Roanoke |
Code of Ordinances |
Chapter 22.3. PENSIONS AND RETIREMENT |
Article VII. DETERMINATION OF BENEFITS |
Division 1. ESRS |
§ 22.3-43. Normal service retirement.
(a)
Eligibility. A member who remains an active member until his normal retirement age shall be eligible to receive an unreduced normal retirement benefit commencing on the first day of the month next following or coincident with the date of his termination of employment.
(b)
Amount of normal retirement benefit on or after normal retirement age.
(1)
In the case of a member other than a person who becomes a member after June 30, 2014 or who elects to be treated like a person who becomes a member after June 30, 2014, the retirement allowance shall be two and one-tenth (2.1) percent of the member's average final compensation for each year of creditable service subject to a maximum of sixty-three (63) percent of average final compensation.
(2)
In the case of a person who becomes a member after June 30, 2014 or who elects to be treated like a person who becomes a member after June 30, 2014 (other than a hybrid member), the retirement allowance shall be two (2.0) percent of the member's average final compensation for each year of creditable service subject to a maximum of sixty-three (63) percent of average final compensation.
(3)
In the case of a hybrid member, the retirement allowance shall be one (1) percent of the member's average final compensation for each year of creditable service subject to a maximum of sixty-three (63) percent of average final compensation.
Only creditable service and average final compensation upon date of termination of employment will be used in the computation of the retirement allowance.
(Ord. No. 39450, § 2, 7-16-12; Ord. No. 40240, § 2, 5-18-15)
(Ord. No. 39450, § 2, 7-16-12; Ord. No. 40240, § 2, 5-18-15)