§ 17-3-4-339. Normal retirement benefits.

A.

Upon attaining his normal retirement age, a member shall be one hundred percent (100%) vested in his normal retirement benefit under the retirement system. Upon attaining his normal retirement date, the member, upon application to the pension commissioners, shall receive a monthly benefit, which shall be paid on the last day of each month thereafter during his lifetime.

B.

The amount of the monthly benefit payable to a member who retires on or after November 1, 1975, and prior to February 1, 1985, shall be determined as the sum of paragraphs 1, 2 and 3 below where:

1.

Is one and six tenths percent (1.6%) of his average final monthly compensation multiplied by the number of his years of creditable service which he accrues subsequent to October 31, 1975;

2.

Is twenty-five one-hundredths percent (0.25%) of his average final monthly compensation multiplied by the portion of the number of his years of creditable service which he accrues subsequent to October 31, 1975, which is not in excess of the number of his years of creditable service, if any, which he had accrued prior to November 1, 1975; and

3.

Is one percent (1%) of his average final monthly compensation multiplied by the number of his years of creditable service, if any, which he had accrued prior to November 1, 1975.

C.

The amount of the monthly benefit payable to a member who retires on or after February 1, 1985, and prior to July 1, 1990, shall be equal to one and six-tenths percent (1.6%) of his average final monthly compensation multiplied by his total number of years of creditable service.

D.

Recognizing and providing for increases in retirement benefits, and monthly benefits as above computed including the ad hoc adjustments made by minute action in the Lawton city council regular meeting of December 14, 1982, shall be increased effective July 1, 1990 by the following percentages for the designated year of retirement:

Retirement Year	Increase
Prior to 1985	25%
Calendar 1985	20%
Calendar 1986	16%
Calendar 1987	14%
Calendar 1988	9%
Calendar 1989	5%
Calendar 1990	0%

 

This subparagraph shall be construed as a one-time, ad hoc adjustment and shall not create any expectation or obligation for similar adjustments in subsequent years.

E.

The amount of the monthly benefit payable to a member who retires on or after July 1, 1990, and prior to July 1, 1998, shall be equal to two percent (2%) of the member's average final monthly compensation multiplied by the member's total number of years of creditable service.

F.

In January, 1999, and every two (2) years thereafter, the retirement system shall be examined for the possibility of increases for retirees. Any increase shall be based on a percentage which is one-half (½) the percentage change in the cost of living index identified as the Consumer Price Index for all Urban Consumers (CPI-U) of Dallas. No increase shall go into effect until it has been approved by a majority of the retirement commissioners meeting in regular or special session.

G.

The amount of the monthly benefit payable to a member whose date of hire is before June 30, 2011 and retires on or after July 1, 1998, shall be equal to two and three-tenths percent (2.3%) of the member's average final monthly compensation multiplied by the member's total number of years of creditable service.

H.

The amount of monthly retirement benefit payable to a member whose date of hire was on or after June 30, 2011, but prior to July 1, 2017 (including any member reemployed by the city on or after June 30, 2011, but prior to July 1, 2017, and who has made a repayment to the retirement system in accordance with Section 17-3-4-350) and who retires after June 30, 2011, shall be the sum of two and three-tenths percent (2.3%) of the member's compensation paid during each plan year, divided by 12. The benefit calculated under this Subsection H shall be considered as a "career average benefit."

I.

A member who is a contract member who has attained age sixty-two (62) and is one hundred percent (100%) vested shall be entitled, at the contract member's election, to elect to receive a monthly benefit calculated in accordance with the provisions of this section and with his election date deemed to be the contract member's normal retirement date for purposes of calculating his or her monthly benefit. A contract member is eligible to make such election regardless of whether or not the contract member is still employed or terminated from employment with the city. If a contract member makes such election, he or she will not be entitled to any other benefits under the system and will not thereafter accrue any further benefits or credited service under the system. City and member contributions under Section 17-3-4-336 will not apply to earnings paid to a contract member who has elected an in-service distribution under this Subsection I.

(98-20, Amended, 05/26/1998, Provisions of this ordinance effective July 1, 1998; 98-08, Amended, 03/24/1998; 97-26, Amended, 05/27/1997)

(Ord. 2007-41, Amended, 07/10/2007; Ord. 2006-81, Amended, 10/24/2006)

(Ord. No. 11-14, § 4, 5-10-2011, eff. 6-12-2011; Ord. No. 11-23, § 2, 6-14-2011, eff. 8-1-2011; Ord. No. 17-12 , § 8, 4-11-2017, eff. 7-1-2017)