§ 17-101. Definitions.

(a)

Normal form of monthly benefit will be a life annuity with one hundred twenty (120) payments guaranteed.

(b)

Optional forms:

(1)

Life annuity with a one hundred (100) percent joint and survivor annuity; or

(2)

Life annuity with a sixty-six and two-thirds (66 2/3 ) percent joint and survivor annuity; or

(3)

Life annuity with a fifty (50) percent joint and survivor annuity.

(c)

Actuarial equivalence:

(1)

Pre-retirement interest at eight (8) percent.

(2)

Post-retirement interest at eight (8) percent.

(3)

Mortality 1983 Group Annuity Mortality Table at eight (8) percent.

(4)

Male and females set back three (3) years.

(d)

Years of service will be the years of full-time employment with the City of Norman since November 1, 1967.

(e)

Average monthly compensation will be the average of the highest sixty (60) months of compensation. The first six (6) months of 1991 will be calculated by the City Payroll Department.

(f)

Accrued benefit is the monthly benefit obtained by multiplying years of service after November 1, 1967, to June 30, 1991, by two (2) percent by the average monthly compensation.

(g)

Annuity pool is the money set aside in the fund exclusively to pay the monthly benefits of all retirees of the Employee Retirement System who retired on or before July 1, 1991.

(Ord. No. 0-9091-26)