San Jose Municipal Code Part 18 1987 Early Retirement Incentive Program

There is hereby established the 1987 Early Retirement Incentive Program for those members of this system who meet the eligibility requirements of Section 3.28.2110.

(Ord. 22573.)

A member of this system who is performing federated city service on June 23, 1987, who continues to perform such service through October 3, 1987, and who meets all of the following eligibility requirements may participate in the early retirement incentive program established by this part and may be retired for service thereunder:

A. The member must, as of October 3, 1987, be entitled to credit for at least fifteen years of federated city service, as described in Section 3.28.610.B, subsections 1. through 6., of which not less than five years were rendered after the member became and while the member was a member of this system.

B. The member must, as of October 3, 1987, either:

1. Be at least fifty-two years of age; or

2. Be entitled to credit for at least twenty-seven years of federated city service.

C. The member must file his or her written application for retirement for service pursuant to this chapter during the period of time from June 23, 1987, to September 15, 1987, inclusive.

D. The member's retirement for service must become effective on October 4, 1987.

(Ord. 22573.)

Any provision of this chapter to the contrary notwithstanding, for the purpose of determining the amount of the monthly retirement allowance under Section 3.28.1110.C., 3.28.1120.B., or 3.28.1130.B., a member who retires for service pursuant to Section 3.28.2110 shall be entitled to credit for federated city service, in addition to the federated city service credit described in Section 3.28.610.B, subsections 1 through 6 which was earned by such member as of the date of retirement, as follows:

A. A member who is at least fifty-five years of age and is entitled to credit for at least fifteen years of federated city service shall receive credit for one additional full year of federated city service.

B. Except as provided in subsection D., a member who is at least fifty-two years of age but less than fifty-five years of age and who is entitled to credit for at least fifteen years of federated city service shall receive credit for one additional full year of federated city service for each year between such member's age on the date of retirement and fifty-five years, calculated as follows:

C. Except as provided in subsection D., a member who is entitled to credit for at least twenty-seven years but less than thirty years of federated city service and is less than fifty-five years of age shall receive one additional full year of federated city service credit for each year between the number of years of earned service credit on the date of retirement and thirty years, calculated as follows:

D. A member who is at least fifty-two years of age but less than fifty-five years of age and who is entitled to credit for at least twenty-seven years but less than thirty years of federated city service shall receive credit for additional federated city service as described in subsection B. or C., whichever is less.

E. Any other provision herein notwithstanding, in no event shall the member's monthly retirement allowance exceed a maximum of seventy-five percent of the member's final compensation.

(Ord. 22573.)

Whenever any member who retires pursuant to Section 3.28.2110 is entitled to payout for accumulated sick leave, vacation and/or compensatory time, such payout shall be in two equal installments. The first installment shall be payable upon retirement. The second installment shall be payable on August 1, 1988.

(Ord. 22573.)

The provisions of Part 9 of this chapter which are not inconsistent with or contrary to the provisions of this Part 18 shall apply to all persons who retire pursuant to Section 3.28.2110.

(Ord. 22573.)

The city shall contribute to the retirement fund such amounts as are actuarially determined to be necessary to provide funding for all additional costs incurred by this retirement system because of the benefits provided by this part to any city officers or employees which would not have been provided absent the adoption of this part.

(Ord. 22573.)