1975 Ordinances - Laserfiche WebLink

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Fourteen (14) but less than fifteen (15 70% Fifteen (15) but less than sixteen (16) 75% Sixteen (16) but less than seventeen (17) 80% Seventeen (17) but less than eighteen (18) 85% Eighteen (18) but less than nineteen (19) 90% Nineteen (19) but less than twenty (20) 95% (e) The foregoing provisions to the contrary notwith- standing, any person whose m~mbership began on or after his sixtieth (60th) birthday shall not be eligible for or receive a retirement allowance as provided herein. 7. That Section 3t-65Ca) (1) (2)(3) (b) and (d), Code of tb~ City of Portsmouth, Virginia, 1973~ be amended and reorda-ined to read as follows: (a) (1) With respect to any allowance payment fall- ing due before the me~ers normal retirement date and in a month for which the member is not entitled to total and per- manent disability benefits under the Social Security Act, two percent (2%) of his average final compensation multiplied by the number of years of his '~disability-credited service", as hereinafter defined not in excess of forty (40) such years. (2) With respect to any allowance payment falling due before the members normal retirement date and in a month for which the member is entitled to total and permanent dis- ability benefits under the Social Security Act, the larger of: (i) one and thirty-five one hundredths percent (1.35%) of his average final compensation multiplied by the number of years of his "disability-credited service"; or (ii) he excess of (x) two percent (2%) of his average final compensation multiplied by the nu~er of years of his "disability-credited service" not in excess of forty (40) such years over (y) two percent (2%) of the annual amount of the primary total and permanent disability benefit under the Social Security Act to which the member first became entitled multiplied by the number of years of his "disability-credited service" not in excess of twenty- five (25) such years. (3) With respect to any allowance payment falling due after the members normal retirement date~ the larger of (1) one and thirty-five one hundredths percent (1.35%) of his average final compensation multiplied by the n~/~b~r of years of his "disability-credited service"; or (2) the excess of (x) two percent (2%) of his average final compensation multiplied by the number of years of his "disability-credited service" not in excess of forty (40) such years over (y) two -4-