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19830322 r-83-17 RESOLUTION NO. R-83-17 AMENDMENTS TO CITY RETIREMENT PLANS WHEREAS, the City of Fairfax, Virginia, has previously adopted two (2) retirement plans for its employees, the Revised Retirement Plan for Employees of the City of Fairfax, Virginia, and the Revised Retirement Plan for Police and Fire Employees of the City of Fairfax, Virginia, both of which plans were last amended and restated as of May 1, 1979; and WHEREAS, the City Council of the City of Fairfax, Virginia, deserves to amend those plans as of April 1, 1983, to provide for inclusion of unused sick leave in Credited Service and to modify the contributions required from and the benefits provided for individuals hired by the City after March 31, 1983; NOW THEREFORE, BE IT RESOLVED THAT 1. Pursuant to Article X, Section A of the Revised Retirement Plan for Police and Fire Employees of the City of Fairfax, Virginia, the City Council of the City of Fairfax hereby adopts amendments to Articles III, IV, VI, VII and VIII of that plan as set forth on the attachment entitled "Police and Fire". 2. Pursuant to Article X, Section A of the Revised Retirement Plan for Employees of the City of Fairfax, Virginia, the City Council of the City of Fairfax hereby adopts amendments to Articles IV, VI, VII and VIII of that plan as set forth in the attachment entitled "General Employees". ADOPTED this 22nd day of March, 1983. ATTEST: CITY OF FAIRFAX MAYOR R-83-17 GENERAL EMPLOYEES ARTICLE 1V RETIREMENT ALLOWANCES A. NOR~IAL RETIREMENT ALLOWANCE ~ A Participant, upon retirement at his normal retire- ment date in accordance with Section A of Article III, shall receive a monthly retirement allowance which shall commence on such retirement date and shall be continued on the first day of each month thereafter during his lifetime. The amount of each suchmonthly retirement allowance shall be computed in accord- ance with subsection 1 or 2 below, whichever is applicable: 1. The amount of monthly retirement allowance for a Participant who became an Eligible Employee on or before March 31, 1983, shall be one-tWelfth of ~the product of (a) multiplied by (b) below, where · (a) is one and eight-tenths percent (1.8%) of the Participant's average final compensation at his date of retirement; and (b) is the number of years of Credited Service of the Participant at his date of retirement, not in excess of thirty such years, including completed months of Credited Service as a fractional part of a year, and further includ- ing completed months of unused sick leave R-83-17 -3 - including completed months of Credited Service a§ a fractional part'of a year, and further including completed months of unused sick leave credited to the Participant at his normal retirement date, calculated on the basis that 173 hours of unused sick leave equals one completed month. B. EARLY RETIREMENT ALLOWANCE .. A.Participant, upon retirement at an early retirement date in accordance with Section B of Article III, shall receive a monthly retirement allowance which shall commence on such retirement date and shall be continued on the first day of each month thereafter during his lifetime. The amount of each such .- monthly retirement allowance shall be determined in the same manner as for retirement at the Participant's normal retirement date except that: 1. For a Participant who became an Eligible Employee on or before March 31, 1983, Credited Service and Average Final Compensation shall be computed as of his early retirement date and the amount of the monthly retirement allowance so determined shall be reduced by one-sixth of one percent for each complete month in the period between his early R-83-17 - 2 - credited to the Participant at his normal retirement date, calculated on the basis that 173 hours of unused sick leave equals one completed month. The amount of monthly retirement allowance for a Participant who became an Eligible Employee on or after April 1, 1983, shall be one-twelfth of the product of (a) multiplies bY (b) below, where (a) is one-half of one percent (0.5%) of the Participant's average final compensation at his date of retirement, with respect to any allowance payment falling due on or after the date on which the Participant attains the age of sixty five; or one and one-half percent (1.5%) of the Participant's average final compensa- tion at his date of~retirement, with respect to any allowance payment falling due prior to the first day of the month in which the Participant attains the age of sixty-five; and (b) is the number of years of Credited Service of ~he Participant at his date of retirement, R-83-17 -4 - retirement date and his normal retirement date; and 2. For a Participant who became an~Eligible Employee on or after April 1, 1983, Credited Service and Average Final Compensation shall be computed as of his early retirement date and the amount of the monthly retirement allowance so determined shall be reduced by five-twelfths of one