The CRS offers a variety of payment options that give you the flexibility to select the kind of payments that best fit your circumstances and retirement needs. A regular or whole life option provides a monthly pension benefit paid to you during your lifetime only. There are four (4) additional payment options are available that provide a reduced benefit to you during your lifetime, but provide income to your spouse or designated optionee for the duration of their lifetime in the event of your death. If you are married, you must select one of the four options described below unless your spouse completes and signs a "Spousal Waiver of Joint and Survivor Annuity" that would permit you to choose the regular option or a different optionee.
- Option 1 - 100% Joint and Survivor Payment: In the event you die first, your surviving spouse or designated optionee receives 100% of the reduced benefit for the remainder of his or her lifetime.
- Option 2 - 50% Joint And Survivor Payment: In the event you die first, your surviving spouse or designated optionee receives 50% of the reduced benefit for the remainder of his or her life.
- Option 3 - 66 2/3% Joint and Survivor Payment: In the event you die first, your surviving spouse or designated optionee receives 66 2/3% of the reduced benefit for the remainder of his or her lifetime. If your spouse or designated optionee should die before you, you would receive 66 2/3% of the reduced benefit for the remainder of your life.
- Option 4 - 80% Joint And Survivor Payment: In the event you die first, this option provides your surviving spouse or designated optionee with 80% of the reduced benefit for the remainder of his or her lifetime. If your spouse or designated optionee dies first, you receive 80% of the reduced benefit for the remainder of your life.
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Until January 1, 2014, employees may choose to retire early under 1 of 2 available eligibility standards: Age 55 with a minimum of 25 years service credit OR Age 57 with a minimum of 15 years service credit. After January 1, 2014, early retirement will only be available for employees who are 57 years of age with a minimum of 15 years service credit. There is a substantial reduction in monthly pension benefits paid to those members who elect early retirement. Information regarding early retirement is located at the following link: http://www.cincinnati-oh.gov/cityfinance/pages/-42541-/
DEATH BENEFITS
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Active Members with Spouse and/or Dependents
Survivor Benefits
The CRS provides benefits to your spouse and eligible dependents in the event you die in service as an active employee of City of Cincinnati. If you had at least 18 months of service at the time of your death, your spouse and dependents could be eligible to receive a monthly survivor benefit.
Spousal 20-Year Provision
If you die in service as an active employee of the City of Cincinnati and have at least 20 years service credit but are not otherwise eligible to retire, your spouse could choose to begin receiving retirement benefits at the time you would have reached age 60 or would have reached 30 years of service, whichever comes first OR to receive the survivor benefits described above. In order to be eligible for this benefit, the member’s spouse MUST be designated as the member’s SOLE PRIMARY BENEFICIARY on the Beneficiary form on file in the CRS office prior to the member’s death.
Active Members without a Spouse and/or Dependents
If you die in service as an active employee of the City of Cincinnati, your designated beneficiary receives a refund of your accumulated contributions to the CRS plus any accumulated interest payable.
Retired Members
Retirees who retired on or before July 1, 2011 are eligible for a burial benefit. The CRS will pay the designated beneficiary of the deceased retiree a one time burial benefit of $5,000.
SEPARATION FROM EMPLOYMENT SERVICE
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If a member resigns or is terminated from employment with the City of Cincinnati for any reason, they are entitled to a refund of their contributions plus interest of 2% for funds held one year or more. In accordance with federal law, 20% of the refund will be withheld for federal taxes unless you request a direct transfer to another qualified retirement plan, such as a 457 Deferred Compensation plan, a 401(K), or an Individual Retirement Account (IRA). Any unpaid loan balance will be deducted from the refund and is subject to the 20% tax. Any outstanding Court ordered payments against the member will be deducted from the amount of the refund and paid to the appropriate governmental agency.
If you have 5 years or more service credit with the City of Cincinnati Retirement System at the time you leave City service and wish to withdraw your pension contributions, you must complete, sign, and have notarized a Retirement Benefit Waiver form waiving your rights to any future benefits from the Cincinnati Retirement System. If you withdraw your contributions from the Cincinnati Retirement System, you will NOT be entitled to a pension upon reaching retirement eligibility.
Applications for refund of pension contributions can be obtained from the Retirement Department located in Room 240 of Cincinnati City Hall. Refund applications cannot be processed until the employee has been terminated in the City’s personnel and payroll system for at least 30 days. Payment of refunded contributions may take up to 90 days from the employee’s termination in the City personnel and payroll system.
Pension Limitations
Your pension benefit is limited by Section 203-33 of the Cincinnati Municipal Code that does not allow the retirement allowance to exceed 90% of the member’s Final Average Salary. Pension benefits paid to retired members are also limited by the provisions of the United States Internal Revenue Code Section 415 (d) as required by the Cincinnati Municipal Code 203.123.
