§ 54-155. Payment of retirement income.

(a)

Lump-sum payment of small retirement income. In addition to any other provision of the plan, if the single-sum value of the vested accrued retirement income is less than $5,000.00 as of the date of retirement or termination of service, whichever is applicable, the retirement committee may, in the exercise of its discretion, specify that the actuarial equivalent value of such retirement income be paid in a lump-sum or in monthly installments for a period certain of not more than 60 months, where such actuarial equivalent value is based upon the mortality and interest assumptions in effect on such date.

(b)

Limitation on payment. Notwithstanding the fact that a monthly retirement income is payable for life, if any person (other than a beneficiary) receiving a monthly retirement income should receive or become entitled to receive any compensation for personal services currently performed under substantially full-time continuous employment by the city at regular compensation, the monthly retirement income shall cease during the period for which such compensation is payable. Such monthly retirement income shall, however, be resumed again at the same rate when such compensation thereafter ceases to be payable.

(Ord. No. 2003-27, § 1, 7-15-03)