percent for each complete month in the period between his early .retirement date and his normal retirement date. DELAYED RETIREMENT ALLOWANCE [ LANGUAGE UNCHANGED] D. DISABILITY RETIREMENT ALLOWANCE · A Participant, upon retirement for disability in accordance with Section D of Article III, shall receive a monthly retirement allowance which shall commence on such retirement date and shall be continued on the first day of each month there- after during his lifetime, subject to the provisions of Section E of this Article IV. The amount of each such monthly retirement. allowance shall be determined in the same manner as for retire- ment at the Participan6's normal retirement date except that: R-83-17 -5 - For a Participant who became an Eligible Employee on or before MArch 31, 1983, Average Final Compen- sation shall be determined as of his disability retirement date and Credited Service shall be determined as the smallest of: (a) twice the number of years of the Participant's Credited Service; (b) the number of years of Credited Service the Participant would have completed had he remained in the active service of the City until his normal retirement date; or (c) thirty years. For a Participant who became an Eligible Employee_ on or after April 1, 1983, Average Final Compen- sation shall be determined as of his disability retirement date and Credited Service shall be determined as: (a) the number of years of the Participant's Credited Service, if the Participant's disa- (b) bility is nog duty-related; or the number of years of Credited Service the -. Participant would have completed had he remained R-83-17 -6 - in the active service of the City until his normal retirement date, if the disability is duty-related. CESSATION OF DISABILITY RETIRE}~NT ALLOWANCE [LANGUAGE UNCHANGED] F. PARTICIPANTS RE-EMPLOYED AFTER RETIREMENT [LANGUAGE UNCHANGED] G. SUPPLEMENTAL RETIREb~NT ALLOWANCE In addition to the monthly retirement allowance payable to a Participant under Sections A, B, C or D of this Article IV, or to any optional allowance in lieu thereof that may have been elected under the provisions of Article V, or to any monthly allowance under Section B or Section C of Article VI, payable to the Participant or to his Contingent Annuitant, a supplemental retirement allowance shall be payable in accordance with the following provisions of this Section. Any such supplemental re- tirement allowance shall be subject to the same conditions of payment as are applicable to the allowance being supplemented. The amount of any such supplemental retirement allow- ance shall be determined as a percentage of the allowance being supplemented, such per~entage being determined as: 1. For a Participant who became an Eligible Employee on or before March 31, 1983, the percentage R-83-17 - 7 - increase, if any, not to exceed, five' percent, in the Consumer Price Index, U.S. City Average, Ail Items, as published by the Bureau of Labor. Statistics of the United States Department of Labor, from its Value for the month in which the allowance initially commenced upon the re- tirement or death prior to retirement of the Participant, to its value for the month of March next preceding the date as of which the perceqtage is being determined; For a Participant who became an Eligible Employee on or after April 1, 1983, one-half of the per- centage increase, if any, not to exceed five .. percent, in the Consumer Price Index, U.S. City Average, Ail Items, as published by the Bureau of Labor Statistics of the United States Department of Labor, from its value for the month in which the allowance initially commenced upon the retire- ment or death prior to retirement of the Participant, to its value for the month of March next preceding the date as of which the percent- age is being determined. In no event shall the application of this Section G serve to reduce the amount of retirement allowance that would R-83-17 -8 - be payable in any case were it not for this Sectioh. Amounts of supplemental retirement allowance, pursuant to this Section G as amended effective April 1, 1983, shall be determined initially as of.,July 1, 1983, with respectltQ ~ret,~re~? i/~i,i,~i~. merit allowances then in course of payment and successively annually thereafter on each July 1. No change in the amount of any supplemental retirement allowance shall be effected between determination dates except as necessary to reflect changes in the amount of the allowance being supplemented, to the end that any such supplement shall remain, until the following determin- ation date, a constant percentage of the respective allowance being supplemented, nor shall any new supplements be commenced except as of a determinati°n date. The supplemental retirement allowance determined as of any determination date shall become effective as of the.payment date coinciding with. such determin- ation date, and shall be in lieu of any supplemental retirement allowance previously payable, which shall thereupon be