Skip to main content
Loading…
This section is included in your selections.

(a) Vested pension benefits. Under this article, any member who shall leave the service of the city prior to becoming eligible to receive a pension for any reason, such member having accumulated less than five years of credited service with the department at the time of termination, shall be entitled to receive a refund of the member's total contribution to the fund, without interest, theretofore made to the fund subject to the prohibition found in section 102-251. If the member has accumulated five or more years of credited service with the City at the time of termination, the member may elect to receive deferred monthly pension benefits, payable at such time as he or she would have been eligible to receive pension benefits for longevity of service (normal retirement) had employment not been terminated. Members electing to receive vested monthly pension benefits must make a written application to the board within 60 days after termination. Absent such application, it shall be presumed that the terminated member has elected to have his or her contribution refunded without interest. Receipt of funds pursuant to this subsection shall be conditioned upon the signing of a statement to be filed with the city evidencing such an election and acknowledging that such member has no further rights to any other benefits provided for by either the City or the retirement fund. Such vested pension benefit shall be a sum of money equal to the total number of years of credited service or fractional portion thereof, multiplied by two percent and the product thereof multiplied by the monthly salary paid for that rank or grade held by such former member at the time of his or her termination of employment, plus one-half the applicable longevity credit. Anyone who receives a vested benefit for the first time after May 1, 1991, other than those receiving a disability from FPPA as of May 1, 1991, shall receive a multiplier of 2.25 instead of two. The rank escalator benefit is not applicable to vested pension benefits for any individual.

(b) Special provision for calculation of base amount of vested benefit for members as of January 1, 1993. For purposes of calculating the vested pension benefit for those members who were on active status as of January 1, 1993, the base monthly salary at the time of separation shall be used. Members who are receiving a vested pension benefit as of January 1, 1993, shall have their vested pension benefit calculated by using the base monthly salary applicable to the date of entitlement to receipt of the benefits.

(c) Vested interest death benefit; death prior to May 1, 1991; former member. Any former member who is receiving vested interest pension benefits and who dies leaving a surviving spouse, such surviving spouse shall be entitled to receive one-half of such vested interest pension benefits theretofore paid to the deceased. Such payment shall continue monthly until he or she shall die. Any former member receiving a vested interest benefit who shall die leaving no surviving spouse, but leaving a dependent child or children under the age of 18 years, such child or children shall receive one-half of the vested interest pension benefit theretofore paid to the deceased. Such benefit shall be payable in equal shares to the child or children then surviving or to their guardians and one-half of the vested interest pension benefits shall continue to be paid in equal shares to the surviving child or children under the age of 18 years, until the child attains the age of 18 years.

(d) Receipt of vested interest death benefit; death after May 1, 1991; active member as of May 1, 1991. Any surviving spouse of an active member who is receiving this type of benefit for the first time after May 1, 1991, shall be entitled to 75 percent of the death benefit, including rank escalator, of the deceased. Any child shall receive 100 percent of the benefit calculated in the same fashion as a normal death benefit.

(e) Vested interest death benefits; member. Any member who shall have elected to leave his or her accumulated contributions in the pension fund and who would be otherwise eligible to receive a vested interest benefit, but who dies prior to attaining the required age or service years, had he or she remained a member of the department, and who leaves a surviving spouse or a dependent child or children under the age of 18 years at the time of his or her death, such spouse shall be entitled to receive the deceased's actual contribution to the pension fund in one lump sum without interest. If there is no surviving spouse, the child or children under the age of 18 years surviving the deceased shall receive the actual contribution of the deceased to the pension fund, to be paid in equal shares to the child or children surviving the deceased, in one lump sum without interest. If there is no surviving spouse or surviving child or children under the age of 18 years, the death benefit contribution shall be payable to the estate of the deceased, if any, and if no heirs survive the deceased, such sum of money shall not escheat to the state, but shall be retained and become a part of the police department "old hire" retirement system. (Code 1979, § 15-98; Ord. No. 2001-20, § 4, 5-14-2001)