§ 5-1-217. ALLOWANCE FOR SERVICE RETIREMENT—FIRE.

(a)

Except where otherwise described, the term "member" as used in this section shall mean a Group 4 member on pay schedule V or VIII who is one of the sworn personnel of the Fire Department.

(b)

(1)

(i) Except as provided in paragraphs (2) and (3) of this subsection, a member who retires on or after January 1, 1999, shall be entitled to receive a service retirement allowance calculated in accordance with subparagraph (ii) of this paragraph upon the completion of:

1.

Twenty-five (25) years of creditable service regardless of age; or

2.

A minimum of fifty (50) years of age and twenty (20) years of creditable service.

(ii)

Effective January 1, 1999, the normal service retirement allowance shall consist of:

1.

An annuity which shall be the actuarial equivalent of the member's accumulated contributions.

2.

A pension which, together with the member's annuity, shall provide a total allowance equal to one fortieth (1/40) of the member's average final compensation multiplied by the number of years of creditable service not to exceed twenty (20) years; plus, two (2) percent of the member's average final compensation multiplied by the years of creditable service in excess of twenty (20) and three (3) percent of the member's average final compensation multiplied by the years of creditable service in excess of thirty (30).

(2)

(i)

Except as provided in paragraph (3) of this subsection, this paragraph applies to a member who begins service on or after July 1, 2007.

(ii)

A member is eligible for normal service retirement benefits upon the completion of thirty (30) years of creditable service regardless of age.

(iii)

The normal service retirement allowance shall consist of:

1.

An annuity which shall be the actuarial equivalent of the member's accumulated contributions.

2.

A pension which, together with the member's annuity, shall provide a total allowance equal to one fortieth (1/40) of the member's average final compensation multiplied by the number of years of creditable service not to exceed twenty (20) years; plus, two (2) percent of the member's average final compensation multiplied by the years of creditable service in excess of twenty (20) and three (3) percent of the member's average final compensation multiplied by the years of creditable service in excess of thirty (30).

(3)

A member who retires on or after January 1, 1999 with less than twenty (20) years of creditable service shall be entitled to receive a service retirement allowance consisting of an annuity and a pension which together will provide a benefit of two (2) percent of the member's average final compensation for each year of creditable service provided such member shall:

(i)

If the member was in service before July 1, 2007, have attained the age of sixty (60) years and a minimum of five (5) years of creditable service; or

(ii)

If the member begins service on or after July 1, 2007, have attained the age of sixty (60) years and a minimum of ten (10) years of creditable service.

(4)

The three (3) percent benefit accrual rate provided for in paragraphs (1) and (2) of this subsection does not apply to any years of creditable service over thirty (30) years served before July 1, 2007.

(5)

The benefit provided for under this section may not be greater than one hundred (100) percent of the member's average final compensation.

(6)

Effective from July 1, 1994 through and including April 30, 1996, in order to fund the improved benefit provided in this section, all members on pay schedule V shall pay an additional contribution, based on actuarial studies, which may be periodically adjusted but may not exceed two and ninety-five hundredths (2.95) percent of salary.

(7)

Effective May 1, 1996, the additional contribution of all members on pay schedule V shall not exceed one and ninety-five hundredths (1.95) percent of salary.

(8)

In order to be eligible to receive the improved benefits provided under subsection (b) of this section, a member on pay schedule VIII, from July 1, 1994 through and including June 30, 1995, shall pay an additional contribution, based on actuarial studies, which may be periodically adjusted but may not exceed four and seventy-five hundredths (4.75) percent of salary.

(9)

Effective July 1, 1995, the additional contribution of all members on pay schedule VIII shall not exceed two and ninety-five hundredths (2.95) percent of salary.

(10)

Effective May 1, 1996, the additional contribution of all members on pay schedule VIII shall not exceed one and ninety-five hundredths (1.95) percent of salary.

(c)

Any member in the service who has attained the age of sixty-five (65) shall be retired forthwith or on the first day of the next calendar month. Notwithstanding the foregoing, on written request of the employer to the Board of Trustees stating that such employee is mentally or physically capable of carrying out the member's duties and request being approved by the Board of Trustees, the employee may be continued in service for a period of one (1) year, and for successive periods of one (1) year each as the result of each such request and approval.

(1988 Code, § 23-51.1) (Bill No. 84-94, § 1, 7-1-1994; Bill No. 91-95, § 1, 7-1-1995; Bill No. 32-03, § 1, 7-1-2004; Bill No. 48-07, § 2, 7-1-2007; Bill No. 30-10, § 2, 7-1-2010)

Editor's note:
  The amending language in Section 2 of Bill No. 48-07 inadvertently included two subparagraphs to be numbered as (c)(4). As a result, the second subparagraph (c)(4) was renumbered as (c)(5), and the remaining subparagraphs were renumbered as (c)(6) through (c)(9).