September 17, 2014
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Legal Notice

LEGAL NOTICE

CITY OF WARWICK

ORDINANCE NO. 0-12-2

APPROVED SCOTT AVEDISIAN

January 10, 2012 MAYOR

CHAPTER 60

RETIREMENT SYSTEM

Be it ordained by the City of Warwick:

SECTION I. Chapter 60 of the Code of Ordinances of the City of Warwick is hereby amended as follows:

Sec. 60-106. Retirement allowance rate for elected officials.

Any member who is an elected official and who retires (or has been a qualified annuitant) according to this section after attaining age 60 and completing six years as an elected official if the elected official commenced his or her first term in office prior to January, 2013 or completing ten years of service if the elected official commenced his or her first term in office on or after January, 2013 shall receive the greater of:

(1) An annual retirement allowance of $1,500.00 plus $200.00 for each year of creditable service as either an elected official or a nonelected official, but no more than $5,500.00; or

(2) An annual retirement allowance determined according to sections 60-101 and 60-102.

Sec. 60-182. Death following attainment of at least ten years of creditable service, but preceding actual retirement.

(a) If the membership of an employee who has completed at least ten years of creditable service, or an elected official who has completed at least six years of creditable service if the elected official commenced his or her first term in office prior to January, 2013 or completed at least ten years of service if the elected official commenced his or her first term in office on or after January, 2013, should terminate by reason of his/her death prior to his/her actual retirement, his/her accumulated contributions shall be payable in a lump sum to his/her designated beneficiary. If the deceased designated beneficiary is his widow or her widower, said person may elect to receive in lieu of the member’s accumulated contributions a pension payable for life, computed as if the member had retired on the day of his/her death and had elected the optional form of pension described in section 60-131, which provides a reduced monthly annuity to the member with 100 percent continuation of the reduced monthly annuity to his/her surviving spouse. If at the time of his/her death the deceased member was not eligible to retire under section 60-101 or section 60-102, his widow or her widower may receive benefits in the form described above on the earliest date upon which the member could have retired in accordance with section 60-102, based on his/her final average compensation and creditable service at the time of his/her death.

(b) A widow or widower, as described above, of a deceased member who dies before attaining age 65 may elect to defer receipt of benefits to any date on or before the date which would have been the member’s 65th birthday. The benefit payable at such deferred date shall be reduced for commencement prior to 65 in accordance with section 60-102.

Sec. 60-395. Termination of employment.

(a) Lump sum refund. Any member who terminates employment or ceases to be an eligible employee because such employee is scheduled to work less than 20 hours per week prior to becoming eligible for benefits under 60-391, 60-392 or 60-393 shall be paid his or her accumulated contributions in one lump sum within one year after such employee terminates employment or ceases to be an eligible employee, as the case may be, unless such employee is rehired or becomes an eligible employee (and scheduled to work more than 20 hours per week) prior to the expiration of the one year period unless the member requests in writing that the accumulated contributions be retained for a 26-month period. In the event of death of such a former member after termination of employment or ceasing to be an eligible employee and prior to receiving his or her accumulated contributions, his or her accumulated contributions shall be paid to his or her beneficiary.

(b) Vested termination. If the member has completed ten years of vesting service (six years of vesting service for elected officials if their first term in office commenced prior to January, 2013 or ten years of vesting service if their first term in office commenced on or after January, 2013) at termination, he or she may elect to receive, in lieu of benefits under subsection (a) of this section, a deferred pension payable at normal retirement age in accordance with section 60-421 equal to the benefit determined in section 60-391 based on his or her final average salary and creditable service at termination. Such member may elect to receive benefits at his or her early retirement age reduced for early commencement in accordance with section 60-392.

SECTION II. This Ordinance shall take effect upon passage and publication as prescribed by law.

SPONSORED BY:

COUNCILWOMAN

VELLA-WILKINSON

COMMITTEE: ORDINANCE

1/17/12


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