(A) A vested benefit as described in this section is hereby authorized, provided such vested benefit does not impair the actuarial soundness of the Fund as determined by an approved actuary. For the purposes of this subchapter, APPROVED ACTUARY means a person who has at least five years of actuarial experience with public pension plans and who is either enrolled as a member of the American Academy of Actuaries or enrolled as an actuary pursuant to the Federal Employee Retirement Income Security Act of 1974.
(B) Under the provisions of such benefit, should a police officer, before completing superannuation retirement age and service requirements, but having completed 12 years of total service, for any reason cease to be employed as a full-time police officer by the borough, he or she shall be entitled to vest his or her retirement benefits by filing with the Council of the borough within 90 days of the date he or she ceases to be a full-time police officer, a written notice of his or her intention to vest. Upon reaching the date which would have been his or her superannuation retirement date if he or she had continued to be employed as a full-time police officer, he or she shall be paid a partial superannuation retirement allowance determined by applying the percentage of his or her years of service bears to the years of service which he or she would have rendered had he or she continued to work until his or her superannuation retirement date to the gross pension established by § 32.007; using, however, the monthly average salary during the appropriate period prior to his or her termination of employment. Such pension or retirement benefits for any month shall be the sum of § 32.007(A) through (C) to the extent necessary to bring total benefits in any month up to his or her partial superannuation retirement allowance as outlined herein. It is the intention of this section to provide a vested benefit and to the extent authorized by Act No. 1979-99.
(Prior Code, Ch. 1, Pt. 6, § 608) (Ord. 2-2001, passed 7-2-2001)