1977 Ordinances - Laserfiche WebLink

Home Browse Search

C2) with respect to any all~Nance payment falling due after the n~mber's normal re~J_rement date~ or in a n~nth ~before,the msmber's' no~mal retirement 'date, and after any social security allowance payment falling due that is based on the.member's primary social security benefit, the ~t~er of: (i) one and fifteen one hundredtb~ percent (1.15%) Of his average final cc~pensa%ion multiplied by th~ number, of yea?s-of creditable service, not in excess ~of forty' (40) ~such years; or (ii) 'the excess of (x) two percent (2%~ of his average final.Compensation~rmaltipl±ed by the number ~of years of his. creditable service, not in e~cess'of forty (40) such years over ~)'~ two percent (2%) of~'the a~nual~ amount O~ the- primary social security ben~fit cc~F~ncing' athis normal retirement idate to which he-is or would.have been entitled at-his normal retirement. date, Or tw6 percent (2%) of. the initial'~nount of any social'security .' '- .. benefit and ~alling due before the~m~mber's normal retirement ~date, multiplied -by :the number :of' years of his creditable- service,- ~.ot in excess of twen.t~y-~five (25) such years~ _- - ~ ~. (b) Upon retirement as provided in subsection .(a) of. sec6ibn 31-62 on or after July 1;..1973; .of _a member before ki~-non~al.retirement and'- ': before he has'b0th~ attained the age of Sixty. ~nd -completed-twentyvfive years of creditable service ~he membe~ ~shail receive an annual .allowance, payable at least monthly to him during his life~ime,' the amOunt of-which shall be detezmined in the same manner as :provided for. in sabsecti6n, i. (a) preceding except tha~ the' resultant allowance, wi~ respect to payments ... falling due before' and, after the ~mber's ~normal retirement- da%e, -shall - he reduced by one half of one percent (t/2 of 1%) for each n~Dnth-in the period between f_he member's date of -ref~r~nent ar~ the first date.on which he would-have been eligible for a retirement allowance cc~puted as p~ovided for in subsection (a) preceding had he ~rem~_ined an employee until such date. (c) Upon his retirement as provided in subsection (c) of Section 3t-62, on or after July 1, 1973, a member shall receive ~an annual, retirement allowance payable at least monthly to him during his lifetime the amount of which, before and after his normal retirement date, shall he determined mn accordance with either subsection (a) or subsection (b) of this section., whichever is applicable, except that if the member terminated service as an employee prior to July 1, 1975, and has conpleted less than twenty (20) years of creditable service, the' allowance as computed shall be reduced to a percentage of itself in accordence with the following table: . . Completed Years Of Creditable Service Applicable Percentage Ten (10) but less than eleven (tl) Eleven (11) but less than twe%ve (12) T~e!ve (12) but less than thirteen (13) Fou~heen (14) but less than fifteen (15) Fifteen (15) but less than sixteen (.16) 5O% 55% 60% 7O% 75% 5