§ 18-81. Normal retirement benefit.

(a)

The amount of monthly retirement income payable to a volunteer firefighter who elects to receive benefits on or after his or her normal retirement date, shall be an amount equal to the number of his or her years of credited service multiplied by two (2) percent of his or her average final compensation as a volunteer firefighter, or an amount equal to the multiplier in effect the last time the member was a volunteer firefighter as herein defined for thirteen (13) consecutive months multiplied by the number of years of credited service, whichever is greater.

(1)

The multiplier schedule:

a.

Prior to May 1, 2002—Forty dollars ($40.00);

b.

May 1, 2002 to September 30, 2006—Forty-five dollars ($45.00);

c.

October 1, 2006 to September 30, 2012—Fifty dollars ($50.00);

d.

October 1, 2012 to present—Sixty dollars ($60.00).

Such payments shall commence on the member's normal retirement date and shall cease upon the member's death, but in no case shall such benefit terminate before one hundred twenty (120) consecutive monthly payments have been made. Notwithstanding the foregoing, any such benefit will be payable only to the extent that it does not conflict with or exceed the limitations described in the Internal Revenue Code.

(b)

In the event of early retirement, the monthly amount of retirement income shall be actuarially reduced to take into account the firefighter's younger age and the earlier commencement of retirement income benefits. In no event shall the early retirement reduction exceed three (3) percent for each year by which the member's age at retirement preceded the member's normal retirement, as provided in section 18-80(a) of this Code. The amount of monthly income payable in the event of early retirement will commence on the member's early retirement date.

(c)

Effective July 1, 2001, the minimum monthly retirement income payable to a current retiree of the volunteer firefighters retirement system or their beneficiaries receiving benefits under the retirement system, and vested terminated members of the system shall be an amount equal to forty dollars ($40.00) for each year of credited service, regardless of the minimum monthly benefit provided under the system at the time of the member's retirement. However, the minimum monthly retirement income payable to a current retiree of the volunteer firefighters retirement system or their beneficiaries receiving benefits under the retirement system, and vested terminated members of the system when the member retired or became vested completing nine (9) years, eight (8) years, or seven (7) years of credited service shall be an amount equal to forty dollars ($40.00) for each year of credited service, regardless of the minimum monthly benefit provided under the system at the time of the member's retirement multiplied by seventy-five (75) percent, fifty (50) percent, or twenty-five (25) percent, respectively.

(Code 1964, § 9A-24(a); Ord. No. 1581, § 2, 9-28-88; Ord. No. 1588, § 1, 11-16-88; Ord. No. 1750, § 1, 11-14-90; Ord. No. 1758, § 7, 12-19-90; Ord. No. 1895, § 1, 1-13-93; Ord. No. 2067, § 1, 1-24-96; Ord. No. 2207, § 4, 12-15-99; Ord. No. 2223, § 1, 5-31-2000; Ord. No. 2258, § 1, 9-26-2001; Ord. No. 2272, § 1, 5-15-2002; Ord. No. 2305, § 3, 8-27-2003; Ord. No. 2363, § 2, 5-10-2006; Ord. No. 2389, § 2, 6-27-2007; Ord. No. 2408, § 1, 4-30-2008; Ord. No. 2462, § 1, 7-27-2011; Ord. No. 2476, § 1, 2-27-2013)