§ 22-203. Enhanced defined benefit retirement.

(a)

Eligibility.

(1)

Upon the establishment of an enhanced defined benefit retirement plan, any member may make a one-time election to participate in such plan; provided, however, that no public safety member age 40 or above may first make such an election. The member must make the election to participate in the plan within 90 days of the member's date of employment or within 90 days of the establishment of the enhanced defined benefit retirement plan, whichever should occur later.

(2)

During the period from July 1, 2006 through August 31, 2006, any member who previously elected to participate in the enhanced defined benefit plan may revoke such election. Such revocation shall be effective September 1, 2006.

(b)

Enhanced benefits.

(1)

For participating general members, the annual retirement allowance shall be two percent of the member's average final compensation, multiplied by the number of years of such member's creditable service up to a maximum of 35 years.

(2)

Any participating public safety member shall be eligible to retire after completion of the retirement application as described in Section 22-50 and receive an unreduced early service retirement allowance beginning on the first day of the month following the completion of 20 years of creditable service as a public safety member, regardless of age. The formula for calculating such member's allowance will be as described in Section 22-202.

(c)

Member contribution. Any member who elects to participate in the Enhanced Benefit Retirement Program must contribute three percent of the member's creditable compensation from the date of election to the date of termination of service, in addition to any contribution that might be required to participate in the current system. Contributions must be made for a minimum of three years prior to retirement. General members may pay the balance of the required three years' contributions in a lump sum at retirement. Effective September 1, 2006, the contribution requirement shall be three and fifty-seven one-hundredths percent of the member's creditable compensation for general members and three and ninety-five one-hundredths of the member's creditable compensation for public safety members.

(d)

Return of member contributions made prior to September 1, 2006. In the event that a member participating in the enhanced defined benefit retirement plan revokes his or her election during the period described in Subsection (a)(2) of this section, the member's contributions made to the plan prior to the effective date of the revocation shall be refunded to the member in accordance with established practices and procedures with interest as determined by the Board. These contributions are in addition to contributions required in Section 22-112(a). Upon the refund of the member's contributions made under this section, the member shall have no rights or benefits payable under the enhanced defined benefit retirement plan.

(Code 2004, § 78-207; Ord. No. 2003-172-179, § 1(23.1-44.1), 5-27-2003; Ord. No. 2006-58-126, § 1, 5-30-2006; Ord. No. 2006-185-218, § 1, 7-24-2006; Ord. No. 2009-207-214, § 1, 11-23-2009)

(Code 2004, § 78-207; Ord. No. 2003-172-179, § 1(23.1-44.1), 5-27-2003; Ord. No. 2006-58-126, § 1, 5-30-2006; Ord. No. 2006-185-218, § 1, 7-24-2006; Ord. No. 2009-207-214, § 1, 11-23-2009)