(a) In the event a participant shall be involuntarily retired after having completed 20 or more years of credited service prior to attaining the age of 60 years, such participant shall be entitled to a monthly retirement benefit equal to the product of the final average salary multiplied by the applicable percentage rate determined at the date of termination, multiplied by such participant's years of credited service. Should the participant be involuntarily retired prior to attaining age 60 his or her entitlement to the monthly retirement benefit, at this retirement date, shall additionally require that within 60 days of the involuntary retirement the agency governing tenure of service of city employees certify in writing to the board that such employee has not contributed by his or her own fault or misconduct to the separation from service. Should such certification not be made within the prescribed time, the monthly retirement benefit thus determined shall commence upon his or her attainment of age 60. However, should such employee, prior to attaining age 60 and prior to the commencement of his or her benefits, withdraw such employee's own contributions to the system, he or she shall forfeit his or her right to the monthly retirement benefits.
(b) Notwithstanding anything to the contrary contained in this section, for all participants who first become participants on or after July 1, 2017, in the event a participant is involuntarily retired after having completed 20 or more years of credited service prior to attaining the age of 62 years, the participant shall be entitled to a monthly retirement benefit equal to the product of the final average salary multiplied by the applicable percentage rate determined at the date of termination, multiplied by the participant's years of credited service. If the participant is involuntarily retired prior to attaining age 62, his or her entitlement to the monthly retirement benefit at this retirement date shall additionally require that within 60 days of the involuntary retirement the agency governing tenure of service of city employees certifies in writing to the board that the employee has not contributed by his or her own fault or misconduct to the separation from service. If that certification is not made within the prescribed time, the monthly retirement benefit thus determined shall commence upon his or her attainment of age 62. If the employee, prior to attaining age 62 and prior to the commencement of his or her benefits, withdraw the employee's own contributions to the system, the employee shall forfeit his or her right to the monthly retirement benefits.
(c) Anything herein to the contrary notwithstanding, the monthly retirement benefit shall neither commence nor be payable during any period when such involuntarily retired participant shall refuse or fail to accept employment by the city at a rate of compensation equal to that he or she was receiving at the time such retiree was involuntarily retired or separated.
Last modified: May 3, 2021