(a) Rights of Terminated Employees. A participant who ceases to be an employee, except as otherwise hereinbefore provided, shall be limited to those rights under the Plan contained in this section.
(b) Distribution of Accumulated Contributions. A nonvested participant whose employment with the employer ceased for any reason other than death or disability prior to the attainment of an early or normal retirement age shall only be entitled to receive a distribution of accumulated contributions. Upon receipt of such accumulated contributions, said participant and his or her beneficiary shall not be entitled to any further payments from the Plan.
(c) Forfeiture. A participant who terminates employment with the employer, at a time when not vested in any portion of the accrued benefit derived from employer contributions, shall cease to be a participant hereunder and shall not be entitled to any benefits under the Plan derived from employer contributions.
A terminated participant who made employee contributions to the Plan shall have the accumulated contributions distributed to the beneficiary of the participant if the participant dies prior to receipt of the accumulated contributions.
(d) Vested Benefits. A participant who has completed at least ten years of service shall become vested in his or he accrued benefits. If the participant should terminate employment before becoming eligible for normal or early retirement, he or she will be eligible to receive his or her accrued benefit beginning at normal retirement date or at early retirement date, if he or she has twenty years of service (fifteen years of service for non-union employees).
(Ord. 2138. Passed 3-15-93; Ord. 2177. Passed 10-16-95.)