§ 54-151. Early retirement and retirement income.

(a)

Early retirement: Early retirement under the plan is retirement from the service of the city as of the first day of the month prior to the participant's normal retirement date but subsequent to the date as of which the participant meets the age and credited service requirements set forth in subsection 54-146(a). In the event of early retirement, payment of retirement income will be governed by the following provisions of this section, subject to the provisions of section 54-149.

(b)

Amount of retirement income: The monthly amount of retirement income payable to a participant who retires prior to his normal retirement date under the provisions of this section shall be an amount (subject to the provisions of section 54-149) equal to the amount in paragraph (1) of this subsection multiplied by the amount in paragraph (2) of this subsection, where:

(1)

Is the accrued benefit computed in accordance with subsection 54-150(b)(1); and

(2)

Is the applicable early retirement reduction factor as defined in subsection 54-146(a)(12).

(c)

Minimum monthly retirement income: Notwithstanding any other provision of this section, the minimum monthly retirement income for a participant hired prior to January 1, 2012, with 25 years of credited service who retires at or after age 55 but before the normal retirement date shall be computed using an unreduced accrued benefit in accordance with subsection 54-150(b)(1)a. multiplied by 25. The minimum monthly retirement income for a participant hired prior to January 1, 2012, with 30 years of credited service who retires at or after age 55 but before the normal retirement date shall be computed using an unreduced accrued benefit in accordance with subsection 54-150(b)(1)a. multiplied by 30. The monthly retirement income for a participant hired prior to January 1, 2012, who retires after age 55 but before his normal retirement date with more than 25 but less than 30 years of credited service, or more than 30 years of credited service, shall be the greater of:

(1)

The minimum monthly retirement income computed in accordance with this subsection based on 25 years of credited service for a participant who has more than 25 but less than 30 years of credited service, or 30 years of credited service for a participant who has more than 30 years of credited service; or

(2)

The retirement income computed in accordance with subsection (b) above.

For a participant hired on or after January 1, 2012, who retires at or after age 55 but before normal retirement with less than 33 years of credited service the early retirement reduction factor shall be .0025 for each month prior to age 65. For a participant hired on or after January 1, 2012, who retires at or after age 55 but before normal retirement with 33 or more years of credited service there is no early retirement reduction factor.

(d)

Payment of retirement income: The monthly retirement income payable in the event of early retirement will be payable in the normal form of payment unless the participant elects an optional form of payment as set forth in section 54-154.

(e)

Supplemental retirement income: Any participant that retires under the early retirement provisions of the plan on or after October 1, 2004, and before March 1, 2007, with 25 or more years of credited service shall be entitled to a monthly supplemental retirement income of $12.00 per month per year of credited service multiplied by the applicable early retirement reduction factor set forth in subsection 54-146(a). Any participant that retires under the early retirement provisions of the plan on or after March 1, 2007, and before October 1, 2009, with 25 or more years of credited service shall be entitled to a monthly supplemental retirement income of $16.00 per month per year of credited service multiplied by the applicable early retirement reduction factor set forth in subsection 54-146(a). Any participant who separates from service and retires as a general employee under the early retirement provisions of the plan with 25 or more years of credited service or who enters the deferred retirement option program on or after October 1, 2009, shall be entitled to a monthly supplemental retirement income of $16.00 per month per year of credited service earned before October 1, 2009, multiplied by the applicable early retirement reduction factor set forth in subsection 54-146(a). The supplemental retirement income payments shall be payable only to the participant on a life only form of payment. Any participant hired on or after October 1, 2009, shall not be entitled to a monthly supplemental retirement income.

(Ord. No. 2003-27, § 1, 7-15-03; Ord. No. 2004-20, § 1(2.3), 8-24-04; Ord. No. 2007-6, § 4, 2-27-07; Ord. No. 2009-1, § 4, 2-17-09; Ord. No. 2009-18, § 3, 9-22-09; Ord. No. 2011-37, § 4, 1-3-12)