Laserfiche WebLink
Section 5 <br />Optional Forms of Retirement Income <br />5.01 General Rules. A Firefighter eligible to receive a benefit under the Plan may elect to <br />receive his retirement income under any of the options listed below. Option Three, the <br />DROP, may be combined with any other optional form of payment; however, a member <br />may elect only one of the optional forms of payments available under Options One or <br />Two. A Firefighter who has not been credited with twenty (20) years of Service before <br />the Effective Date, may elect to receive his retirement income only under Option One <br />or Two. If a Firefighter elects an optional form of payment and then dies prior to the <br />date his payments commence, the election of the optional form of payment shall be <br />null and void, and the survivor's benefits payable under the Fund shall be paid as if no <br />optional form of payment had ever been elected. <br />5.02 Option One - Joint and 100% Spouse Annuity. A Firefighter who elects Option One will <br />receive the monthly Frozen Benefit payable for the Firefighter's lifetime with the <br />provision that upon his death, one hundred percent (100%) of the same monthly <br />Frozen Benefit shall be paid to his Eligible Surviving Spouse. The monthly benefit <br />payable under Option One will equal the benefit calculated under Section 2, multiplied <br />by the Conversion Factor specified in Exhibit A, based upon the ages of the Firefighter <br />and the Firefighter's Spouse at the date monthly payments commence <br />5.03 Option Two - Straight Life Annuity. A Firefighter who elects Option Two will receive a <br />monthly retirement benefit payable for his lifetime and which ceases upon his death. <br />If Option Two is elected by a Firefighter who is married at the time of the earlier of (i) <br />Termination of Service, or (ii) the commencement of benefits, then it is available only <br />after the Board of Trustees receives written consent of the spouse for election of this <br />option. The monthly benefit payable under Option Two will equal the benefit calculated <br />under Section 2, multiplied by the Conversion Factor specified below, based upon the <br />Firefighter's age at the date monthly payments commence. <br />Conversion Factors from <br />Normal Form of Benefit <br />to Straight <br />Life Annuit_wwwwwwww <br />Firefighter's Age Conversion <br />Firefighter's Age <br />Conversion <br />Nearest Birthday Factor <br />Nearest Birt�hday, <br />451.04_914 <br />mm_ <br />56 <br />M__.........57 <br />.............._Factor' <br />1.09820 <br />46 1.05238 <br />1.10437 <br />47 1.05584 <br />........ .... ........ ............. <br />58 <br />1.11083 <br />48 1.05952 <br />59 <br />1.11757 <br />. .. <br />49 1.06343 <br />......� <br />60 <br />........ <br />1.124611 <br />50 1.06758 <br />61 <br />1.13193 <br />51 1.07199 <br />62 <br />1.13953 <br />52 1.07666 <br />63 <br />1.14736 <br />�........ 531.08160 <br />.. ......................1.08682....�..............._.mm._...._..65.....'...w <br />64 <br />1.15537 <br />54 .....w�v <br />W w ...�. <br />1.16352 <br />55 1.09234 <br />1 <br />. <br />5.04 Option Three - DROP. A Firefighter may elect to have his benefit calculated as if he <br />had Terminated Service on his DROP Eligibility Date. <br />a. A Firefighter's DROP Eligibility Date is the later of (A) the earlier of Firefighter's <br />Normal Retirement Date or Early Retirement Date, or (B) the date two years <br />prior to the date the Firefighter elects to receive benefits. A Firefighter may <br />elect to have his monthly pension and DROP payment calculated using a date <br />7 <br />