§ 600. Normal retirement income.

A.

Eligibility. Each Participant whose Continuous Employment terminates at sixty-five (65) years of age or later, shall thereupon become entitled to receive a Normal Retirement Income payable monthly for life.

B.

Benefit Formula. For Participants whose Employment began prior to July 1, 2018, the amount of Normal Retirement Income payable monthly as a life annuity shall equal two and thirty-five one hundredths percent (2.35%) times Final Average Earnings times years and monthly fractions thereof of Credited Service. For Participants whose Employment began on or after July 1, 2018, the amount of Normal Retirement Income payable monthly as a life annuity shall equal two percent (2.00%) times Final Average Earnings times years and monthly fractions thereof of Credited Service.

C.

Pre-1974 Minimum Benefit. Nothing in Subsection B of this section shall cause a Participant in the Plan prior to January 1, 1974, to receive a lesser amount of retirement income for service on or after May 1, 1960, than such Participant would have received under the formula used to calculate such retirement income prior to January 1, 1974, such guarantee utilizing the assumption that such Participant's monthly Earnings effective December 31, 1973, will remain constant until retirement and the maximum annual Earnings counted for Social Security purposes in effect December 31, 1973, shall also remain constant until such Participant's retirement.

(Ord. Nos. 17758, 18782, 19320, 20175, 20404, 20908; Ord. No. 23848 , § 2, 1-24-2018)