Part 14 — BENEFITS

A pension, an annuity or a retirement allowance granted by this chapter is payable in equal monthly installments, but a smaller pro rata amount may be paid for part of a month when the period of payment begins after the first or ends before the last day of the month.

(Prior code § 2904.127.)

A.

Notwithstanding any other law, the benefits payable to any person who becomes a member of this system on or after January 1, 1990, shall be subject to the limitations set forth in Section 415 of the Internal Revenue Code as applied (other than paragraph (2)(G)) without regard to paragraph (2)(F) of said Section 415.

B.

Notwithstanding any other law, the benefits payable to any person who became a member of this system prior to January 1, 1990, shall be subject to the greater of the following limitations as provided in Section 415(b)(10) of the Internal Revenue Code:

The limitations set forth in Section 415 of the Internal Revenue Code; or

The accrued benefit of the member without regard to any benefit increases pursuant to any amendment of this system adopted after October 14, 1987.

C.

For purposes of the application of Section 415(b) of the Internal Revenue Code, actuarial equivalences shall be based on a five percent interest rate and the 1983 Group Annuity Table for Males with a two-year setback.

(Ord. 23283.)

The right of a person to any benefit or other right under this chapter and the money in the retirement fund are unassignable except as specifically provided in this chapter.

(Prior code § 2904.128.)

The benefits payable under this system shall not be modified on account of any amounts paid to a retired member or beneficiary, as defined in Part 1 of this chapter, under Division 4 of the Labor Code.

(Prior code § 2904.129.)

Subject to compliance with this chapter, after a member has qualified as to service and disability for retirement for disability, or as to age and service for retirement for service, nothing shall deprive him of the right to a retirement allowance as determined under this chapter.

(Prior code § 2904.130.)

A.

A member may at any time designate, by a writing filed with the board, a beneficiary to receive such benefits as may be payable to his beneficiary or estate under this chapter; provided, however, that a member may not designate a corporation to receive a benefit payable under Section 3.24.1930, Section 3.24.1940, or Section 3.24.1950 of Part 19 of this chapter.

B.

Except as hereinafter otherwise provided, the designation of beneficiary may be by class, subject to such conditions as may be imposed by board rule, in which case such members of the class as are in being at the time of the member's death shall be entitled as beneficiaries. The designation of a beneficiary under any of the optional settlements authorized by Part 19 of this chapter, Sections 3.24.1900 through 3.24.1950 inclusive, may not be by class.

C.

The right of any person designated as a beneficiary by a member to any benefits hereunder shall also be subject to the board's conclusive determination, upon evidence satisfactory to it, of the existence, identity or other facts relating to entitlement of such person so designated as beneficiary, and payment made by the system in reliance on any such determination made in good faith, notwithstanding that it may not have discovered a beneficiary otherwise entitled to share in the benefit, shall constitute a complete discharge and release of the system from further liability for the benefit.

(Prior code § 2904.131.)

The designation of a beneficiary under this system, other than designations under optional settlements two, three and four, may be revoked at the pleasure of the person who made it and a different beneficiary designated by a writing filed with the board.

(Prior code § 2904.132.)

The designation of a beneficiary by a member is not affected by termination of nor a break in his membership.

(Prior code § 2904.133.)

A.

Anything elsewhere in this Part 14, or in this Chapter 3.24, or elsewhere in this Code to the contrary notwithstanding, any right, title or interest which any member of this retirement system or any other person or persons may have or may claim to have in or to any retirement or other allowance or in or to any benefit or benefits whatsoever, or in or to any moneys whatsoever, or any other right, title or interest which any person or persons may have or claim to have, under or by virtue of the provisions of this retirement system, whether such right, title or interest is vested, contingent or otherwise, may be released, relinquished and given up by such member or by such other person or persons, or may be assigned to the city or to the retirement system or retirement board by such member or other person or persons; and, upon such being done, the right, title or interest which is so released, relinquished, given up or assigned is and shall be deemed extinguished, the same as if such right, title or interest has never existed, and neither the city nor this retirement system or retirement board shall thereafter have any liability whatsoever with respect to the right, title or interest so released, extinguished or given up.

B.

If and to the extent that the city pays or gives any consideration, other than funds of this retirement system, for any above-mentioned release, relinquishment, giving up or assignment, the amount or value of the consideration paid or given by the city for said release, relinquishment, giving up or assignment, or the actuarial value of the right, title or interest which is so released, relinquished, given up or assigned, as of the date of such release, relinquishment, giving up or assignment, whichever is the lesser amount, shall be credited against and deducted from the amount of current service contributions which the city is required to pay into the retirement fund during the following calendar months until full credit therefor is thus received by the city.

(Prior code § 2904.133a.)

Compensation other than that for services as an independent contractor is forbidden one entitled to retirement allowance.

(Prior code § 2904.32.)