Sec. 120.215. - Partial lump-sum.

(a) General. There is hereby created a partial lump-sum payment option (the "PLOP") to the Retirement Plan, which shall allow any eligible member to elect to receive up to 15 percent, in increments of five percent, of the actuarial present value of the member's retirement benefits as a one-time, lump-sum payment upon retirement, with the member's remaining retirement benefits to be paid via a bi-weekly life annuity, which shall be actuarially reduced to reflect the lump-sum payment made to the member, each as determined by an actuary engaged by the Retirement Plan. (b) Eligibility. Any retiring member who retires from the City on or after January 1, 2006 shall be eligible to participate in the PLOP. (c) Election. (1) Any eligible member may elect to participate in the PLOP by submitting the following to the Pension Office: (i) A properly completed PLOP application on forms provided by the Pension Office, which, once submitted, shall be irrevocable by the member. (ii) Any other documents or information as may be reasonably required by the Pension Office. (2) A member who elects to participate in the PLOP shall not be eligible, entitled or permitted to participate in the BACKDROP set froth in Section 120.214 . A member who elects to participate in the BACKDROP shall not be eligible, entitled or permitted to participate in the PLOP. (3) For purposes of this Section, each eligible member who elects to participate in the PLOP and satisfies all of the requirements of this Section shall be referred to as a "PLOP Participant." (d) PLOP Benefit. Provided the PLOP Participant has satisfied all requirements set forth in this Section, the PLOP Participant shall receive up to 15 percent of the actuarial present value of the PLOP Participant's retirement benefits as a one-time, lump-sum payment upon retirement, with the PLOP Participant's remaining retirement benefits to be paid via a bi-weekly life annuity, which shall be actuarially reduced to reflect the lump-sum payment made to the PLOP Participant, each as determined by an actuary engaged by the Retirement Plan. The foregoing benefits shall be in lieu of the retirement benefits the PLOP Participant would have received had the PLOP Participant not elected to receive a partial lump-sum payment pursuant to this Section. (e) Disbursement. (1) Within 90 days from the date of retirement or as soon as practical thereafter, the Retirement Plan shall disburse the partial lump-sum payment to the PLOP 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 this Section shall be made subject to and in accordance with all applicable provisions of the Internal Revenue Code. (f) No Negative Actuarial Impact to Retirement Plan. Notwithstanding the provisions set forth elsewhere in this Section, no election or benefit paid pursuant to this Section shall have a negative actuarial impact to the Retirement Plan. (Ord. 2005-1284-E, § 2)