§ 1509.15. SERVICE RETIREMENT: RETIREMENT ALLOWANCE.

(A)

Members have the optional right to retire for service as set forth herein upon electing the right to so retire and upon retirement for service shall receive a service retirement allowance equal to 1/50 of the member's final compensation, times the member's number of years of service, times an actuarial equivalent at his or her actual retirement age as set forth in the following table, provided that in no event shall the initial service retirement allowance exceed seventy-five percent (75%) of the member's final compensation:

Age At Retirement	Actuarial Equivalent
46	.8226
47	.8678
48	.9085
49	.9522
50	1.0000
51 and over	1.0516

 

(B)

The following table of age at retirement and actuarial equivalents shall be operative in whole or in part to the calculations set forth in subsection (A) of this Section when the cost to the City as contributions for current and past service, including benefits added by modification of the System from time to time, excluding contributions of City concerning charter provisions in effect prior to July 1, 1935, does not exceed 15.50 percent of members' compensation paid during the said year the following table becomes operative. If, as the result of a periodical actuarial valuation and investigation taking into consideration reductions in prior service obligations of City and the earnings of the Fund, the foregoing conditions are met, the City Council shall, by ordinance or resolution, establish the effective date of the new retirement rates, which date shall be within 90 days of the filing of the said actuarial report.

Said equivalents shall be applicable only to those members retiring after said valuation, investigation and determination by the said City Council and subject to the formula and limitations of subsection (A) of this Section:

Age At Retirement	Actuarial Equivalent
52	1.1078
53	1.1692
54	1.2336
55 and over	1.3099

 

(Sec. 1509.15 amended by vote of the people 3-9-1993: Sec. 1509.15 amended by vote of the people 4-17-1973, effective July 1, 1973.)