Sec. 120.214. - BACKDROP.

(a) There is hereby created a BACKDROP retirement option (the "BACKDROP") to the Retirement Plan, which shall allow any member, who has 30 or more years of credited service, to elect to have that member's retirement benefits calculated as if the member actually had retired at any earlier date after the date the member earned 30 years of credited service. (b) Any member who has 30 or more years of credited service is eligible to participate in the BACKDROP. (c) (1) An eligible member may elect to participate in the BACKDROP by submitting the following to the Pension Department: (i) One copy of a signed and submitted letter of resignation dated effective as of the date of election to participate in the BACKDROP. (ii) A properly completed BACKDROP application on forms provided by the Pension Department, which, once submitted, shall be irrevocable by the member. (iii) Subject to Section 120.214 (e), selection of the dates that begin and end the period of participation in the BACKDROP (the "BACKDROP Period). (iv) Any other documents or information as may be reasonably required by the Pension Department. (2) For purposes of this Section, each eligible member who elects to participate in the BACKDROP and satisfies all of the requirements of this Section shall be referred to as a "BACKDROP Participant." (d) A BACKDROP Participant must resign and retire from the City as of the date of election to participate in the BACKDROP. No benefits shall be paid under this Section unless and until the BACKDROP Participant has resigned and retired from the City. (e) A BACKDROP Participant's BACKDROP Period shall not: (1) Commence prior to October 1, 2005; (2) Commence at any date earlier than the date the BACKDROP Participant earned 30 years of credited service; and (3) Exceed 60 months. (f) (1) Provided the BACKDROP Participant has satisfied all requirements set forth in this Section, the BACKDROP Participant shall be entitled to receive an amount equal to: (a) The amount of the normal retirement benefits the BACKDROP Participant was eligible to receive during the BACKDROP Period had the BACKDROP Participant actually retired at the commencement of the BACKDROP Period instead of electing to participate in the BACKDROP, as determined by an actuary engaged by the Retirement Plan; and (b) The amount of interest to be credited pursuant to Section 120.214 (g). (2) Upon expiration of the BACKDROP Period, the BACKDROP Participant thereafter shall be eligible to receive normal retirement benefits pursuant to Section 120.206 . (3) A BACKDROP Participant shall not accrue additional credited service under the Retirement Plan after the commencement of the BACKDROP Period. (g) For each year during the BACKDROP Participant's BACKDROP Period, the amount of the BACKDROP Participant's BACKDROP benefits shall be credited with interest at the General Employees Retirement Plan's earned actuarial rate of return, but, in no event, shall such rate of return be less than a negative four percent rate of return per annum or more than a positive four percent rate of return per annum, as determined by an actuary engaged by the Retirement Plan. (h) A BACKDROP Participant shall not be entitled to receive any cost-of-living increase during the BACKDROP Period. The five-year wait period to receive cost-of-living increases, as set forth in Section 120.206 (h), shall commence at the expiration of the BACKDROP Participant's BACKDROP Period. (i) (1) Provided the BACKDROP Participant has satisfied all requirements set forth in this Section, within 90 days from the date of expiration of the BACKDROP Period or as soon as practical thereafter, the Retirement Plan shall disburse the amount of the BACKDROP Participant's BACKDROP benefits to the BACKDROP Participant in a single sum amount, either through a cash payment or direct rollover, less any taxes required to be withheld and remitted to the Internal Revenue Service. (2) All disbursements made pursuant to Section 120.214 (i)(1) shall be made subject to and in accordance with all applicable provisions of the Internal Revenue Code. (Ord. 2005-1139-E, § 1)