§ 2-1196. Retirement incentive for members with effective retirement date between February 1, 2003, and April 1, 2003—Established; eligibility.

A retirement incentive is established for eligible members of the retirement system with an effective retirement date between February 1, 2003, and April 1, 2003. A member must establish eligibility to elect one of the following incentives based on the provisions in sections 2-1174, 2-1175, and 2-1176. If the member has at least ten years' creditable service by March 31, 2003, any age enhancement or creditable service received under this section that results in the member qualifying for normal or optional retirement as defined in section 2-1174 may be used to establish eligibility. Members must provide the retirement system with a completed intent to retire form no later than March 1, 2003 in order to receive these incentives.

(1)

Three years' service plus temporary annuity. Three years service plus temporary annuity benefits are as follows:

a.

To establish eligibility, add three years' age and three years' creditable service to members under age 65 with at least ten years' creditable service to meet the requirements of normal or optional retirement.

b.

To calculate the benefit, add three years' service.

c.

Using the formula set forth in section 2-1176, Code of Ordinances, the annuity shall not exceed eighty percent of the member's final average compensation.

d.

Provide a $300.00 monthly temporary annuity to members until age 65.

(2)

Three years' service. The three years' service incentive benefits are as follows:

a.

To establish eligibility, add three years' creditable service to members over age 65 with at least ten years' creditable service.

b.

To calculate the benefit, add three years' service.

c.

Using the formula set forth in section 2-1176, Code of Ordinances, the annuity shall not exceed eighty percent of the member's final average compensation.

(Ord. No. 021393, § 1, 12-19-02)