(a) Generally. A participant vests in the benefits of the plan upon completion of actual plan service plus transferred service under § 5-1-302 as set forth in this subsection.
(1) Except as otherwise provided for in this subsection, a participant in the Employees' Retirement Plan hired before July 1, 2015 vests in the benefits of the plan upon completion of actual plan service plus transferred service under § 5-1-302 totaling five years.
(2) Except as otherwise provided for in this subsection, a participant in the Employees' Retirement Plan hired on or after July 1, 2015 vests in the benefits of the plan upon completion of actual plan service plus transferred service under § 5-1-302 totaling 10 years.
(3) A participant in the Employees' Retirement Plan who is a County Councilmember whose first term begins on or after December 1, 2014 vests in the benefits of the plan upon completion of actual plan service plus transferred service under § 5-1-302 totaling 10 years.
(4) A participant in the Employees' Retirement Plan who is an exempt employee hired under § 6-2-101 or § 6-2-103 of this Code, or a County Executive, who is hired on or after December 1, 2014 vests in the benefits of the plan upon completion of actual plan service plus transferred service under § 5-1-302 totaling eight years.
(b) County's rights. The rights in which a participant vests under subsection (a) are subject to the County's rights to amend or terminate the plan under § 5-1-103.
(c) Termination of service before retirement. A participant who vests and who terminates service before retirement must leave any accumulated contributions in the pension fund to become a terminated vested participant and to be eligible to receive retirement benefits.
(d) Annual pension on 60th birthday. On the first day of the month coincident with or next following a terminated vested participant's 60th birthday, the participant shall receive an annual pension equal to the amount of the participant's normal retirement pension that had accrued to the participant's date of termination, without reduction by an early retirement reduction factor.
(e) Refund of accumulated contributions. Accumulated contributions shall be refunded if:
(1) before a participant vests, the participant's service with an employer terminates; or
(2) after a participant vests, the participant's service with an employer terminates, and the participant voluntarily elects to withdraw from the plan, ceasing to be a participant.
(f) Death of participant. If a terminated vested participant dies before the participant's normal retirement date, a lump sum death benefit equal to accumulated contributions shall be paid to the beneficiary or, if there is no living beneficiary, the participant's estate.
(g) Transfer of contributions. If a participant elects to cease participation in the plan and participate in the Employee Retirement Savings Plan as permitted in § 6-6-103, the amounts set forth in § 6-6-201(f) shall be transferred out of the plan and into the Employee Retirement Savings Plan as employee and employer contributions under the Employee Retirement Savings Plan.
(1985 Code, Art. 7, § 3-301) (Bill No. 90-01; Bill No. 97-13; Bill No. 95-17)