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74-017
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74-017
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Last modified
1/3/2012 12:34:54 PM
Creation date
6/26/2003 10:46:47 AM
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City Clerk
Doc Type
Resolution
Doc #
74-17
Date
2/4/1974
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EXHIBIT B <br /> <br />SU~/ARY OF MAJOR PROVISIONS <br />Local Safety Members - 2% at 50 <br />Retirement Program <br /> <br />MEMBERSHIP <br /> <br /> Membership is compulsory for all employees, other than elective officials, who <br />are employed one-half time or more. ~ <br /> <br />SERVICE RETIREMENT <br /> <br /> The earliest retirement age is 50; the normal retirement age is 50; and the <br />compulsory retirement age is 60. A local safety member may retire any time after <br />age 50 provided he has at least 5 years of service. <br /> <br /> The monthly income is determined by age atretirement, years of credited s~rvice, <br />and "final compensation". ~%e latter term means the average monthly salary (excluding <br />overtime) earned during the final 36 consecutive months unless member specifically <br />requests another 36 consecutive month period. <br /> <br /> The unmodified life allowance will be "2% of final compensation" for each year of <br />safety service upon retirement at age 50 with increasing percentages to a maximum of <br />2.7% at retirement at age 55. Service retirement benefit is subject to a limitation <br />of 75% of final compensation. <br /> <br /> A minimum service retirement allowance of $100 per month is guaranteed upon <br />compulsory retirement with credit for prior service. <br /> <br />.DISABILITY RETIREMENT <br /> <br /> An employee becoming disabled to the extent that he is incapable of performing <br />his duties shall be retired for disability. His disability will be either employment <br />connected (industrial disability) or otherwise (nonindustrial disability). <br /> <br /> An employee who becomes disabled while a member of this System for reasons <br />arising out of his employment, will be eligible for a life income of fifty (50%) par- <br />cent of his final compensation. If his disability is such that he is also entitled <br />to a disability income from Social Security, the State System benefit will be reduced <br />by the amount of his Social Security benefit. <br /> <br /> <br />
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