(a) Generally.
(1) A category I participant hired on or after August 9, 2004 vests in the benefits of the plan upon completion of 20 years of actual plan service.
(2) A category I participant hired before August 9, 2004 and a category II participant hired before July 1, 2015 vest in the benefits of the plan upon completion of actual plan service plus transferred service under § 5-1-302 totaling five years.
(3) A category II participant 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.
(b) County's rights to amend or terminate plan. 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 accumulated contributions in the pension fund to become a terminated vested participant and to be eligible to receive retirement benefits.
(d) Annual pension on 50th birthday. On the first day of the month coincident with or next following a terminated vested participant's 50th birthday, the participant shall receive a retirement benefit 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.
(1985 Code, Art. 7, § 6-201) (Bill No. 90-01; Bill No. 32-04; Bill No. 97-13)