San Jose Municipal Code Part 19 1992 Early Retirement Incentive Program

There is hereby established the 1992 Early Retirement Incentive Program for those members of this system who meet the eligibility requirements of Section 3.28.2210.

(Ord. 24107.)

A member of this system who meets all of the following eligibility requirements may participate in the 1992 Early Retirement Incentive Program established by this part and may be retired for service under such program:

A. The member must, as of July 5, 1992, be employed by the City of San José. A member who, on July 5, 1992, is on an unpaid leave of absence from federated city service and has a right to return to service pursuant to the city's leave of absence policies, shall be deemed to be employed by the city for the purposes of this subsection A.

B. The member must, as of the effective date of the member's retirement and no later than November 7, 1992, be entitled to credit for at least fifteen years of federated city service, as described in Section 3.28.610.B., paragraphs 1 through 6.

C. The member must, as of the effective date of the member's retirement and no later than November 7, 1992, either:

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

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

D. The member must file his or her written application for retirement pursuant to this part prior to September 15, 1992.

E. The member's retirement for service must become effective on or before November 7, 1992.

(Ord. 24107.)

Any provision of this chapter to the contrary notwithstanding, for a member who retires pursuant to Section 3.28.2210 the amount of the monthly retirement allowance under Section 3.28.1110.B., Section 3.28.1120.B. or Section 3.28.1130.B., shall be calculated in accordance with this section.

A. Except as provided in subsections C. and D., in addition to the federated city service described in Section 3.28.610.B., paragraphs 1 through 6, which was earned by such member as of the date of retirement, a member who is at least fifty-three years of age and is entitled to credit for at least fifteen years of federated city service shall receive additional service credit for the lesser of:

1. The number of years of service credit such that, when added to the number of years of service credit already earned by the member, will total thirty years; or

2. Two full years.

B. Except as provided in subsections C. and D., in addition to the federated city service described in Section 3.28.610.B., paragraphs 1. through 6., which was earned by such member as of the date of retirement, a member who is entitled to credit for at least twenty-eight but less than thirty years of federated city service shall receive additional service credit for the number of years of service credit such that, when added to the number of years of service credit already earned by the member, will total thirty years.

C. No member shall receive additional service credit under both subsections A. and B. If a member qualifies for additional service credit under both subsections A. and B., the member shall receive the additional service credit only under whichever subsection provides for the greater amount of additional service credit.

D. For a member who is entitled to credit for at least thirty years of federated city service, no additional service credit shall be given. Instead, notwithstanding the provisions of Section 3.28.030.11, final compensation shall be defined to mean the highest compensation earned by such member during any consecutive twelve-month period of federated city service.

(Ord. 24107.)

Whenever any member who retires pursuant to Section 3.28.2210 is entitled to payout for accumulated sick leave and/or vacation, such payout shall be in two equal installments. The first installment shall be payable on January 8, 1993. The second installment shall be payable on January 7, 1994.

(Ord. 24107.)

The provisions of Part 9 of this chapter which are not inconsistent with or contrary to the provisions of this Part 19 shall apply to all persons who retire pursuant to Section 3.28.2210.

(Ord. 24107.)

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 payment of benefits provided by this part to any city officers or employees which would not have been provided absent the adoption of this part.

(Ord. 24107.)