terminated. R-83-17 ARTICLE VI BENEFITS ON DEATH me Be TERMINATION OF RIGHTS TO BENEFITS [LANGUAGE UNCHANGED] DEATH PRIOR TO RETIREMENT 1. In the event of the death of a Participant prior to his retirement hereunder or his termination of employment with the City, his Accumulated Contributions at date of death shall be paid to his Beneficiary in a lump sum, unless the Beneficiary is entitled to receive, and elects to receive, a monthly retirement allowance under the provisions of subsection 2 or subsection 3 of this Section B. 2. In the event of the death of a Participant while in the employ of the City, either after he has attained the age of fifty provided he has com- pleted five years of Credited Service or after he has completed twenty-five years of Credited Service, there shall be paid a monthly retirement allowance to the Participant's designated Beneficiary, provided such Beneficiary is the spouse or a parent of the Participant. (In accordance with amendment adopted July 20, 1976) R-83-17 -2 - Any such allowance shall commence on'the first day of the month next following the date of the Participant's death and shall be continued on the first day of each month thereafter during the lifetime of the Beneficiary. The amount of each such monthly allowance shall be equal to the monthly allowance to which the Participant would have been entitled had he survived and retired under the provisions of either Section A, B or C of Article III, whichever is applicable, on the first day of the month next following his death, having elected the Joint and Last Survivor Option (OptiOn 2) of Article V with 100% contin- uation to the Beneficiary. In the case of a Participant who became an E~igible Employee on or after April 1, 1983, the monthly allowance payable to the Beneficiary equal to the monthly allowance to which the Participant would have been entitled had he survived and retired under the provisions of either Section A, B or C of Article III, whichever is applicable (under the con- ditions described in the preceding sentence)'~ shall be determined using the formula applicable to the monthly retirement allowance which would have been payable to the Participant for any month following R-83-17 -3 - his attainment of age sixty-five. Any Benefi- ciary to whom a monthly allowance becomes payable under the provisions of this subsection 2 shall be considered to be a Contingent Annuitant for all purposes under the Plan. The foregoing to the contrary notwithstanding, if no such Beneficiary survives the PartiCipant or if the designated Beneficiary so elects, the Participant's Accumulated Contributions at the date of death shall be paid in a lump sum in accordance with the provisions of subsection 1 hereof in lieu of any monthly allowance under the provisions of this~subsection 2. -' In the event of the death of a Participant while in the employ of the City after he has completed five years of Credited Service, but before he has either attained the age of fifty or completed twenty-five years of Credited Service, there shall be paid a monthly retirement allowance to the Participant's designated Beneficiary, provided such Beneficiary is the spouse or a parent of the member. Any such allowance shall commence at the election of the Beneficiary, on the first day of any month not earlier than the first date R-83-17 -4- on which the Participant would have either attained the age of fifty or completed twenty- five years of Credited Service had he remained in service as an Eligible Employee until such date, and shall be continued on the first day of each month thereafter during the lifetime of the Beneficiary. The amount of each such monthly allowance shall be e~ual to the monthly allowance to which the Participant would have been entitled had he terminated his employment with the City at his date of death, survived to the commencement date of the Beneficiary's allowance, and commenced then to receive a deferred retirement allowance under the provi- sions of Section C of Article VII,.having elected the Joint and Last Survivor Option (Option 2) of Article V with 100% continuation to the Beneficiary. In the case of a Partici- pant who became an Eligible Employee on or after April 1, 1983, the monthly allowance payable to the Beneficiary equal to the monthly allowance to which the Participant would have been entitled had he survived and retired under the provisions of Section C of Article VII (under the conditions R-83-17 -5 - described in the preceding sentence)', shall be determined using the formula applicable to"the monthly retirement allowance which would have' been payable to the Participant for any month following his attainment of age sixty five. Any Beneficiary to whom a monthly allowance be- comes payable under the provisions of Chis subsection shall be considered to be a Contingent Annuitant for all purposes of the Plan. The foregoing to the contrary notwithstanding, if no such Beneficiary survives the Participant, or if the designated Beneficiary so