§ 154-131. Normal retirement benefits.

(a)

Eligibility. Normal retirement benefits shall be paid monthly to a participant whose employment with the employer terminates upon the occurrence of a normal retirement event for any reason other than death. A participant shall have a fully vested interest in his accrued benefit on and after satisfying conditions of any normal retirement event.

(b)

Amount. The normal retirement benefit, stated as a monthly amount in the form of a single life annuity for the life of the participant, shall be such participant's accrued benefit at his normal retirement date, as determined pursuant to section 154-92; provided, however, that in the case of elected officials and department heads who retire pursuant to an event described in subsection (4) of the definition of normal retirement event in section 154-91, such monthly benefit shall not be less than $500.00.

(c)

Commencement. The normal retirement benefit shall be payable monthly commencing on the participant's normal retirement date and continuing on the first day of each month for the life of the participant (subject to the provisions on the effect of reemployment and death on benefits in sections 154-140 and 154-142).

(d)

Minimum pension. A participant or retiree retiring or already retired under a normal retirement event under the plan or plan supplements shall be entitled to a minimum pension as set by the county commissioners. Effective February 1, 2008, the minimum pension is $460.00.

(e)

Continuing employment beyond normal retirement date. A participant who continues employment with the employer beyond his normal retirement date shall be entitled to a deferred retirement benefit, in lieu of a normal retirement benefit.

(91-RC-669, § 4.1, 12-18-91; Res. No. 06-1277, § 2, 12-20-06; Res. No. 08-0191, § II, 2-20-08)