§ 18-83. Death and termination benefits.

(a)

Upon the death of a retiree or member eligible for a normal retirement benefit there shall be no death benefit, unless prior to retirement the retiree had selected an optional form of benefit providing survivor benefits to a designated beneficiary or co-annuitant, and in such case the survivorship benefit, if any, shall be payable as directed by such retiree prior to retirement.

(b)

Upon the death of a member prior to retirement who has seven (7) or more years of service, without such member having previously selected an option under which survivorship benefits are payable, it shall be assumed that such member has retired immediately preceding his death and the deceased member's beneficiaries shall receive their choice of either one hundred twenty (120) consecutive monthly payments of the early or normal retirement benefit to which the deceased member would have been entitled or a lump sum death benefit equal to three hundred dollars ($300.00) for each year of credited service up to a maximum of twenty (20) years or the actuarially determined present value of the accrued benefit, whichever is greater. For this purpose, the benefit and credited service shall be determined by the board as of the date of death. The discount rate used to determine the present value shall be equal to the rate used in the most recent actuarial valuation report. Upon the death of a member not entitled to a normal retirement benefit, and who does not have seven (7) or more years of credited service, there shall be no benefit payable under this system.

(c)

Upon termination of service other than by reason of retirement or disability, a member shall be entitled to the following:

(1)

With less than seven (7) years of credited service—No vested interest.

(2)

With seven (7) or more years of credited service—The accrued retirement benefit, based upon credited service as of date of termination, payable on a monthly lifetime basis commencing on the date which would have been the member's normal retirement date had he continued as a member hereunder, provided further, that the benefit shall be payable only if the member lives to normal retirement date. In the event of such member's death prior thereto, no benefit shall be payable.

(d)

Forfeiture arising from terminations of service as a volunteer firefighter shall serve only to reduce future city contributions.

(Code 1964, § 9A-24(c); Ord. No. 2010, § 1, 1-4-95; Ord. No. 2207, § 6, 12-15-99; Ord. No. 2272, § 2, 5-15-2002; Ord. No. 2389, § 3, 6-27-2007; Ord. No. 2443, § 2, 4-7-2010)