elects, the Participant's Accumulated Contributions at the -' date of death shall be paid in a lump sum in accordance with the provisions of subsection 1 hereof in lieu of any monthly allowance under the provisions of this subsection 3, or if the designated Beneficiary does not receive a pay- ment of the Participant's Accumulated Contribu- tions upon the death of the Participant and later elects to receive such a payment, or dies, prior to the date of commencement of a monthly allowance hereunder, the Participant's Accumulated R-83-17 -6 - Contributions shall thereupon be pai~ in a lump sum to such Beneficiary, or to the estate of such Beneficiary, as the case may be. DEATH SUBSEQUENT TO NORMAL, EARLY OR DELAYED RETIREMENT [LANGUAGE UNCHANGED] DEATH SUBSEQUENT TO DISABILITY RETIREMENT [LANGUAGE UNCHANGED] R-83-17 ARTICLE VII BENEFITS ON TERMINATION OF EMPLOY>~NT TERMINATION OF RIGHTS TO BE~rEFITS [ LANGUAGE UNCHANGED ] B. REFUND OF ACCUMULATED CONTRIBUTIONS [LANGUAGE UNCHANGED] C. DEFERRED RETIREMENT ALLOWANCE '° subject to the provisions of Section F hereof, in the event of the termination of a Participant's employment with the City other than by death, prior to his retirement hereunder but after he has completed five or more years of Credited Service, there shall be paid to such participant a monthly -- retirement allowance determined as hereinbelow provided, com- mencing at the election of the Participant, on the first day of any month coincident with or following the later of his date of termination of employment or his attainment of the 'age of fifty, but in no event later than his attainment of his normal re- tirement age, and continuing on the first day of each month thereafter during his lifetime; provided, however, that any participant shall have the right, at any time after termination of employment and prior to the commencement of payment of a deferred retirement allowance, to receive in a lump sum his R-83-17 -2 - Accumulated Contributions as of the date such payment is requested, but such payment shall terminate the Participant's rights to a deferred retirement allowance hereunder, and shall cancel any period of Credited Service previously rendered by him. (In accordance with amendment adopted July 20, 1976) The amount of the monthly retirement allowance pay- able to an eligible Participant under the provisions of this Section shall be determined in the same manner as provided in Section A of Article IV hereof, except that Credited Service and Average Final Compensation shall be determined as of the date of the Participant's termination of employment, and if the date of commencement of the monthly retirement allowance is prior to the Participant's normal retirement date: 1. For a Participant who became an Eligible Employee on or before March 31~ 1983, the amount of the monthly retirement allowance so determined shall be reduced by one-sixth of one percent for each complete month in the period between such com- mencement date and the Participant's normal retirement date; 2. For a Participant who became an Eligible Employee on or before April 1, 1983. the amount of the monthly retirement allowance so determined shall be reduced by five-twelfths of one percent for ' R-83-17 -3 - each complete month in the period between such commencement date and the Participant's normal retirement date. Any Participant becoming entitled to an allowance under the provisions of this Section shall be entitled to elect, at the time of commencement of such allowance, and subject to the approval of the Committee, to have his allowance.'paid under Option 1, Option 2 or Option 3 (if applicable) of Article V. D. RE-EMPLOYMENT AFTER TERMINATION OF EMPLOYMENT [LANGUAGE UNCHANGED] E. DEATH AFTER TERMINATION OF F~LO~NT ~ [LANGUAGE UNCHANGED] F. FORFEITURE OF RIGHTS TO DEFERP~D ALLOWANCES [LANGUAGE UNCHANGED] G. [LANGUAGE UNCHANGED] · R-83-17 ARTICLE VIII FUNDING A. CONTRIBUTIONS BY THE PARTICIPkNTS Each Eligible Employee who became an Eligible Employee on or before March 31, 1983, shall contribute to the Plan for each pay period after July 20, 1976, during which he is a Participant and for which he receives Compensation, an amount equal to one and one-half percent (1 1/2%) of his Com- pensation for such pay period; provided, however, that no Contributions shall be made by a Participant after he has com- pleted thirty years 'of Credited Service. Each Eligible Employee who became an Eligible Employee on or after April 1, 1983, shall contribute to the Plan for each pay period during which he is a Participant and for which he received Compensa- tion, an amount equal to one percent (1%) of his Compensation for such pay period. The Contributions of each Participant shall be de- ducted by the City from the Participant's Compensation and all amounts so deducted in any calendar month shall be paid to the Trustee on or before the twentieth day of the next succeed- ing month. The City may collect the Contributions of the Participant in any reasonable