§ 16-58. Early retirement for police and fire personnel.

(a)

Effective on September 1, 2003, all police and fire personnel have the option to retire at age fifty (50) with a minimum of twenty (20) years of vested service with a monthly annuity equal to two (2) percent of the employee's average monthly compensation multiplied by their years of benefit accrual service. Every vested police and fire personnel with a minimum age of fifty (50) years can retire with less than twenty (20) years of vested service at a reduced benefit. The monthly benefit would be equal to the employee's accrued benefit reduced by seven (7) percent a year for each year in which the termination date precedes the date the employee would have attained twenty (20) years of vested service.

(b)

The entire cost to fund this early retirement at age fifty (50) with twenty (20) years of vested service is to be paid by all personnel of the police and fire departments. Each member will have to contribute the equivalent of five (5) years of the increased member contribution of this program prior to retirement.

(c)

Employee's within the police and fire department who elect to retire early under this retirement option, are eligible to continue insurance coverage under the city's medical, dental and life insurance plan, but must pay the entire insurance premium between the age of fifty (50) and fifty-five (55). A retiree under this early retirement option who elects not to continue participation with the city's insurance provider would relinquish their right to all future insurance coverage through the city.

(Ord. No. 29-03, 8-7-03; Ord. No. 54-04, 9-2-04)

Editor's note

Ord. No. 29-03, adopted August 7, 2003, set out provisions intended for use as § 16-59. For purposes of numerical order, and at the editor's discretion, these provisions have been included as 16-58.