§ 12. Service Requirement for Voluntary Retirement

(1)

Normal Retirement Date. A member's normal retirement date shall be the first day of the month coincident with or next following the earlier of the completion of twenty (20) years of credited service regardless of age, or attainment of age forty-seven (47) and the completion of ten (10) years of credited service. Any member may retire on the first day of any month after the member's normal retirement date, and each member shall become 100% vested in his accrued benefit on the member's normal retirement date. Normal retirement is retirement from employment as a firefighter with the City of Orlando on or after the normal retirement date. Any member of the Fire Department who has more than 10 years of credited service but less than 20 years of credited service and who is discharged or voluntarily separates from service in the department thereafter but before attaining age forty-seven (47), may make an election to receive a monthly pension beginning at age 47.

(2)

Normal Retirement Benefit.

(a)

A member of the Fire Department who has 10 or more years of credited service but less than 20 years of credited service shall be entitled to an amount equal to the number of the member's years of credited service multiplied by 2.0% multiplied by the member's average monthly salary.

(b)

Any member of the Fire Department who has 20 years or more of credited service but less than 42.5 years of credited service shall be entitled to a monthly pension of 68% of the member's average monthly salary plus 3.4% for each year of credited service in excess of 20 years of credited service but not to exceed 85%.

(c)

Any member of the Fire Department who has completed 42.5 years of credited service shall receive in addition to the amount specified in subparagraph (b) an additional 2% per year of credited service for each year in excess of 42.5 years of service; provided, however, the total monthly benefit shall not exceed 100% of the average monthly salary used in calculating the member's pension benefit.

(3)

Average Monthly Salary shall be determined by computing the average monthly salary of the member's last three (3) years of credited service, or by computing the member's average monthly salary for the five (5) best years of the last ten (10) years of credited service, whichever amount is greater.

(4)

The additional actuarial cost of providing benefits to members who retire after completing 20 years of credited service but before attaining age 47 shall be borne by the members.

(5)

If the member should die after separation or discharge before timely electing the pension form of payment or after the election but before receipt of the pension, no benefit will be paid under a Section 34(1)(b) life only option or a Section 34(1)(c) joint pensioner option, and benefits shall be paid pursuant to Section 14, "Benefits Payable Upon Death of Member", with the Section 35(2) "10 years certain Guarantee", unless the member had elected the Section 34(1)(a) life with ten (10) years certain form of payment.

(6)

Upon the death of a member who had started receipt of a Section 12 pension including a pension credited to the member's DROP account, benefits shall be paid as follows:

(a)

If a member has not elected the Section 34(1)(a) life with ten (10) years certain form of payment, or the Section 34(1)(b) life only form of payment, or the Section 34(1)(c) joint pensioner form of payment, benefits shall be paid pursuant to Section 14 to the surviving spouse and issues under the age of eighteen (18), or dependent parents, with Section 35(3), "10 Year Certain Guarantee", if applicable.

(b)

If a member has elected the Section 34(1)(a) life with ten (10) years certain form of payment and the member has not received 120 monthly payments, then benefits otherwise payable to the member shall be paid pursuant to Section 32, "Beneficiaries", for the remainder of the 120 monthly payments beginning on the first day of the month immediately following the member's death regardless of the age of the deceased member. If the firefighter makes this election, no benefits shall be paid pursuant to Section 14(5)(b) or Section 14(5)(d) to the surviving spouse, issue in being under the age of eighteen (18), or dependent parents. Provided however, the firefighter may designate as beneficiaries the surviving spouse, issue in being under the age of eighteen (18), or dependent parents to receive the remainder of the 120 monthly payments. Provided further however, after payment of the guaranteed 120 monthly payments provided for in Section 35, thereafter, if applicable, a reduced monthly benefit shall be payable pursuant to Section 14(5)(e) to the eligible surviving spouse and issue in being under the age of eighteen (18).

(c)

If a member has elected the Section 34(1)(b) life only form of payment, no further payments shall be made upon the death of the member.

(d)

If a member has elected the Section 34(1)(c) joint pensioner form of payment, benefits shall be paid as provided therein.

(Laws of Fla. ch. 23444(1945), § 12; Laws of Fla. ch. 61-2605, § 6; Laws of Fla. ch. 72-633, § 2; Laws of Fla. ch. 75-463, § 5; Laws of Fla. ch. 88-518, § 12; Ord. of 6-18-2001, § 8, Doc. #33874; Ord. of 1-14-2008, § 8, Doc. # 0801141004; Laws of Fla. Ch. 2009-268, § 12; Ord. No. 2013-8, § 3, 2-4-2013, Doc. #1302041201)