manner that produces the correct aggregate Contributions over a twelve-month period. R-83-17 -2 - B. CONTRIBUTIONS BY THE CITY [ LANGUAGE UNCHANGED ] C. TRUST FUND [ LANGUAGE UNCHANGED ] 1983-17 POLICE AND FIRE ARTICLE III RETIRE~rENT A. NO~L RETIREmeNT The normal retirement date of a Participant who became an Eligible Employee on or before March 31, 1983 shall be the first day of the month coinciding with or next following the earlier of the date on which the Participant attains the age of fifty, provided he has completed five or more years of Credited Service, or the date on which the Participant completes twenty years of Credited Service. The normal retirement date of a Participant who became an Eligible Employee on or after April 1, 1983 shall be the first day of the month coinciding with or next following the earlier of the date on which the Participant attains the age of fifty- five, provided he has completed five or more years of Credited Service, or the date on which the Participant completes twenty-five years of Credited Service. A Participant who has attained the age of sixty, provided he has completed five or more years of Credited Service, or has completed thirty years of Credited Service, shall on the date of attainment of age sixty-five or completion of thirty years 1983-17 - 2- of Credited Service retire from the employment of the City except as otherwise provided in Section C of this Article III. B. EARLY RETIREb~NT C. DELAYED RETIREMENT [DELETED] [LANGUAGE UNCHANGED -- REDESIGNATED "B"] C. DISABILITY RETIREMENT A Participant who becomes totally and permanently disabled as hereinafter defined, after the completion of five years or more of ~redited Service, may retire from the employment of the City on the first day of any month there- after prior to: 1. In the case of a Participant who became an Eligible Employee on or before March 31, 1983, the earlier of the date on which.he attains the age of sixty, or completes thirty years of Credited Service; or 2. In the case of a Participant who became an Eligible Employee on or after April 1, 1983, his normal retirement date. A Participant shall be deemed to be totally and permanently disabled if and only if he has qualified for disability retirement benefits under the provisions of the Virginia Supplemental Retirement System. 1983-17 POLICE AND FIRE ;-RTICLE IV PJ~TI REb~ENT ALLOWAHCES A. AMOUNT OF RETIREMENT ALLOWANCE A Participant, upon retirement in accordance with any of the provisions of Article III, shall receive a monthly retirement allowance which shall commence on such retirement date and shall be continued on the first day of each month thereafter during his lifetime, subject to the provisions of Section B of this Article IV in the case of retirement for disability. The amount of each such monthly retirement allow- ance shall be computed in accordance with subsection 1 or 2 below, whichever is applicable: i. For a Participant who became an Eligible Employee on or before March 31, 1983, the amount of monthly retirement allowance shall be determined as follows: (a) with respect to any allowance pay- ment falling due before the Participant's sixty-fifth birthday, one-twelfth of the sum of (1) and (2) below, where (1), is two percent (2°/0 of the Participant's Average Final 1983-17 -2 - (b) Compensation at his 'date 'of retSrement, multiplied by the number of years of his Credited Service at such date, not in excess of thirty such years, and (2) is one-half of one percent (1/2%) of the Participant's average final compensation at his date of retire- ment, multiplied by the number of years of his Credited Service at such date, not in excess of twenty such years. with respect to any allowance payment falling due after the Participant's sixty-fifth birthday,, one-twelfth of the sum of (1) and (2) below, where (1) is one-half of one percent (1/2%) of the Participant's Average Final Compensation at his date of retire- ment, multiplied by the number of years of Credited Service at such date, not in excess of thirty such years, and 1983-17 -3.- (2) is one-half of one percent (1/24) of the Participant's Average Final Compensation at his date of retire- ment, multiplied by the number of years of his Credited Service at such date, not in excess of twenty such years. For a Participant who became an Eligible Employee on or after April.l, 1983, the monthly retirement allowance shall be determined as follows: (a) with .respect to any allowance payment (other than a disability retirement allowance payment) falling due before the Participant's sixty-fifth birthday, one-twelfth of the product of (1) multiplied by (2) below, where (1) is one and one-half percent (1- 1/2%) of the Participant's Average Final Compensation at his date of retirement; and (2) is the number of years of Credited Service of the Participant at his date of retirement. 