If a participant retires (on or after the restatement date) on his normal retirement date, he/she shall become entitled to receive a monthly normal retirement benefit (expressed in the form of a single life annuity with 120 months certain) commencing at his normal retirement date. Such benefit shall be equal to his vested accrued benefit.
With respect to benefits payable after the participant's social security normal retirement age, such benefit shall also be reduced by 50% of the participant's primary social security benefit. (The reduction for the participant's primary social security benefit shall not be subject to the ratio adjustment described in the definition of accrued benefit.) This reduction is eliminated and shall not apply to participants who retire on or after January 1, 1995, and their beneficiaries; all persons retiring or receiving benefits from the plan on or prior to December 31, 1994, shall continue to be subject to the reduction and shall not be affected by or benefit under this elimination of the reduction, even for benefits received after January 1, 1995.
If a participant remains employed as an employee subsequent to his normal retirement date, he/she shall continue to be eligible to participate hereunder; however, no retirement benefits shall be paid until such participant actually retires.
No preretirement death benefit is payable under the plan.
No postretirement death benefit shall be payable under the plan unless a participant's benefits are payable in a form which provides for payments to be continued subsequent to the participant's death in accordance with § 23-37.
The benefit amount of any participant who may have retired prior to the restatement date shall not be in any way altered by the provisions of this plan, except where otherwise expressly indicated herein.
[Amended 12-18-2001 by Ord. No. 483]
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 benefits shall be a straight life annuity (with no ancillary benefits). The limitations described in this section shall be governed by the following conditions and definitions:
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;
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) 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);
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;
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, 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;
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
Retirement benefit payments shall be payable as of the first day of the month coincident with or next following the participant's retirement date and the first day of each month thereafter during the participant's lifetime. In addition, a participant must complete an application for benefits in the manner prescribed by the plan administrator and deliver such 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 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.
Any person whose application for retirement benefits is denied, who questions the amount of benefit paid, who believes a benefit should have commenced which did not so commence or who has some other claim arising under the plan (claimant) shall first seek a resolution of such claim under the procedure hereinafter set forth.
Any claimant shall file a notice of the claim with the plan administrator which shall fully describe the nature of the claim. The plan administrator shall review the claim and make an initial determination approving or denying the claim.
If the claim is denied in whole or in part, the plan administrator shall, within 90 days (or such other period as may be established by applicable law) from the time the application is received, mail notice of such denial to the claimant. Such ninety-day period may be extended by the plan administrator if special circumstances so require for up to 90 additional days by the plan administrator's delivering notice of such extension to the claimant within the first ninety-day period. Any notice hereunder shall be written in a manner calculated to be understood by the claimant and, if a notice of denial, shall set forth:
Upon receipt of notice denying the claim, the claimant shall have the right to request a full and fair review by the Council of the initial determination. Such request for review must be made by notice to the Council within 60 days of receipt of such notice of denial. During such review, the claimant or a duly authorized representative shall have the right to review any pertinent documents and to submit any issues or comments, in writing. The Council shall, within 60 days after receipt of the notice requesting such review (or in special circumstances, such as where the Council in its sole discretion holds a hearing within 120 days of receipt of such notice), submit its decision, in writing, to the person or persons whose claim has been denied. The decision shall be final, conclusive and binding on all parties, shall be written in a manner calculated to be understood by the claimant and shall contain specific references to the pertinent plan provisions on which the decision is based.
Any notice of a claim questioning the amount of a benefit in pay status shall be filed within 90 days following the date of the first payment which would be adjusted if the claim is granted unless the plan administrator allows a later filing for good cause shown.
A claimant who does not submit a notice of a claim or a notice requesting a review of a denial of a claim within the time limitations specified above shall be deemed to have waived such claim or right to review.
[Added 1-20-1998 by Ord. No. 471; amended 12-21-1999 by Ord. No. 478]
A participant who has completed 10 years of service may voluntarily retire after attaining age 60 and receive his or her accrued benefit on such participant's early retirement date. This early retirement date will be the date selected by the participant; provided, however, that the plan must receive 90 days' advance written notice of this date for the date to be effective, and the date must be the first day of a month. In the event of an early retirement, the participant will receive a reduced benefit. The participant's accrued benefit will be reduced by 5/9 of 1% per month for each month the early retirement date is before the first of the month coincident with or next following the date on which the participant attains age 62. This reduction will be in addition to any other reduction under the plan, such as those reductions for certain forms of benefit as outlined in § 23-37.