280.30 NORMAL RETIREMENT
Each participant shall be entitled to a normal retirement benefit after retirement on or after attainment of normal retirement age.
280.31 NORMAL RETIREMENT BENEFIT
Each participant who shall become entitled to a benefit pursuant to Section 280.30 shall receive a benefit commencing on the normal retirement date paid monthly in an amount equal to fifty percent of the participant’s final monthly average compensation.
280.32 LATE RETIREMENT
A participant may continue to work beyond the normal retirement date subject to the employer’s rules and regulations regarding retirement age. If a participant who has met the requirements of Section 280.30 continues to work beyond the normal retirement date, there shall be no retirement benefits paid until employment ceases and retirement begins. A participant who retires pursuant to this section shall be eligible to receive a benefit calculated in accordance with Section 280.31 on the basis of final monthly average compensation as of such participant’s late retirement date.
280.33 EARLY RETIREMENT
Each participant shall be entitled to an early retirement benefit after retirement on or after attainment of early retirement age.
280.34 EARLY RETIREMENT BENEFIT
Each participant who shall become entitled to a benefit pursuant to Section 280.33 may retire from unemployment and receive either a benefit in an amount equal to the amount determined under Section 280.31 based upon final monthly average compensation as of the date of retirement to commence as of the participant’s normal retirement date or a benefit in an amount equal to the amount determined under Section 280.31 based upon final monthly average compensation as of the date of retirement and reduced for early commencement to commence as of the participant’s early retirement date or any payment commencement date after retirement and prior to the participant’s normal retirement date. The reduction for early commencement shall be one-third percent of the monthly benefit amount for each year that the payment of an early retirement benefit commences prior to the participant’s normal retirement date.
280.35 APPLICATION FOR BENEFIT
A participant must complete and execute an application for benefit on a form and in the manner prescribed by the Plan Administrator and deliver the said application to the Plan Administrator at least thirty days prior to the date on which benefit payments are to commence. Notwithstanding anything contained herein to the contrary, no retirement benefit payments nor any other benefit payments shall be due or payable on or before the first day of the month coincident with or next following the date that is thirty days after the date the Plan Administrator receives the application for benefit.
280.36 NON-DUPLICATION OF BENEFIT
A participant who shall be receiving a monthly retirement benefit under this plan and who shall resume employment as an employee, shall have benefit payments suspended until the first day of the month coincident with or next following the date such employment shall cease. Such benefit payments shall, upon resumption, be adjusted to reflect any change in final monthly average compensation and years of service caused by such additional period of employment; provided, however, that such adjustment shall not result in a decrease in such participant’s monthly retirement benefit.
280.37 SMALL AMOUNTS
If the Plan Administrator determines that the value of a participant’s accrued benefit is so small as to make monthly pension payments administratively impractical, the Plan Administrator may cause such payments to be made at such other periodic intervals as are administratively practical, but no less frequently than annually. If the participant’s accrued benefit is one thousand dollars ($1,000) or less, the Plan Administrator shall make a single lump sum payment equal to the commuted value of such accrued benefit to the extent permitted under applicable law in fulfillment of all benefit payment obligations under the plan. If the participant’s accrued benefit is over one thousand dollars ($1,000), the Plan Administrator shall distribute the payment pursuant to Article V.
280.38 CESSATION OF BENEFIT PAYMENTS
Any pension benefit payable hereunder shall be payable through and including the latter of the month in which such participant’s death occurs or the month in which any period certain payments due on or after the participant’s death have been paid. Any survivor annuity payable on or after the participant’s death in accordance with the form of pension benefit elected shall be paid through the month in which such surviving annuitant’s death occurs.
280.39 LIMITATION OF LIABILITY
Nothing herein contained shall be deemed to obligate the employer, the Board, the Committee, the Plan Administrator, or any fiduciary to provide any pension or other benefit to any participant, joint annuitant or beneficiary which cannot be provided from the assets available in the Pension Fund, whether such benefits are in pay status or otherwise payable under the terms of the plan. The Board retains the right to amend or terminate this plan at any time, with or without causes and whether or not such action directly or indirectly results in the suspension, reduction, or termination of any benefit payable under the plan or in pay status, and without liability to any person for any such action.
280.40 SPECIAL PROVISION FOR RESTATED PLANS
The benefit amount of any participant who may have retired prior to the restatement date shall not be in any way altered by the provisions of this plan, except where otherwise expressly indicated herein, and shall continue to be determined on the basis of the terms of the plan in effect on the day preceding the restatement date.
280.41 MAXIMUM BENEFIT LIMITATIONS
Notwithstanding any provision of this plan to the contrary, no benefit provided under this plan attributable to contributions of the employer shall exceed, as an annual amount, the amount specified in Code Section 415(b)(1)(A) as adjusted pursuant to Code Section 415(d), assuming the form of benefit shall be a straight life annuity (with no ancillary benefits). The limitations described in this section shall be governed by the following conditions and definitions:
(a) Benefits paid or payable in a form other than a straight life annuity (with no ancillary benefits) or where the employee contributes to the plan or makes rollover contributions shall be adjusted on an actuarially equivalent basis in accordance with applicable regulations to determine the limitation contained herein:
(b) In the case of a benefit which commences prior to the attainment of age sixty-two by the participant, the limitation herein shall be adjusted on an actuarially equivalent basis to the amount determined pursuant to this section commencing at age sixty-two; however, in the case of a qualified participant (a participant with respect to whom a period of at least fifteen years of service, including applicable military service, as a full-time employee of a police or fire department is taken into account in determining the amount of benefit), the limitation contained herein shall not apply;
(c) In the case of a benefit which commences after attainment of age sixty-five by the participant, the limitation herein shall be adjusted on an actuarially equivalent basis in accordance with applicable regulations to the amount determined commencing at age sixty-five;
(d) Benefits paid to a participant which total less than ten thousand dollars ($10,000) from all defined benefit plans maintained by the employer expressed as an annual benefit shall be deemed not to exceed the limitation of this section provided that the employer has not at any time maintained a defined contribution plan in which the participant has participated; however, in the case of a participant who is not receiving a disability retirement benefit pursuant to Section 280.71 or a survivor benefit pursuant to Section 280.81, with fewer than ten years of participation the limitation expressed in this subsection shall be reduced by one-tenth for each year of participation less than ten but in no event shall this limitation be less than one thousand dollars ($1,000);
(e) The limitations expressed herein shall be based upon plan years for calculation purposes, shall be applied to all defined benefit plans maintained by the employer as one defined benefit plan and to all defined contribution plans maintained by the employer as one defined contribution plan, and shall be applied and interpreted consistent with Code Section 415 and regulations thereunder as applicable to government plans in general and this plan in particular; and
(f) In the case of a disability retirement benefit under Section 280.61, the adjustment under subsection (b) hereof shall not apply and the applicable limitation shall be the limitation contained herein without regard to the age of the benefit recipient.
280.42 ASSIGNMENT
The pension benefit payments prescribed herein shall not be subject to attachment, execution, levy, garnishment or other legal process and shall be payable only to the participant or designated beneficiary, and shall not be subject to assignment or transfer.
280.43 INCORPORATION OF CODE SECTION 415 BY REFERENCE
Notwithstanding anything contained in Section 280.41 to the contrary, the limitations, adjustments, and other requirements prescribed in Section 412 shall at all times comply with the provisions of Code Section 415 and the regulations thereunder (as such apply to governmental plans), the terms of which are specifically incorporated herein by reference.