Title
Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by creating an early retirement program for certain employees working in or with the Department of Commerce, Aviation Division, and making certain technical changes, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code" is amended as follows:
TITLE 22. PUBLIC EMPLOYEES RETIREMENT CODE
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CHAPTER 22-300. RETIREMENT BENEFITS
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?22-303. Optional Early Retirement Benefits
(1) Eligibility. The following members are eligible for optional early retirement benefits:
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(f) Any member who has irrevocably elected to participate in the 2021 Aviation Division Early Retirement Window Program as provided in Section 22-313.
(2) Effective date. Optional early retirement benefits may go into effect any time between the end of active City service and the month in which the member reaches minimum retirement age.
(3) Calculation of amount of benefits. The yearly amount of optional early retirement benefits is the amount of the regular yearly service retirement benefit (calculated in accordance with ? 22-301) reduced by one-half of one percent (l/2%) of the service retirement benefit for each month the member is younger than the minimum retirement age. This reduction does not apply to members who retire under the provisions of [? 22-303 (1)(d) and (e).] ? 22-303 (1)(d), (e), and (f).
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? 22-313. 2021 Aviation Division Early Retirement Window Program.
(1) Basic Concept of the 2021 Aviation Division Early Retirement Window Program. Eligible employees, as provided in subsection (3), who irrevocably elect to participate in the 2021 Aviation Division Early Retirement Window Program must retire from service with the City and may receive optional early retirement benefit...
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