1983-17 -4- (b) with respect to any allowance payment falling due on or after the Participant's sixty-fifth birthday (or any disability retirement allowance payment falling due at any time), one-twelfth of the product of (1) multiplied by (2) below, where (1) is one-half of one percent (1/2%) of the Participant's Average Final Compensation at his date of retire- ment; and (2) is the number of years of Credited Service of the Participant at his date of retirement. Solely for purposes of determining the amount of a Participant's monthly retirement allowance under this Article IV, the number of years of his Credited Service shall include completed months of Credited Service in excess of a period of completed years as a fractional part of a year, and shall further include completed months of unused sick leave credited to the Participant at his date of retirement, calculated on the basis that 173 hours of unused sick leave equals one completed month. 1983-17 -5- The foregoing to the contrary notwithstanding, in the case of a Participant who retires for disability under the provisions of Section D of Article III, his retirement allowance shall be computed in accordance with subsection 3 or 4 below, whichever is applicable: 3. For a Participant who became an Eligible Employee on or before March 31, 1983, his Credited Service shall be determined as the smallest of: (a) twice the number of years of the Partici- pant's Credited Servi6e; (b) the number of years of Credited Service the Participant would have completed had he remained in the active service of the City until the earlier of attainment of : age sixty or the date on which he would have completed thirty years of Credited Service; or (c) thirty years. 4. For a Participant who became an Eligible Employee on or after April 1, 1983, the number of years of his Credited Service shall be determined as: (a) the number of years of the Participant's Credited Service, if the ParticiPant's disability is not duty-related; or 1983-17 -6- (b) the number of years of Credited Service the Participant would have completed had he remained in the active service of the City until his normal retirement date, if the disability is duty-related. B. CESSATION OF DISABILITY P, ETIRE~ENT ALLOWANCE [LANGUAGE UNCHANGED ] C. PAP, TICIPANTS RE-EMPLOYED AFTER RETIREMENT [LANGUAGE UNCHANGED] D. SUPPLEMENTAL RETIP~Eb~.NT ALLOWANCE In addition to the monthly retirement allowance payable to a Participant under Section A of this Article IV, or to any optional allowance in lieu thereof that may have been elected under the provisions of Article V, or to any monthly allowance ~nder Section B or Section C of Article VI, payable to the Participant or to his Contingent Annuitant, a supplemental retirement allowance shall be payable in accordance with the following provisions of this Section. Any such supplemental retirement allowance shall be subject to the same conditions of payment as are applicable to the allowance being supplemented. The amount of any such supplemental retirement allowance shall be determined as a percentage of the allowance being supplemented, such percentage being determined as: 1. For a Participant who became an Eligible Employee on or before March 31, 1983, the 1983-17 -7- percentage increase, if any, not to exceed five percent, in the Consumer Price Index, U.S. City Average, all Items, as published by the Bureau of Labor Statistics of the United' States Department of Labor, from its value for the month in which the allowance initially commenced upon the retirement or death prior to retirement of the Participant, to its' value for the month of March next preceding the date as of which the percentage is being determined; For a Participant who became an Eligible Employee on or after April 1, 1983, one-half of the percentage increase, if any, not to exceed five percent, in the Consumer Price Index, U.S. City Average, 'all Items, as published by the Bureau of Labor Statitstics of the United States Department of Labor, from its value for the month in which the allowance initially commenced upon the retire- ment or death prior to retirement of the Participant, to its value for the month of March next preceding the date as of which the percentage is being determined. 1983-17 ' -8- In no event shall the application of this Section D serve to reduce the amounq of retirement allowance that would be payable in any case were it not for this Section. Amounts of supplemental retirement allowance, pursuant to this Section D as amended effective April 1, 1983, shall be determined initially as of July 1, 1983, with respect to retirement allowances then in course of payment and successively annually thereafter on each July 1. No change in the amount of any supplemental ~etirement allowance shall be effected between determination dates except as necessary to reflect changes in the amount of the allowance being supplemented, to the end that any such supplement shall remain, until the following determination date, a constant p~rcentage of the respective allowance being supplemented, nor shall any new supplements be commenced except as of a determination date. The supplemental retirement allowance determined as of any determination date shall become effective as of the payment date coinciding with such determination date, and shall be in lieu of any supplemental retirement allowance previously payable, which shall thereupon be terminated. 