Notwithstanding any provisions of this Charter to the contrary, any person who, on or after January 1, 1981, is a member of the Fire Department, and is a member of the Retirement System under Charter Section 8.585, may become a member of the Retirement System under Charter Section 8.588 by filing in writing with the Retirement System no later than December 31, 1981, an executed waiver of all benefits which might inure to him under Charter Section 8.585. This waiver must be without right of revocation and on a form furnished by the Retirement System. The Retirement Board may require that this waiver be executed by additional parties before it becomes operative.
This transfer will be effective July 1, 1980. Those persons so electing to become members under Charter Section 8.588 shall receive service credit under Charter Section 8.588 equal to their service credit under Charter Section 8.585 as of June 30, 1980.
Those persons so electing to become members under Charter Section 8.588 shall not be subject to any of those provisions of Charter Section 8.585 as of July 1, 1980.
Notwithstanding the provisions of Charter Section 8.526, the cost of living adjustment in any given year prior to January 1, 2000 for those persons electing this transfer to Charter Section 8.588 shall not exceed the provisions of Charter Section 8.526 as they existed on July 1, 1980.
Those persons so electing to transfer membership from Charter Section 8.585 to Charter Section 8.588 shall receive a monetary consideration not to exceed $40,000 calculated at the rate of $2,500 for each year of said service credit up to 10 years and then at the rate of $1,000 for each additional year of said service credit. This monetary consideration shall be paid from said member’s contribution account including any interest thereon. When said member’s contribution account is depleted, the balance shall be paid from the City and County contributions held by the Retirement System.
This consideration shall be payable January 1, 1982. Alternatively, an employee may elect to receive payments according to a schedule established by the Retirement Board.
Notwithstanding any other Charter or ordinance provisions, a member transferring pursuant to this section shall be eligible to receive any benefits payable because of an increase in benefits approved by the voters for other members under Charter Section 8.588, provided, however, that said member repays with interest the monetary consideration he or she received in making this transfer, offset by the amount of said member’s own account in the Retirement System under Charter Section 8.585. Interest on the repayment amount shall be charged at the rate credited to member accounts from January 1, 1981 until repayment or effective date of retirement. Members shall have the option of making said repayment either through a lump-sum payment, payroll deduction or through an actuarial offset against any benefits payable because of any increase in benefits subsequent to July 1, 1980.
The amendments to this section contained in the proposition submitted to the electorate on November 2, 1999 shall apply only to active and retired members on November 2, 1999 and constitute a prospective increase in benefits to such members subject to repayment in accordance with the provisions of the preceding paragraph. Upon repayment, retirees shall have their benefits recalculated under Charter Section 8.588 as in force at the date of their retirement. These recalculated benefits shall be first payable on and after November 2, 1999. No retired member shall become eligible under said amendments for any retroactive payments. Notwithstanding the preceding sentences, the provisions in Charter Section 8.588-3 for recalculation on the date upon which said member would have qualified for service retirement (“QSR”) shall use the provisions of Charter Section 8.588 at QSR.
(Amended November 1999)