(a) Rights of Terminated Employees. A participant who ceases to be an employee, except as otherwise hereinbefore provided, shall have all interest and rights under this Plan limited to those contained in this section.
(b) Distribution of Accumulated Contributions. A participant whose employment with the employer shall terminate for any reason, other than death or total and permanent disability, prior to the attainment of normal retirement age, shall 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) Deferred Vested Benefits. A participant who has completed at least twelve years of aggregate service and whose employment with the employer shall terminate for any reason, other than death or total and permanent disability, prior to the attainment of normal retirement age, shall be entitled to elect to receive a deferred vested benefit in lieu of a distribution of accumulated contributions under subsection (b) hereof. Such a deferred vested benefit shall be in an amount equal to the participant's accrued benefit as of the date employment terminates and shall commence, after application pursuant to Section 294.04(e), as of the first day of the month coincident with or next following the date on which the participant's normal retirement age would be attained if the participant continued in employment until such date.
(Ord. 2137. Passed 3-15-93.)