§ 62-81. Retirement allowance for general members.

Upon retirement as provided in this article a general 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 (3) of this section or subsection 62-94(a) in lieu of a level straight life retirement allowance. The amount of a member's level straight life retirement allowance shall be equal to the sum of the annuity and the pension set forth in subsections (1) and (2) of this section.

(1)

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

(2)

If the effective date of the member's retirement is on or after July 1, 1980, a pension which when added to the member's annuity will produce a level straight life retirement allowance equal to the number of years, and fraction of a year, of his credited service multiplied by the sum of 1.3 percent of the first $4,800.00 of his final average compensation and 1.8 percent of the portion, if any, of his final average compensation which is in excess of $4,800.00.

(3)

According to such rules and regulations as the board may from time to time adopt, a general member who retires prior to age 62 years may elect to have his or her level straight life retirement allowance actuarially equated to provide an increased retirement allowance payable to age 62 years and a reduced retirement allowance payable thereafter. The increased retirement allowance payable to age 62 years shall approximate the sum of the reduced retirement allowance to be payable after attainment of age 62 years and the member's estimated primary social security benefit. In no case shall this section apply to a retirement allowance payable under Option I, II or III provided in subsection 62-92(a), nor shall it apply to a disability retirement allowance provided in section 62-94.

(4)

If the effective date of the member's retirement is on or after April 1, 1994, and the member was not included in a labor agreement, a pension which when added to the member's annuity will produce a level straight life retirement allowance equal to the number of years, and fraction of a year, of his credited service multiplied by the sum of 1.3 percent of the first $4,800.00 of his final average compensation and 1.9 percent of the portion, if any, of his final average compensation which is in excess of $4,800.00.

(5)

If he is a general member not included in a labor agreement, 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 2.1 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service.

(6)

If he is a general member represented by Local 203, United Steelworkers of America, and the effective date of his retirement is on or after January 1, 1998, a pension which when added to the member's annuity will produce a level straight life retirement allowance equal to the number of years, and fraction of a year, of his credited service multiplied by the sum of 1.3 percent of the first $4,800.00 of his final average compensation and two percent of the portion, if any, of his final average compensation which is in excess of $4,800.00.

(7)

If he is a general member not included in a labor agreement, and not an employee of the Alpena Housing Commission, 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 2.25 percent of his final average compensation multiplied by the number of years, and fraction of a year, of his credited service.

(8)

If the employee is a general member not included in a labor agreement, and not an employee of the city housing commission, 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 2.25 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 2.5 percent of that employee's final compensation multiplied by the number of years and fraction of a year of that employee's credited service earned after July 1, 2003. Compensation for retirement purposes shall not include overtime pay.

(Code 1971, § 24-49; Ord. No. 98-283, 3-16-1998; Ord. No. 98-287, 7-7-1998; Ord. No. 03-337, § 5, 9-2-2003)