1. Rights of Terminated Employees. If a participant shall cease to be an employee except as otherwise hereinbefore provided, his interest and rights under the plan shall be limited to those contained in the following subsections of this Section.
2. Refund of Accumulated Contributions. If a participant whose employment with the employer has been terminated for any reason prior to his normal or disability retirement date, and he is neither eligible for a pension under the plan nor has he elected to vest his benefit, such participant or his beneficiary shall be entitled to receive a refund of his accumulated contributions to the plan. Upon receipt of such accumulated contributions, said participant and his or her beneficiary shall not be entitled to any further payments from the plan. Notwithstanding the preceding, if a participant's survivors or beneficiaries shall be entitled to a preretirement death benefit in accordance with § 421, such benefit shall be paid in lieu of a refund of the participant's accumulated contributions, provided, however, that if the amount of the participant's accumulated contributions exceeds the value of such preretirement death benefits, the difference shall be refunded to the participant's beneficiary in addition to the payment of the death benefit.
3. Election of Vested Benefits. If the employer elects to provide vested benefits in Part VIII-1 of the Joinder, such vested benefits shall be provided in accordance with this subsection. In lieu of receiving a refund of his accumulated contributions, a participant who has completed the period of aggregate service set forth in Part VIII-1 of the Joinder and who ceases to be an employee of the employer for any reason other than death, retirement or total and permanent disability shall vest at the option of the participant. Such vesting option must be exercised by the participant by filing a written notice of his intention to vest with the Administrator within 90 days of the date he ceases to be an employee of the employer. A participant who exercises such an option shall be eligible, upon attainment of what would have been his normal retirement date, had he continued to be an employee of the employer, to a vested retirement benefit equal to his accrued benefit. If a participant elects to vest his benefit but dies prior to the commencement thereof, the beneficiary of such participant shall be entitled to a refund of the participant's accumulated contributions in accordance with the terms of this subsection.
(Ord. 253, 2/3/1997, Master Trust Document, Art. VIII)