§ 2-1174. Conditions for retirement.

(a)

Application for retirement. Any member of the retirement system may retire as provided in this division, terminating employment upon written application to the board of trustees, who shall establish the member's retirement date as of the first day of the month.

(b)

Normal retirement.

(1)

Tier 1. A member may elect normal retirement on or after attaining age 65 and five years of creditable service without reduction of benefit as calculated in section 2-1176.

(2)

Tier 2. A member may elect normal retirement on or after attaining age 67 and ten years of creditable service without reduction of benefit as calculated in section 2-1176.

(c)

Optional retirement.

(1)

Tier 1—Age 60 or age plus service equals or exceeds 80. A member may elect to retire when the total of age and years of creditable service equal or exceed 80 or the later of age 60 and ten years' creditable service, without reductions of benefit as calculated in section 2-1176.

(2)

Tier 2—Age 62 or age plus service equals or exceeds 85. A member may elect to retire when the total of age and years of creditable service equal or exceed 85 or the later of age 62 and ten years' creditable service, without reductions of benefit as calculated in section 2-1176.

(d)

Early retirement. Members may elect early retirement:

(1)

Tier 1—Age 55. Beginning at the later of age 55 or completion of ten years' creditable service. The benefit as computed in section 2-1176(a) shall be reduced by 0.5 percent for each month the effective date is prior to the first day of the month following attainment of age 60.

(2)

Tier 1—Age 60. Beginning at age 60, if the member has more than five but less than ten years of creditable service. The benefit as computed in section 2-1176(a) shall be reduced by 0.5 percent for each month the effective date is prior to the first day of the month following attainment of age 65.

(3)

Tier 2—Age 57. Beginning at the later of age 57 or completion of ten years' creditable service. The benefit as computed in section 2-1176(a) shall be reduced by 0.5 percent for each month the effective date is prior to the first day of the month following attainment of age 62.

(e)

Required distributions. Distribution of a member's interest in the retirement system shall commence not later than April 1 of the calendar year following the later of the calendar year in which the member attains age 70½ or the calendar year in which the member retires under the plan.

(1)

If a death benefit is being paid to a designated beneficiary other than the member's spouse, payments shall either:

a.

Be completed by December 31 of the fifth calendar year following the year of the member's death; or

b.

If there is no designated beneficiary, payment of a death benefit shall commence no later than December 31 of the fifth calendar year following the year of the member's death.

(2)

If the designated beneficiary is the member's spouse, death benefit payments shall commence no later than December 31 of the year the member would have attained age 70½ paid over the life or life expectancy of the spouse, as determined under Table V of Treasury Regulations 1.72-9 as of the date the payments commence, and benefits shall be actuarially increased for the delay.

(Admin. Code 1967, § A9.4; Ord. No. 34794, 11-27-68; Ord. No. 41235, 5-26-72; Ord. No. 43906, 4-11-74; Ord. No. 48432, 12-1-77; Ord. No. 49849, 12-14-78; Ord. No. 54961, 4-8-83; Ord. No. 57636, 3-28-85; Ord. No. 60368, 12-18-86; Ord. No. 61652, 11-5-87; Ord. No. 951644, § A, 12-21-95; Ord. No. 140035, § 1, 2-20-14 ; Ord. No. 140976 , § 1, 12-11-14)