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2000 Ordinances
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2000 Ordinances
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2/6/2009 3:39:29 PM
Creation date
6/6/2001 5:22:28 PM
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Ord/Resolutions
Year
2000
Ord/Resolutions - Type
Ordinances
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least monthly to him during his lifetime, the amount of which shall be determined as <br />follows: <br /> <br /> (1) With respect to any allowance payment falling due in a month before the <br />member's normal retirement date, or in a month before the member's normal <br />retirement date and before any social security payment falling due that is based on <br />the member's primary social security benefit, two (2) percent of his average final <br />compensation multiplied by the number of years of creditable service. <br /> <br /> (2) With respect to any allowance payment falling due after the member's <br />normal retirement date, or in a month before the member's normal retirement date <br />and after any social security allowance payment falling due that is based on the <br />member's primary social security benefit, the larger of: <br /> <br /> a. One and fifteen one hundredths (1.15) percent of his average final <br /> compensation multiplied by the number of years of his creditable <br /> service; or <br /> b. The excess of(x) and two (2) percent of his average final <br /> compensation multiplied by the number of years of his creditable <br /> service over (y) two (2) percent of the annual amount of the <br /> primary social security benefit commencing at his normal <br /> retirement date to which he is or would have been entitled at his <br /> normal retirement date, <br /> <br /> Or two (2) percent of the initial amount of any social security benefit and falling <br /> due before the member's normal retirement date, multiplied by the number of <br /> years of his creditable service, not in excess of twenty-five (25) such years. <br /> <br /> (e) The foregoing provisions to the contrary notwithstanding, any person <br />whose membership began on or after his fiftieth birthday and after July I, 1977, shall not <br />be eligible for or receive a retirement allowance as provided for herein unless the member <br />be in service at his normal retirement date. <br /> <br /> 3. That Section 30-119(b)(3) of the Code of the City of Portsmouth, Virginia <br />(1988) be amended and reordalned to read as follows: <br /> <br />Section 30-119. Ordinary disability retirement allowance. <br /> <br /> (b).... <br /> (3) The number of years of creditable service the member would have <br />completed at age fifty (50) if he had remained in service as an employee until then; if the <br />member is over age fifty (50) "disability credited service" shall be equal to the member's <br />actual creditable service; <br /> <br /> <br />
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