§ 54-104. Benefits and contribution for members hired on or after December 4, 2012.

Notwithstanding any other provision of this system, members hired on or after December 4, 2012, shall be subject to the provisions of sections 54-76 through 54-103, except as otherwise provided below:

(1)

The normal retirement date shall be 55 years of age with ten years of credited service. The alternative normal retirement date shall be 52 years of age with 25 years of credited service.

(2)

The early retirement date shall be 50 years of age with ten years of credited service.

(3)

The definition of "average final compensation" shall be the five best years of the last ten years of credited service.

(4)

The definition of salary is base pay and excludes overtime, education pay, specialty and incentive pay, lump sum payments of annual and sick leave, and compensation leave, and all other non-regular compensation.

(5)

Members hired on or after December 4, 2012, shall not receive a cost of living adjustment (COLA); and shall not receive a supplemental benefit.

(6)

The maximum benefit at retirement shall not exceed 80 percent of average final compensation. The maximum annual benefit shall not exceed $95,000.00. However, in no event shall a member receive a benefit that is less than two percent of average final compensation for each year of credited service.

(7)

The member contribution shall be eight percent of salary.

(8)

The benefit multiplier shall be two and one-half percent of average final compensation per year of credited service.

(Ord. No. 2012-36, § 6, 12-20-2012; Ord. No. 2016-5 , § 3, 5-3-2016)