of a deceased Member whose death was not directly caused FL 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 a N Credited Service, shall receive the greater of forty percent ( 40 %) of the a Member' s Average Final Compensation or otherwise payable to the Member CL at early or normal retirement age, or a refund of one -hundred percent ( 100 %) UL LL of the Member's accumulated contributions. a Duration of Benefit. E M 0 Any monthly benefit payable under this Section 7 shall terminate as follows: 1•• fl- M Go A. If the death of the Member is service- incurred and payable to the spouse, the T a benefit shall terminate upon his or her death. If the death of the Member is v not service- incurred and payable to the spouse, the benefit shall terminate a c upon his or her death or remarriage. a L O B. If payable to a child or children, upon attainment of age eighteen ( 18), or age twenty -three (23) if engaged in a full -time education. r d' r C. If 120 payments have not been made under this Section, then the difference n between 120 payments and the number actually paid shall be paid to the M 00 Member's estate.