§ 89. Benefits for members hired on or after 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 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 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 upon attainment of age 52 with five or more years of creditable service, or when the sum of a member's age plus years of creditable service equal 70 or more, provided the member has attained age 48.

(c)

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

(d)

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

(e)

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

(f)

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

(g)

The member contribution shall be ten and one-half percent (10.5%) of Salary.

(Ord. No. 2016-4035, § 8, 9-27-16)