1983-17 POLICE AND FIRE ARTICLE VI BENEFITS ON DEATH TERMINATION OF RIGHTS TO BENEFITS [LANGUAGE ~CHANGED] DEATH PRIOR TO RETIRE}~NT 1. In the event of the death of a Participant prior to his retirement hereunder or his termination of employment with the City, his Accumulated Contributions at date of death shall be paid to his Beneficiary in a lump sum, unless the Beneficiary is entitled to receive, and elects to receive, a monthly retirement allowance under the provisions of subsection 2 or subsection 3 of this Section B. 2. In the event of the death of a Participant while in the employ of the City, either after he has attained the age of fifty (fifty-five, in the case of a Participant who became an Eligible Employee on or after April 1, 1983) provided he has completed five years of Credited Service or after he has completed twenty years of Credited Service (twenty-five 1983-17 -2 - years of Credited Service, in the case of a Participant who became an Eligible Employee on or after April 1, 1983), there shall be paid a monthly retirement .allowance to the Participant's designated Beneficiary, provided such Beneficiary is the spouse or a parent of the Participant. Any such allowance shall comm. ence on the first day of the month next following the date of the Participant's death and shall be continued on the first day of each month thereafter during the lifetime of the Beneficiary. .V~e amcunt of each such monthly allowance shall be equal to the monthly allowance to which the Participant would have been entitled had he survived and retired under the provisions of either Section A or B of Article III, whichever is applicable, on the first day of the month next following his death, having elected the Joint and Last Survivor Option (Option 2) of Article V with 100% continuation to the Beneficiary. In the case of a Participant who became an Eligible Employee on or after April 1, 1983, the monthly allowance payable to the Beneficiary equal to 1983-17 -3- the monthly allowance to which the Participant would have b~en entitled had he'survived'and retired under the provisions of either Section A.or B of Article III, whichever is applicable (under the conditions described in the preceding sentence), shall be determined using the formula applicable to any allowance payment which would have fallen due on or after the Participant's sixty-fifth birthday. Any Beneficiary to whom a monthly allowance becomes payable under the provisions of this subsection 2 shall be considered to be a Contingent Annuitant for all purposes under the Plan. The foregoing to the contrary notwithstanding, if no such beneficiary survives the Participant, or if the designated Beneficiary so elects, the Participant's Accumulated Contributions at date of death shall be paid in a lump sum in accordance with the provisions of subsection 1 hereof in lieu of any monthly allowance under the provisions of this subsection 2. In the event of the death of a Participant while in the employ of the City after he has 1983-17 -4- completed five years of Credited S~rvice, but before he has. either attained the age of fifty or completed twenty years of Credited Service (or, in the case of a Participant who became an Eligible Employee on or after April 1, 1983, attained the age of fifty-five or com- pleted twenty-five years of Credited Service), there shall be paid a monthly retirement allow- ance to the Participant's designated Beneficiary, provided such Beneficiary is the spouse or a parent of the Member. Any such allowance shall commence at the election of the Beneficiary, on the first day of any month not earlier than the first date on which the Participant would have either attained the age of fifty or completed twenty years of Credited Service (or, in the case of a Participant who became an Eligible Employee on or after April 1, 1983, attained the age of fifty-five or completed twenty-five years of Credited Service) had he remained in service as a Eligible Employee until such date, and shall be continued on the first day of each month thereafter during the lifetime of the Beneficiary. The amount of each such monthly -. 