§ 22.3-44. Early service retirement allowance.

(a)

Eligibility. A member shall be eligible to receive an early retirement benefit commencing on the first day of the month next following or coincident with the date of termination of employment if he meets the following criteria:

(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, a member who has had five (5) or more years of creditable service and has attained the age of fifty-five (55) shall be eligible to receive an early retirement benefit commencing on the first day of the month next following or coincident with the date of termination of employment.

(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 firefighter or a deputized police officer), a member who has had fifteen (15) or more years of creditable service and has attained the age of fifty-five (55) shall be eligible to receive an early retirement benefit commencing on the first day of the month next following or coincident with the date of termination of employment.

(3)

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, and who is a firefighter or deputized police officer, a member who has had fifteen (15) or more years of creditable service and has attained the age of fifty (50) shall be eligible to receive an early retirement benefit commencing on the first day of the month next following or coincident with the date of termination of employment.

(b)

Amount of early retirement benefit.

(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.

(c)

This retirement allowance may be deferred and become payable without further adjustment:

(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, until the date when such member first actually attains the earlier of (1) age sixty-five (65), or, (2) age fifty-five (55) and thirty (30) years of creditable service.

(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, (including hybrid members), until the date when such member first actually attains normal retirement age.

(d)

If the member elects payment to begin prior to the date described in subsection (c) above, the pension commencing immediately shall be equal to the deferred pension reduced by one-half (½) of one (1) percent for each of the first sixty (60) such months by which actual payment precedes the earlier of the date determined in subsection (c) above and one-quarter (¼) of one (1) percent for each additional month in excess of sixty (60) months by which actual payment precedes the date determined in subsection (c) above.

(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)