§ 33.85. EARLY RETIREMENT INCENTIVE.

(A)

Effective January 1, 1994, an early retirement incentive shall be provided to employees in accordance with this Section. The availability of the early retirement incentive in any calendar year shall be determined by the City.

(B)

Employees with eighteen (18) and up to, but not including, twenty (20) years of continuous service shall be eligible for the early retirement incentive. In any calendar year in which the City determines that the early retirement incentive will be offered, eligible employees shall be given an opportunity to decide within a specified time period (thirty (30) to ninety (90) days) whether they wish to receive the early retirement incentive and retire from city employment. The City will provide at least sixty (60) days' advance notice to eligible employees of the early retirement incentive offering.

(C)

Eligible employees who elect to receive the early retirement incentive shall receive two (2) additional years of continuous service, under the System, and upon receiving such additional continuous service shall immediately retire and terminate City employment. Effective the first pay period after September 1, 1999, eligible employees who elect to receive the early retirement incentive shall receive three (3) percent of average monthly earnings for each year of continuous service if the employee qualifies for the twenty (20) year (or more) normal retirement benefit. Eligible employees who previously elected the enhanced three and one-half (3.5) percent multiplier pursuant to Section 33.76 (3) and who elect to receive the early retirement incentive on or after March 15, 2004 shall receive three and one-half (3.5) percent of average monthly earnings for each year of continuous service, or portion thereof, to which the optional enhanced multiplier under Section 33.76(3) applies; and if the enhanced multiplier is applicable to more than fifty (50) percent of the employee's total continuous service, excluding the two (2) additional years provided in this Section, the employee shall receive three and one-half (3.5) percent of average monthly earnings for each of the two (2) additional years provided in this Section. The early retirement incentive program shall be voluntary for all eligible employees. The early retirement incentive shall not apply to sick leave, vacation or any other accruals or benefits.

(D)

An employee who elects to receive the early retirement incentive under this Section cannot also participate in the Deferred Retirement Option Plan under Section 33.84.

(Ord. No. 17-16 , § 2, passed 10/4/16)