§ 16.88

A member shall have the option to be exercised in writing on a form furnished by the system and to be filed in the office of the system not later than 180 days after the federal execution date of a modification of the Master Federal-State old-age survivors and disability insurance agreement, to extend coverage to members of the system under the Federal Social Security Act, to have Charter Section 8.514 as in effect on the effective date hereof or as amended or supplemented hereafter, applicable to positions which were covered employment under Section 210(L) of said act (a) while occupied by him on and after the effective date of coverage of members of the system under such agreement, but prior to such federal execution date if he is a member who did not occupy any such position on such federal execution date, or (b) while occupied by him on and after the effective date of coverage of members of the system under such agreement, if he is a member who occupied any such position on such federal execution date.

(Added by Ord. 488-59, App. 9/14/59)

A member who becomes covered under the old-age survivors and disability insurance provisions of the Federal Social Security Act, on account of service rendered by him to the City and County, shall have the allowance payable by the system to him upon retirement for disability after attaining age 55, or for service reduced while payable to him and effective:

(a) When he attains the retirement age as defined from time to time in the old-age and survivors' disability insurance provisions of the Social Security Act, such age to be analogous to the retirement age of 65 years for men and 62 years for women in said act on the effective date of Section 8.514 of the Charter; or

(b) On the effective date of his retirement under the system, whichever is later:

– By an amount which shall bear the same ratio to ½ of the old-age insurance benefit paid to him; or

– Payable upon being applied for; or

– That would be payable if he had not disqualified himself to receive them, under said act as in effect on the effective date hereof; or

– As said act may hereafter be amended or supplemented before the effective date of such reduction, as the salary paid to him on account of service (except service rendered in positions to which this Section is not applicable pursuant to Section 271, credited to him under the system, and

entering into the determination of said old-age benefit bears to the total of his earnings from whatever source, entering into said determination;

provided, however, that the amount of the reduction under this Section shall not exceed the portion of the retirement allowance, prior to modification under an option provided by ordinance, which is not derived from contributions of said member. For the purposes of this Section the salary paid to him in any calendar year on account of service, except service rendered in positions to which this Section is not applicable pursuant to Section 16.88-1, credited to him under the system, and entering into the determination of said primary benefit, shall be taken as the total salary paid to him in such year on account of such service which is not in excess of his total earnings in such year, from whatever source, entering into said determination.

Such reduction shall be applied first to the portion of his retirement allowance which is based on his service while a member of the system but which is not provided by his accumulated contributions, and if such reduction exceeds such portion the excess shall be applied to reduce the portion of his retirement allowance which is based on his service while not a member of the system and which is not provided by his accumulated contributions and if, because of his election of an option provided by ordinance, such excess exceeds such portion of his retirement allowance which is based on his service while not a member of the system and which is not provided by his accumulated contributions, or if there is no such portion, then such excess or the balance of it shall be applied to reduce the portion of his allowance which is provided by his accumulated contributions.

on of an option provided by ordinance, such excess exceeds such portion of his retirement allowance which is based on his service while not a member of the system and which is not provided by his accumulated contributions, or if there is no such portion, then such excess or the balance of it shall be applied to reduce the portion of his allowance which is provided by his accumulated contributions.

(Added by Ord. 488-59, App. 9/14/59)

Any such member shall have the right to reduce his normal contributions under the system on account of his compensation in any position, except positions to which this Section is not applicable pursuant to Section 16.88-1, at his option to be exercised by an election in writing on a form furnished by the system, said election to be effective on the first day of the month next following the date on which it is filed in the office of the system.

Such reduction of normal contributions shall apply only to time during which said member is covered under the act, on and after the effective date of such election, and the amount of such reduction, which may be changed from time to time by said member in accordance with rules and regulations of the Retirement Board, shall not be more in any month than the amount of contributions deducted from his compensation for such month on account of his coverage under the old-age survivors and disability insurance provisions of the Federal Social Security Act.

(Added by Ord. 488-59, App. 9/14/59)

Any allowance payable by the system to or on account of a member shall be reduced on the effective date of said allowance by the actuarial equivalent on said date, of the contributions, including interest to said date, with which the member would have been but was not credited under the system because of the reduction in his normal contributions pursuant to Section 16.88-4 and because of amounts paid from such member's accumulated contributions pursuant to Section 16.88-6 and any continuation of said allowance shall be based on such reduced allowances but said allowance shall not be affected otherwise by such reduction of his normal contributions, or by such amounts paid from his accumulated contributions. Such reduction shall be applied to the portion of his retirement allowance which would have been provided by his accumulated contributions as they would have been if his normal contributions had not been reduced, pursuant to Sections 16.88-4 and 16.88-6.

Said member shall have the right to contribute, in accordance with rules and regulations of the Retirement Board, amounts which shall be administered as additional contributions to replace all or part of such reduction in his retirement allowance.

(Added by Ord. 488-59, App. 9/14/59)

The effective date of coverage of members under the old-age and survivors disability insurance provisions of the Federal Social Security Act by a modification of the federal-state old-age and survivors disability insurance agreement shall be made retroactive to the earliest date permissible under said act. Contributions required of each member under said act for time prior to the federal execution date of such modification, and during which he was not in a position which was covered employment under Section 210(L) of the Federal Social Security Act, shall be paid from such member's accumulated contributions held by the system on account of his compensation not in excess of the maximum compensation taxable under said act for such retroactive time.

If the required contributions under said act exceed the member's accumulated contributions held by the system so determined, contributions under said act equal to the excess shall be paid by the member. Contributions required under said act of the employer on account of time prior to said execution date shall be paid from funds held by the system on account of active members and derived from contributions of the City and County.

(Added by Ord. 488-59, App. 9/14/59)

Any member upon his retirement for service before attainment of the minimum age of qualification for his primary benefit under the old-age and survivor disability insurance provisions of the Federal Social Security Act, may elect to adjust his retirement allowance under the system, effective on the effective date of such allowance, by an increase from time prior to his attainment of such age and a decrease for time on and after his attainment of such age, provided that: (1) the amount of the increase and decrease shall be actuarially equivalent; (2) the adjustment shall be based on an estimated reduction in his retirement allowance pursuant to the provisions of Section 16.88-3 of this Article, if determined in accordance with the provisions of said act as in effect on the effective date of his retirement under the system, and by taking into account only his coverage under said Act, prior to said effective date; (3) the increase shall not be modified under an option provided by ordinance; (4) such election shall be irrevocable; (5) such election may not be executed earlier than 90 days before the effective date of his retirement allowance, and shall be effective only if executed on a form provided by the Retirement System and filed in the office of the system prior to the date on which the first payment on account of his retirement allowance is made.

(Added by Ord. 488-59, App. 9/14/59)

SEC. 16.89-1.

(Added by Ord. 322-67, App. 12/20/67; repealed by Ord. 251-00, File No. 001491, App. 10/27/2000)

SEC. 16.89-2.

(Added by Ord. 222-68, App. 7/31/68; repealed by Ord. 251-00, File No. 001491, App. 10/27/2000)