§ 88. Benefits for members hired on or after September 30, 2013 and prior to June 8, 2016 for International Association of Firefighters, Local 1510 (IAFF) and July 20, 2016 Fraternal Order of Police, William Nichols Lodge No. 8 (FOP).

Notwithstanding any other provision of the System, the pension benefits for members hired on or after September 30, 2013 and prior to June 8, 2016 for International Association of Firefighters, Local 1510 (IAFF) and July 20, 2016 Fraternal Order of Police, William Nichols Lodge No. 8 (FOP) shall be as provided in the sections 61 through 86, except as follows:

(a)

The benefit multiplier shall be three percent (3%) for each year of creditable service for the first 20 years of service, and four percent (4%) for each year of creditable service after 20 years of creditable service.

(b)

The normal retirement date shall be as provided in sec. 66, except that a member must compete at least five years of creditable service, and must attain age 48 to be eligible for "Rule of 70" retirement.

(c)

Final average monthly salary shall be based on the five (5) highest paid years or last five (5) years as the case may be, prior to retirement or separation from employment.

(d)

The cost of living adjustment shall be one and one-half percent (1.5%) annually.

(e)

A member shall be vested upon completion of five years of creditable service.

(f)

The maximum pension benefit shall be as provided in section 11-66(e).

(Ord. No. 2013-3817, § 8, 9-30-13; Ord. No. 2016-4035, § 7, 9-27-16)