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 Port Orange
 Code of Ordinances
 Chapter 54. PERSONNEL
 Article V. POLICE PENSION FUND

  § 54-126. Pension benefits.  

Latest version.

  • (a)

    Right to benefits. A pension benefit shall be payable if the participant has:

    (1)

    A vested right to a pension benefit;

    (2)

    Reached the applicable retirement age;

    (3)

    Retired; and

    (4)

    Filed a claim for pension benefits.

    (b)

    Normal retirement age. The normal retirement age shall be the first day of the month on which or after the participant:

    (1)

    Attains age 48 and earns ten vesting credits, or

    (2)

    Earns 20 vesting credits irrespective of age.

    Notwithstanding the preceding sentence, the normal retirement age for participants who are employed and not participating in the DROP on January 31, 2011, shall be the first day of the month on or after the participant:

    (1)

    Attains age 48 and earns ten vesting credits, or

    (2)

    Attains age 45 and earns 25 vesting credits;

    and the normal retirement age for participants hired after January 31, 2011, shall be the first day of the month on or after the participant attains age 48 and earns ten vesting credits.

    (c)

    Normal retirement benefit. The normal retirement benefit shall be the benefit level provided in section 54-130.

    (d)

    Early retirement age. The early retirement age shall be the first day of any month on which or after a participant has earned ten vesting credits and has attained age 45.

    (e)

    Early retirement benefit. The early retirement benefit shall be the benefit level provided in section 54-130 reduced by three percent for each year by which the participant is younger than the normal retirement age for such participant on the effective date of his early retirement. Notwithstanding the preceding sentence, the early retirement benefit for a participant hired after January 31, 2011, shall be the benefit level provided in section 54-130 reduced by three percent for each year by which the participant is younger than the normal retirement age for such participant on the effective date of his early retirement.

    (f)

    Late retirement benefit. The late retirement benefit shall be payable to any participant who retires after his normal retirement age. The amount of the benefit shall be either the benefit using the participant's average final compensation and vesting credits at late retirement or the monthly income that can be provided by the actuarial value of the benefit which would have been provided to the participant had he retired at the participant's normal retirement age increased actuarially to the late retirement date, whichever is greater.

(Ord. No. 1993-43, § 6, 9-28-93; Ord. No. 2001-47, § 2, 7-24-01; Ord. No. 2011-2, § 3, 1-31-11)