§ 154-133. Early retirement benefit.

(a)

Eligibility. A participant employed by the employer who has completed 15 years of creditable service may receive an early retirement benefit pursuant to paragraphs (c)(i) and (ii) below following his termination of employment with the employer before satisfying the conditions of any normal retirement event for any reason other than death, but only if he or she elects in accordance with subsection (b) below to receive such early retirement benefit; provided, however, that no person shall be entitled to retire under the provisions of this subsection unless the benefit computed hereunder shall equal or exceed a monthly benefit of $300. In addition, any peace officer who has at least 25 years of creditable service may elect to retire under this provision and receive an early retirement benefit pursuant to paragraph (c)(i) and (iii) below.

(i)

Base pension. If a participant is not eligible under the early retirement benefit qualifying criteria set forth above in subsection (a), then such participant, including peace officers, who have 15 or more years of creditable service, shall be eligible, at any age, to elect to retire and receive a monthly $300.00 "base" pension. Such "base" pension may be increased at any time in the sole discretion of the Fulton County Board of Commissioners The "base" pension is a different, separate, and distinct concept and amount from that of the "minimum" pension described in section 154-91 and section 154-131(d). Participants who retire can receive either the "base" pension or the "minimum pension," but not both.

(ii)

A participant in a supplemental plan who has 15 years of creditable service but is not otherwise eligible for the early retirement benefit as set forth in that participant's supplemental plan shall also be entitled to the base pension.

(b)

Election. Such election may be made at any time during the period commencing 90 days before participant completes 15 years of service (25 years of creditable service in the case of a benefit under paragraph (c)(i) and (iii) below) and ending 90 days before the month in which his earliest normal retirement event would occur by filing with the board of trustees a written election, signed and dated by the participant, on a form approved by the board of trustees. The election shall specify when the participant desires to have such benefits commence, which shall be either:

(i)

The participant's early retirement date; or

(ii)

The first day of any month thereafter, but not later than the month in which the participant reaches his earliest normal retirement event.

The board of trustees shall prescribe such rules concerning such elections as in its judgment are desirable for the orderly administration of early retirement benefits, including without limitation rules as to the period before the beginning of a month in which the election must be filed to be effective.

(c)

Amount. The early retirement benefit, stated as a monthly amount in the form of a single life annuity for the life of the participant, shall be the amount determined as follows:

(i)

The participant's accrued benefit at his early retirement date shall be computed in accordance with section 154-92; and

(ii)

In the case of a participant with 15 years of creditable service, the benefit determined under paragraph (i) above shall be reduced by one-half of one percent for each month (not to exceed 60 months) that the commencement of benefit payments precedes the participant's attainment of their normal retirement age, and one-quarter of one percent per month for each month thereafter until their actual age on their early retirement date; or

(iii)

In the case of a peace officer with 25 years of creditable service, the benefit determined under paragraph (c)(i) above shall be reduced by one-twelfth of three percent per month for each month by which the commencement of benefit payments precedes the participant's attainment of their normal retirement age.

(d)

Commencement. Subject to a participant's election, the early retirement benefit monthly payments shall be payable commencing on the participant's early retirement date, or on the first day of any month thereafter but before the month in which the participant reaches his first normal retirement event, 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).

(91-RC-669, § 4.3, 12-18-91; Res. No. 06-1277, § 3, 12-20-06)