§ 40-66 — Retirement Benefits for Employees serving prior to March 1, 1967

§ 40-66. - Retirement Benefits for Employees serving prior to March 1, 1967.

(a) In order for an Employee serving prior to March 1, 1967, to be eligible for basic Retirement Benefits, he/she must qualify under one of the following sets of conditions: (1) he/she must have served with the City for a period of: a. 20 years and attained the age of 60 years while in the service of the City; or b. 30 years, regardless of age; and c. the last five years of service preceding his/her Retirement must have been consecutive within the meaning of Section 40-75; and d. his/her service with the City must have ceased. (2) his/her service with the City must have ceased; and: a. he/she must have completed five years under the System with the City during which time he/she made contributions to the System; and b. upon leaving the service of the City he/she must have left his/her Employee Contribution Account with the System; and c. he/she must have reached the age of 60 years. (b) An Employee qualifying under Paragraph (2) of Subsection (a) above who has served less than 20 years shall receive a fraction of the basic retirement pay he/she would otherwise be entitled to receive, computed at the rate of five percent of the basic retirement pay for each full year he/she has served. An Employee who is discharged and has served 20 years and is otherwise eligible to retire, except that he/she has not attained the age of 60 years, shall be eligible for retirement pay as provided herein at the age of 60 years.

(Ord. No. 21916, § 2, 2-12-02)