Title 03 Administration and Personnel
Chapter 03.05 Spokane Employees' Retirement System
The provisions of this section govern the retirement benefits of members with eligibility under SMC 3.05.025(A) and who elect to retire under Tier 1.
A member’s annual accrued retirement benefit is determined for any date by multiplying two and fifteen one-hundredths percent (2.15%) of the member’s final compensation by the member’s years of credited service. In no case can the annual accrued retirement benefit exceed sixty-four and five-tenths percent (64.5%) of final compensation.
A member may retire before the member’s normal retirement date under 3.05.130(B) if the member has, as of the desired retirement date, satisfied all of the following requirements:
Early retirement benefits are calculated in the same manner as normal retirement benefits.
After retirement, normal or early retirement benefits will be payable throughout the remainder of the member’s lifetime. However, if a member dies before the total of the retirement benefits paid to the member equals the member’s accumulated contributions at the time of retirement, and if the member has not elected an optional form of retirement benefit in accordance with SMC 3.05.210, an amount equal to the difference between the retirement benefits paid and the member’s accumulated contributions at the time of retirement will be paid to the member’s beneficiary.
The board is authorized to grant discretionary annual ad hoc performance adjustments effective July 1st of each fiscal year. The rate of the performance adjustment is determined by the board based upon financial, actuarial, and other data and is limited to a maximum of a three percent (3%) adjustment in any given fiscal year. The adjustment is noncompounding and based upon a retiree’s original pension amount. The board has adopted a board rule which contains further information on the necessary criteria for ad hoc performance adjustments.
Date Passed: Monday, January 8, 2018
Effective Date: Wednesday, February 21, 2018
ORD C35574 Section 10