A participant who retires upon attainment of normal retirement age shall be entitled to receive a monthly retirement benefit in an amount equal to 1.25% of the participant's final monthly average compensation multiplied by the participant's years of credited service paid commencing on the first day of the month coincident with or next following the date of retirement.
A participant who terminates employment after attaining early retirement age but prior to attainment of normal retirement age shall be entitled to a retirement benefit commencing on the first day of the month coincident with or next following the date that would have been the participant's normal retirement date if the participant had remained in employment. Alternatively, a participant who terminates employment after attaining early retirement age but before normal retirement age shall be entitled to a retirement benefit commencing on a retirement date prior to the date on which attainment of normal retirement age would occur if the participant continued in employment, in an amount equal to the participant's accrued benefit at the date of termination of employment and actuarially reduced for early commencement.
A participant who retires after the first day of the month coincident with or next following the date on which normal retirement age has been attained shall receive a retirement benefit pursuant to § 46-13 in an amount equal to the amount calculated as of the date on which actual retirement occurs.
Retirement benefit payments shall be payable as of the participant's retirement date and the first day of each month thereafter during the participant's lifetime. A participant must complete and execute an application for benefit on a form and in the manner prescribed by the Plan Administrator and deliver said application to the Plan Administrator at least 30 days prior to the date on which benefit payments shall commence. Notwithstanding anything contained herein to the contrary, no retirement benefit payments nor any other benefit payments shall be due or payable on or before the first day of the month coincident with or next following the date that is 30 days after the date the Plan Administrator receives the application for benefits. Payment of benefits hereunder shall cease as of the date of death of the participant.
A participant who shall be receiving a monthly retirement benefit under this plan and who shall resume employment as an employee shall have benefit payments suspended until the first day of the month coincident with or next following the date such employment shall cease. Such benefit payments shall be adjusted to reflect any additional years of credited service which may have accrued prior to the resumption of payment of benefits.
If the Plan Administrator determines that the value of a participant's accrued benefit is so small as to make monthly pension payments administratively impractical, the Plan Administrator may cause such payments to be made at such other periodic intervals as are administratively practical, but no less frequently than annually, or may make a single lump sum payment equal to the actuarial equivalent of such accrued benefit to the extent permitted under applicable law.
[Amended 11-5-2001 by Ord. No. 1503]
Notwithstanding any provision of this plan to the contrary, no benefit provided under this plan attributable to contributions of the employer shall exceed, as an annual amount, the amount specified in Code Section 415(b)(1)(A), as adjusted pursuant to Code Section 415(d), assuming the form of benefit shall be a straight life annuity (with no ancillary benefits). The limitations described in this § 46-19 shall be governed by the following conditions and definitions:
A. 
Benefits paid or payable in a form other than a straight life annuity (with no ancillary benefits) or where the employee contributes to the plan or makes rollover contributions shall be adjusted on an actuarially equivalent basis to determine the limitation contained herein;
B. 
In the case of a benefit which commences prior to the attainment of age 62 by the participant, the limitation herein shall be adjusted on an actuarially equivalent basis to the amount determined pursuant to this section commencing at age 62; however, the reduction shall not reduce the limitation below $75,000 for a benefit commencing at or after age 55, or if the benefit commences prior to attainment of age 55, the amount which is actuarially equivalent to a benefit of $75,000 commencing at age 55; however, in the case of a qualified participant (a participant with respect to whom a period of at least 15 years of service, including applicable military service, as a full-time employee of a Police or Fire Department is taken into account in determining the amount of benefit), the limitation contained herein shall not reduce the limitation to an amount less than the amount specified pursuant to Code Section 415(b)(2)(G), and such amount shall be adjusted pursuant to Code Section 415(d);
C. 
In the case of a benefit which commences after attainment of age 65 by the participant, the limitation herein shall be adjusted on an actuarially equivalent basis to the amount determined commencing at age 65;
D. 
