§ 2-1177. Window retirement incentive for members with effective retirement date between August 1, 1993, and November 1, 1993—Established; eligibility.

A retirement incentive is established for eligible members of the retirement system with an effective retirement date between August 1, 1993, and November 1, 1993. A member must establish eligibility to elect one of the following incentives, for which purpose any age enhancement or creditable service received under this section may be used:

(1)

Lump sum incentive. The lump sum incentive benefit shall be a $15,000.00 one-time lump sum pension bonus plus base benefits established in sections 2-1174, 2-1175 and 2-1176. The member must be at least age 55 with five years or more of creditable service.

(2)

3 + 3 incentive. The 3 + 3 incentive benefits are as follows:

a.

Add three years' age and three years' service to members at least age 55 with at least five years' creditable service.

b.

Eliminate the early retirement reduction factor.

c.

Provide an incremental monthly pension equal to 1.8 percent of the member's final average compensation times the number of years and months of creditable service in excess of 33.3 years, but not to exceed 5.0 percent of the member's average final monthly compensation.

d.

Provide a $200.00 monthly health insurance subsidy to members enrolled in the current retiree health insurance program sponsored by the city until age 65.

Eligibility shall be based on the provisions in sections 2-1174, 2-1175 and 2-1176.

(3)

Five years' service. The five years' service incentive benefits are as follows:

a.

Add five years' creditable service.

b.

Provide an incremental monthly pension equal to 1.8 percent of the member's final average compensation times the number of years and months of creditable service in excess of 33.3 years, but not to exceed 5.0 percent of the member's average final monthly compensation.

Members must be eligible for normal or optional retirement before service is added.

(Ord. No. 930756, 7-15-93)