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Ordinance amending the Pittsburgh Code, Title One: Administrative: Fiscal, Article XI: Human Resources, Chapter 192: Pensions, Section 192.27 - Death Benefits, by allowing the Municipal Pension Fund to approve adjustments to the table of survivor benefit conversion rates as mortality rates change.
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The Council of the City of Pittsburgh hereby enacts as follows:
Section 1. The Pittsburgh Code, Title One: Administrative: Fiscal, Article XI: Human Resources, Chapter 192: Pensions, Section 192.27 - Death Benefits, is amended as follows:
? 192.27 - Death Benefits
(a) In the event of the death of a member in active service who shall have had at least eight (8) years credited service and shall have attained age fifty (50), a survivor benefit shall become payable to his or her surviving spouse, if any, in an amount which shall be equal to fifty (50) percent of the pension amount determined in ? 192.26 which would have been payable had the deceased member retired on the day before his or her death. The amount of the survivor's benefits determined above shall be further reduced by one (1) percent for each year in excess of five (5) years that the spouse is younger than the deceased member. The survivor's benefit shall be payable as long as the spouse lives or until remarriage.
(b) In the event of the death of any member in active service before the member has eight (8) years of credited service and attains age fifty (50), the member's accumulated contributions with Interest shall be paid to the person or persons as he or she shall have designated in writing and filed with the Board or if he or she has not so designated, then paid to his or her estate.
(c) Any person who retires under the provisions of Benefit Plan No. 2 or Benefit Plan No. 3 may elect in writing at the time of retirement to receive a monthly pension determined in accordance with Section 192.26, which shall be further reduced in accordance with conversion factors listed in a Table approved...
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