1984 Ordinances - Laserfiche WebLink

Home Browse Search

per cent of his average final compensation multiplied by the number of years of his creditable service over ~y) two (2) percent of the annual amount of the primary social security benefit commencing at his normal retirement date to which he is or would have been entitled at his normal retirement dat~e, or two (2) per cent of the initial amount of any social security benefit and falling due before the mem- ber's normal retirement date, multiplied by the number of years of his creditable service, not in excess of twenty-five (~5) such years. (b) Upon retirement as p~ovided in subsection (2) of Section 31-262 on or after July 1, 1973, of a member before his normal retirement and before he has both attained the age o~ sixty (60) and completed twenty-five ~25) years of creditable service the raember shall receive an annual allowance, payable at least monthly to him during his lifetime, the amount of which shall be determined in the sa~e manner as provided for in subsection (a) preceding except that the resultant allowance, with respect to payments falling due be- fore and after the member's normal retirement date, shall be reduced by one half of one per cent {1/2 of 1%) for each mont~ in the period between the member's date of retirement and t~e first date on which he would have been eligible for a retirement allowance computed as prov£ded for in subsection (a) preceding had he remained an employee ~ntil such date. ~ i(c) Upon his retirement as provided in subsection (c) of ~ection 31-2~2 on or after July 1, 1973, a member shall receive an annual retirement allowance payable at least monthly to him ~uring his lifetime the amou/tt of which, before and after his ~ormal retirement date, shall be determined in accordance with leither subsection (a) or subsection lb) of this section, whichever is applicable, except that if the member terminated service as an employee prior to July 1, 1974, and has com- pleted less than twenty (20) years o~ creditable serv ce, the allowance as computed shall be reduced to a percentaqe of it- self in accordance with the following table: Completed Years of Creditable Service Applicable Percentage Ten ~10) but less than eleven (11) .............. Eleven (tt) but less than twelve (12) .......... Twelve (12) but less than thirteen (13) ........ Thirteen (13) but less than fourteen (14) Fourteen (14) but less than fifteen (15) Fifteen (15) but less than sixteen (16) ........ Sixteen (16) but less than seventeen {17) ...... Seventeen (17) but less than eighteen (18) ...... Eighteen (18) but less than nineteen {19) ....... Nineteen (19) but less than twenty (20) ......... 55 60 65 70 75 80 85 90 95 19