§ 62-80. Retirement allowance for police officer or firefighter members.

Upon his retirement, as provided in this article, a police officer or firefighter member shall be paid a level straight life retirement allowance terminating upon his death or he may elect to be paid his retirement allowance under an optional form of payment provided in subsection 62-92(a) in lieu of a level straight life retirement allowance. The amount of his level straight life retirement allowance shall be equal to the sum of the annuity and the applicable pension set forth in this section.

(1)

An annuity which shall be the actuarial equivalent of his accumulated contributions standing to his credit in the annuity savings fund at the time of his retirement.

(2)

If the effective date of his retirement is prior to July 1, 1973, a pension which when added to his annuity will produce a level straight life retirement allowance equal to 1.7 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service.

(3)

If the effective date of his retirement is on or after July 1, 1973, a pension which when added to his annuity will produce a level straight life retirement allowance equal two percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service.

(4)

If he is a firefighter member and the effective date of his retirement is on or after July 1, 1980, a pension which when added to his annuity will produce a level straight life retirement allowance equal to the sum of 2.1 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service not to exceed 25 years, plus two percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service which is in excess of 25 years.

(5)

If he is a police officer member and the effective date of his retirement is on or after July 1, 1981, a pension which when added to his annuity will produce a level straight life retirement allowance equal to the sum of 2.1 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service not to exceed 25 years, plus two percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service which is in excess of 25 years.

(6)

If he is a police command member, the police chief, or the deputy police chief, and the effective date of his retirement is on or after September 17, 1990, a pension, which when added to his annuity will produce a level straight life retirement allowance equal to 2.25 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service. A police command member hired or rehired after December 31, 1989, and who is not vested shall not be entitled to the benefits of this subsection, but shall be entitled to the benefits of subsection (5) of this section. If he is presently a police chief member and if his retirement date is on or before March 30, 1996, then a pension which when added to his annuity will produce a level straight life retirement allowance equal to 2.5 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service; further, the police chief member's final average compensation means 1/24 of the total amount of compensation paid this member during the period of 24 months of his credited service producing the highest total amount of compensation and contained within the 60 months of credited service immediately preceding the date his city employment last terminates from all positions covered by the retirement system; the 24 months of credited service need not be consecutive, but must be in units of 12 consecutive months each; further, the police chief member shall be paid a retirement incentive bonus of $5,000.00 cash, such bonus to be counted toward a final average compensation for pension benefits. If he is the deputy police chief, and the effective date of his retirement is on or after July 1, 1995, a pension, which when added to his annuity will produce a level straight life retirement allowance equal to 2.28 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service. If he is the deputy police chief, and the effective date of his retirement is on or after July 1, 1996, a pension, which when added to his annuity will produce a level straight life retirement allowance equal to 2.4 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service. If he is the deputy police chief, and the effective date of the retirement is on or after July 1, 1997, a pension, which when added to his annuity will produce a level straight life retirement allowance equal to 2.5 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service. If the employee is the deputy police chief and the effective date of that employee's retirement is on or after July 1, 2003, a pension which when added to that employee's annuity will produce a level straight life allowance equal to 2.5 percent of that employee's final average compensation multiplied by the number years and fraction of a year of that employee's credited service earned prior to July 1, 2003, plus 2.78 percent of that employee's final average compensation multiplied by the number of years and fraction of a year of that employee's credited service after July 1, 2003.

(7)

If he is a police patrol member, and the effective date of his retirement is on or after July 1, 1993, a pension which when added to his annuity will produce a level straight life retirement allowance equal to 2.25 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service.

(8)

If he is a firefighter member, and the effective date of his retirement is on or after July 1, 1992, a pension which when added to his annuity will produce a level straight life retirement allowance equal to 2.25 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service.

(9)

If he is a police patrol member, and the effective date of his retirement is on or after July 1, 1995, a pension which when added to his annuity will produce a level straight life retirement allowance equal to 2.4 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service.

(10)

If he is a police command member, and the effective date of his retirement is on or after July 1, 1995, a pension which when added to his annuity will produce a level straight life retirement allowance equal to 2.5 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service.

(11)

If he is a firefighter member, and the effective date of his retirement is on or after July 1, 1997, a pension which when added to his annuity will produce a level straight life retirement allowance equal to 2.5 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service.

(12)

If he is a deputy fire chief, and the effective date of his retirement is on or after July 1, 1998, a pension which when added to his annuity will produce a level straight life retirement allowance equal to 2.40 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service. If the employee is a deputy fire chief and the effective date of that employee's retirement is on or after July 1, 2003, a pension which when added to that employee's annuity will produce a level straight life retirement allowance equal to 2.4 percent of that employee's final average compensation multiplied by the number of years and fraction of a year of that employee's credited service earned prior to July 1, 2003, plus 2.67 percent of that employee's final average compensation multiplied by the number of years and fraction of a year of that employee's credited service earned after July 1, 2003. If the employee is a deputy fire chief and the effective date of that employee's retirement is on or after July 1, 2006, a pension which when added to that employee's annuity will produce a level straight life retirement allowance equal to 2.4 percent of that employee's final average compensation multiplied by the number of years and fraction of a year of that employee's credited service earned prior to July 1, 2003, plus 2.78 percent of that employee's final average compensation multiplied by the number of years and fraction of a year of that employee's credited service earned after July 1, 2006.

(13)

If he is a firefighter member, and the effective date of his retirement is on or after July 1, 2001, a pension which when added to his annuity will produce a level straight life retirement allowance equal to 2.5 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service earned prior to July 1, 2001, plus 3.0 percent of his final average compensation (highest three years out of the last five years) multiplied by the number of years and fraction of a year, of his credited service earned after July 1, 2001.

(14)

If he/she is a police patrol member, and the effective date of the police patrol member's retirement is on or after, July 1, 2002, a pension which when added to his annuity will produce a level straight life retirement allowance equal to 2.4 percent of his final average compensation multiplied by the number of years and fraction of a year, of the member's credited service earned prior to July 1, 2002, plus 3.0 percent of the member's final annual compensation (highest three years out of the last five years) multiplied by the number of years and fraction of a year earned after July 1, 2002. The maximum retirement benefit, however, is capped at 85 percent of the member's final average compensation.

(15)

If he/she is a police command member and the effective date of the police command member's retirement is on or after July 1, 2002, a pension which when added to the member's annuity will produce a level straight-life retirement allowance equal to 2.5 percent of the member's final average compensation multiplied by the number of years and fraction of a year, of the member's credited service earned prior to July 1, 2002, plus 3.0 percent of the member's final average compensation (highest three years out of the last five years) multiplied by the number of years and fraction of a year of the member's credited service earned after July 1, 2002. The maximum retirement benefit, however, shall be capped at 85 percent of the member's final average compensation.

(Code 1971, § 24-48; Ord. No. 98-283, 3-16-98; Ord. No. 98-287, 7-7-98; Ord. No. 02-324, § 1, 5-6-02; Ord. No. 03-333, §§ 3, 4, 2-3-03; Ord. No. 03-337, §§ 3, 4, 9-2-03; Ord. No. 06-370, § 2, 11-6-06)