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 Fresno
 Code of Ordinances
 Chapter 3. CITY PERSONNEL
 Article 3. FIRE AND POLICE RETIREMENT SYSTEM

  § 3-333. ALLOWANCE AT SERVICE RETIREMENT.  

Latest version.

  • A member, upon retirement for service as provided in Section 3-332, shall receive a retirement allowance, which shall consist of the sum of subsections (1) and (2):

    (1)

    The member's service annuity, which is an annuity actuarially equivalent to the accumulated contributions of the member at the time of the member's retirement;

    (2)

    The member's service pension, which is a pension derived from the contributions of the city, sufficient, when added to the service annuity set forth in subsection (1), to equal the benefit set forth in subsection (3).

    (3)

    Subsections (1) and (2) shall equal:

    (i)

    upon service retirement at the later of age 50 or the date 20 years of service was completed, a member shall be entitled to a retirement allowance equal to fifty-five percent (55%) of average compensation;

    (ii)

    upon service retirement at a date after the later of age 50 or the date 20 years of service was completed, a member shall be entitled to a retirement allowance equal to (i) fifty-five percent (55%) of average compensation plus (ii) two percent (2%) of average compensation for each year of service in excess of 20 years completed after age 50;

    (iii)

    upon service retirement at or after age 50 but with less then 20 years of service, a member shall be entitled to a retirement allowance which equals fifty-five percent (55%) of average compensation, multiplied by the ratio of the member's years of service to twenty;

    (iv)

    upon retirement of a member subject to Section 3-328 (Deferred Benefits After Separation), a member shall be entitled to a retirement allowance which equals fifty-five (55%) of average compensation, multiplied by the ratio of (i) the member's years of service to (ii) the years of service the member would have completed if the member had remained in City service to the later of age 50 or the date the member would have completed twenty years of service;

    (v)

    in no event shall a member's retirement allowance exceed seventy-five percent (75%) of average compensation;

    (vi)

    subsection 3(i)—(v) of this Section shall not be applied retroactively and shall only be applied to members, retired members, and beneficiaries with respect to retirement allowances issued after July 1, 1998.

(Added Ord. 5313, 1958, based on former Sec. 2-726; Am. Ord. 5667, 1959; Am. Ord. 98-35, § 12, eff. 6-27-98).