Sec. 120.306. - Time service retirement benefit; cost-of-living adjustments.

(a) Effective as of December 1, 2008, a member may retire on the next pay period following: the date upon which the member completes 20 years of credited service, regardless of age; or, if earlier, the date upon which the member attains age 65 with five years of credited service. There shall be no mandatory retirement age. (b) A member's time service retirement benefit shall be determined and calculated as follows: for the member's first 20 years of credited service, the number of years of credited service shall be multiplied by three percent of final monthly compensation, up to a maximum of 60 percent of final monthly compensation. If the member has more than 20 years of credited service, then the number of years of credited service in excess of 20 years shall be multiplied by two percent of final monthly compensation, up to a maximum of 20 percent of final monthly compensation. In no event shall a member's time service retirement benefit under this Section exceed 80 percent of final monthly compensation. (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) 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. (e) For members of the Correctional Officer Retirement Plan retiring prior to December 1, 2006, 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. (f) For members of the Correctional Officer Retirement Plan retiring on or after December 1, 2006, beginning with the first full bi-weekly pay period after December 1, 2008, and for the first full bi-weekly pay period after each succeeding December 1, each retiree and survivor shall receive an annual cost-of-living adjustment equal to three percent of the retiree's or survivor's prior annual benefit amount actually received (exclusive of one-time bonuses or adjustments). (g) 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. 2006-1229-E, § 2; Ord. 2008-983-E, § 2)