Sec. 120.206. - Time service retirement benefit; cost-of-living adjustments.

(a) A member may retire on the next pay period following: the date upon which the member completes 30 years of credited service, regardless of age; or the date upon which the member attains age 55 with 20 years of credited service or the date upon which the member attains age 65 with five years of credited service. There shall be no mandatory retirement age. (b) A normal retirement benefit shall be determined by multiplying 2.5 percent of final monthly compensation as defined in Section 120.201 by the number of years of credited service to a maximum of 80 percent. Members actively employed by JEA on the effective date of a Recapitalization Event who are, at that time, eligible for time service retirement benefits pursuant to Section 120.206 (a) shall be treated in all respects as retired as of such date and entitled to immediate retirement benefits and attendant rights as described in this Part II. (c) A service retirement benefit shall be payable on bi-weekly basis. The benefit payments shall commence on the first payday coincident with or next following the member's actual retirement and shall continue until the death of the member. (d) Early retirement shall be available to a member the first full pay period following the completion of 25 or more years of service, but less than 30 years of service, regardless of age with a benefit of two percent per year of credited service or the attainment of age 50 and a completion of 20 years of credited service with the benefit of 2.5 percent per year of credited service reduced by 0.5 percent for each month the benefit commencement precedes age 55. (e) The payment of the early retirement income shall be subject to the same conditions as normal retirement income. (f) In the event a member elects early retirement, the benefit formula in effect on the early retirement date shall be applicable to the member. (g) Notwithstanding any provision of this Section to the contrary, there shall be a minimum retirement benefit of $25 multiplied by the number of whole years of credited service not to exceed 30 years. For members retiring on or after August 14, 1995, the minimum payment shall be increased at a compounded rate of four percent annually on each October 1. The minimum benefit for survivors of a retired member shall be 75 percent of minimum benefit provided in this Section. (h) Each retiree or survivor shall be eligible to receive an annual cost-of-living adjustment equal to three percent of the retiree's or survivor's annual benefit, compounded annually. For all benefits commencing on or after October 1 of any year but before the following September 30, the commencement date of the cost-of-living adjustment shall be deemed to be the April 1 next following the October 1 of the year in which the benefit commences. The cost-of-living adjustment shall then be paid on the pay date for the first full pay period following April 1 occurring five years after the commencement of the COLA eligibility period. (i) In addition to the cost-of-living benefit set forth in this Section, retirees and survivors shall receive a monthly supplemental benefit equal to $5 multiplied by the number of years of credited service. The benefit shall be not less than $25 per month or more than $150 per month. (Ord. 2005-432-E, § 2; Ord. 2019-566-E , § 1)