1983-17 - 5- allowance shall be equal to the monthly allow- ance to whic~ the Participant would have been entitled had he terminated his employment with the City at his date of death, survived to the commencement date of the Beneficiary's allow- ance, a~d commenced then to receive a deferred retirement allowance under the provisions of Section C of Article VII, h. aving elected the Joint and Last Survivor Option (Option 2) of Article V with 100% continuation to the Beneficiary. In the case of a Participant who became an Eligible Employee on or after · April 1, 1983, the monthly allowance payable to the Beneficiary equal to the monthly allowance to which the Pa=ticipant would have been entitled had he survived and retired under the provisions of Section C of Article VII (under the conditions described in the preceding sentence), shall be determined using the formula applicable to any allowance payment which would have fallen due on or after the Participant's sixty-fifth birthday. Any Beneficiary to whom a monthly allowance 1983-17 -.6- becomes payable under the provisions of this subsection shall be considered to be a Contingent Annuitant for all purposes of the Plan. The foregoing to the contrary notwithstanding, if no such Beneficiary survives the Participant, or if the designated Beneficiary so elects, the Participant's Accumulated Contributions at date of death shall be paid in a lump sum in accordance with the proPisions of sub- section 1 hereof in lieu of any monthly allowance under the provisions of this sub- section 3, or if the designated Beneficiary does not receive a paymen~. of the Participant's Accumulated Contributions upon the death of the Participant and later elects to receive such a payment, or dies, prior to the date of commencement of a monthly allowance hereunder, the Participant's Accumulated Contributions shall thereupon be paid in a lump sum to such Beneficiary, or to the estate of such Beneficia'ry, as the case may be. DEATH SUBSEQUENT TO NOP. b~L, EARLY OR DELAYED RETIREb~NT [ LANGUAGE L~CHANGED ] DEATH SUBSEQUENT TO DISABILIR~f RETIREMEMT [LANGUAGE UNCHANGED ] 1983-17 POLICE AMD FIRE ARTICLE VII BENEFITS ON TERM. INATION OF EMPLOYMENT A. TERbIINATION OF RIGHTS TO BENEFITS [LANGUAGE UNCHANGED ] B. REFUND OF ACCUMULATED CONTRIBUTIONS [ LANGUAGE UNC}IANGED ] C. DEFERRED RETIREME~]T ALLOWANCE Subject to the provisions of Section F hereof, in the event of the termination of a Participant's employment with the City, other than by death, prior to his retirement hereunder but after he has completed five or more years of Credited Service, there shall be paid to such Participant a monthly retirement allowance determined as hereinbelow provided, commencing on the first day of the ~i~'nth coincident with or next following the later of his date of termination of employment or his normal retirement date, and continuing on the first day of each month thereafter during his lifetime; provided, however, that any Participant shall have the right, at any time after termination of employment and prior to the commencement of payment of a deferred retirement allowance, to receive in a lump sum his Accumulated Contributions as of the date such payment is requested, but 1983-17 -2 - such payment shall terminate the Participant's right to a deferred retirement allowanc'e hereunder, and shall cancel any period of Credited Service previously rendered by him. The amount of the monthly retirement allowance payable to an eligible Participant under the provisions of this Section shall be Retermined in the same manner as provided in Section A of Article IV hereof, except that Credited Service and Average Final Compens. ation shall be determined as of the date of the Participant's termination of employment. Any Participant becoming entitled to an allowance under the provisions of this Section shall be entitled to elect, at the time of commencement of such allowance, and subject to .the approval of the Committee, to have his allowance paid under Option 1, Option 2 or Option 3 (if applicable) of Article V. D. D. RE-EMPLOYmeNT AFTER TER>[INATION OF E}~LOY>~NT [LANGUAGE UNCHANGED ] E. DEATH AFTER TEP~MINATION OF E~PLOYMENT [LANGUAGE UNCHANGED ] F. FORFEITURE OF RIGHTS TO DEFEPdtED ALLOWANCES [LANGUAGE UNCHANGED ] '- 1983-17 POLICE AND FIRE ARTICLE VIII FUNDING A. CONTRIBUTIONS BY THE PARTICIPANTS Each Eligible Employee who became an Eligible Employee on or before March 31, 1983, shall contribute to the Plan for each pay period after July 20, 1976, d6ring which he is a Participant and for which he receives Compensation, an amount equal to five and one-half percent (5-1/2%) of his Compensation for such pay period; provided, however, that no Contributions shall be made by a Participant after he has completed thirty years of Credited Service. Each Eligible Employee who became an Eligible Employ¢'e on or after April 1, 1983, shal.1 contribute to the Plan for each pay period during which he is a Participant and for which he received Compensation, an amount equal to two percent (2%) of his Compensation for such pay period. The Contributions of each Participant shall be deducted by the City from the Participant's Compensation and all amounts so deducted in any calendar month shall be paid to the Trustee on or before the twentieth day of the next succeeding month. The City may collect the Contributions of the Participants in any reasonable manner that produces the 1983-17 -2- correct aggregate Contributions over a twelve-month period. B. CONTRIBUTIONS BY THE CITY [LANGUAGE UNCHANGED ] C. TRUST FUND [ L~OUAGE UNCHANGED]