Benefits paid to a participant which total less than $10,000 from all defined benefit plans maintained by the employer expressed as an annual benefit shall be deemed not to exceed the limitation of this section, provided that the employer has not at any time maintained a defined contribution plan in which the participant has participated; however, in the case of a participant who is not receiving a disability retirement benefit pursuant to § 46-25, with fewer than 10 years of participation, the limitation expressed in this Subsection D shall be reduced by 1/10 for each year of participation less than 10, but in no event shall this limitation be less than $1,000;
E. 
The limitations expressed herein shall be based upon plan years for calculation purposes, shall be applied to all defined benefit plans maintained by the employer as one defined benefit plan and to all defined contribution plans maintained by the employer as one defined contribution plan, and shall be applied and interpreted consistent with Code Section 415 and regulations thereunder as applicable to government plans in general and this plan in particular; and
F. 
In the case of a disability retirement benefit under § 46-25 or a survivor benefit under § 46-34, the adjustment under Subsection B hereof shall not apply, and the applicable limitation shall be the limitation contained herein without regard to the age of the benefit recipient.
A. 
Distribution prior to death.
(1) 
Notwithstanding any other provision of this plan, the entire benefit of any participant who becomes entitled to benefits prior to his death shall be distributed either:
(a) 
Not later than the required beginning date; or
(b) 
Over a period beginning not later than the required beginning date and extending over the life of such participant or over the lives of such participant and a designated beneficiary (or over a period not extending beyond the life expectancy of such participant, or the joint life expectancies of such participant and a designated beneficiary).
(2) 
If a participant who is entitled to benefits under this plan dies prior to the date when the entire interest has been distributed after distribution of benefits has begun in accordance with Subsection A(1)(b) above, the remaining portion of such benefit shall be distributed at least as rapidly as under the method of distribution being used under Subsection A(1)(b) as of the date of death.
B. 
If a participant who is entitled to benefits under this plan dies before distribution of the benefit has begun, the entire interest of such employee shall be distributed within five years of the death of such employee, unless the following sentence is applicable. If any portion of the employee's interest is payable to (or for the benefit of) a designated beneficiary, such portion shall be distributed over the life of such designated beneficiary (or over a period not extending beyond the life expectancy of such beneficiary), and such distributions begin not later than one year after the date of the employee's death or such later date as provided by regulations issued by the Secretary of the Treasury, then for purposes of the five-year rule set forth in the preceding sentence, the benefit payable to the beneficiary shall be treated as distributed on the date on which such distributions begin; provided, however, that notwithstanding the preceding sentence, if the designated beneficiary is the surviving spouse of the participant, then the date on which distributions are required to begin shall not be earlier than the date upon which the employee would have attained age 70 1/2, and further provided, if the surviving spouse dies before the distributions to such spouse begin, this subsection shall be applied as if the surviving spouse were the employee.
C. 
For purposes of this section, the following definitions and procedures shall apply:
(1) 
"Required beginning date" shall mean April 1 of the calendar year following the later of the calendar year in which the employee attains age 70 1/2 or the calendar year in which the employee retires.
(2) 
The phrase "designated beneficiary" shall mean any individual designated by the employee under this plan according to its rules.
(3) 
Any amount paid to a child shall be treated as if it had been paid to the surviving spouse if such amount will become payable to the surviving spouse upon such child's reaching majority (or other designated event permitted under regulations issued by the Secretary of the Treasury).
(4) 
For purposes of this section, the life expectancy of an employee and/or the employee's spouse (other than in the case of a life annuity) may be redetermined, but not more frequently than annually.
Each participant's right to receive any benefits hereunder is personal and expires on such participant's death. No heir, legatee, devisee, beneficiary, assignee or other person claiming by or through a participant shall have any interest in any benefits hereunder unless clearly and expressly so provided by the terms of this plan. A participant's election, failure to file an election hereunder or revocation of an election shall be final and binding on all persons.
The pension benefit payments prescribed herein shall not be subject to attachment, execution, levy, garnishment or other legal process and shall be payable only to the participant or designated beneficiary and shall not be subject to assignment or transfer.
Any participant who shall have retired prior to the restatement date shall not have the benefit altered in any way by the provisions of this amended and restated plan, except where otherwise expressly provided herein. Such retired participants shall continue to have their benefits governed by the terms of the plan in effect on the day preceding the restatement date.