Retirement Requirements Sample Clauses

Retirement Requirements. Effective July 1, 1999, for retirements occurring on or after that date, the normal retirement shall be at fifty years or more of age, with twenty-five (25) or more years of service, and pension benefit shall be two point eight percent (2.8%) of average final compensation for the first twenty-five (25) years of service and one percent (1%) for each year of service thereafter with the total benefit not to exceed seventy percent (70%) of average final compensation. Average final compensation shall be based upon the three (3) consecutive highest years of the last ten (10). Average final compensation shall be defined as in the City Pension Ordinance, except that it shall also include annual longevity as a percentage of base pay and lump sum holiday pay. Effective July 1, 2000, an employee shall be eligible for normal retirement after having completed twenty-five (25) or more years of credited service as a City of Farmington Hills Police Officer. For retirements occurring on or after July 1, 2002, the maximum total benefit shall not exceed seventy-five percent (75%) of average final compensation.