Amendment-74-14 - Laserfiche WebLink

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SUMMARY OF MAYOR PROVISIONS Local Safety Members - 7.% at 50 Retirement Program MEMBERSHIP Membership is compulsory for all employees, other than elective officials, who are employed one-half time or more. SERVICE RETIREMENT The earliest retirement age is 50; the normal retirem=vent age is 50; and the compulsory retirement age is 60. A local safety member may retire any time after age 50 provided he has at least 5 years of service. The monthly income is determined by age at retirement, years of credited service, and "final. compensation". The latter term means the average monthly salary (excluding overtime) earned during the final 36 consecutive months unless member specifically requests another 36 consecutive month period. The unmodified life allowance will be "2"/, of final compensation" for each year of safety service upon retirement at age. 50 with increasing percentages to a maximum of 2.7% at retirement at age 55. Service retirement benefit is subject to a limitation of 75% of final compensation. A minimum service retirement allowance: of $100 per month is guaranteed upon compulsory retirement with credit for prior service. DISABILITY RETIREMENT An employee becoming disabled to the extent that he is incapable of performing his duties shall be retired for disability. His disability will be either employment connected (industrial disability) or otherwise (nonindustrial disability). An employee who becomes disabled while a member of this System for reasons arising out of his employment, will be eligible for a life income of fifty (50%) per- cent of his final compensation. If his disability is such Chat he is also entitled to a disability income from Social Security, the State System benefit will be reduced by the amount of his Social Security benefit.