(a) Contribution refund prior to vesting. Any group II member hired on or after July 1, 2011, who is voluntarily or involuntarily separated from the service of the city before the group II member is vested shall be entitled to receive the amount of the group II member’s contributions, plus regular interest including any proceeds in the group II member’s cash balance account, less any amount previously paid to the group II member from the fund.
(b) Vested termination pension.
(1) a. A vested group II member, who is voluntarily or involuntarily separated from the service of the city shall be entitled to receive a vested termination pension payable:
1. In full pursuant to § 2.5-52(b); or
2. In a reduced amount commencing on or after age 55.
b. A group II member must file a request for the commencement of the vested termination pension by completing such forms and following such procedures as are established by the board. A vested termination pension shall be payable monthly on the first day of each month commencing with the month following approval of the group II member’s vested termination pension by the board.
(2) A vested termination pension shall be an annual life pension, the amount of which shall be the specified percentage of the group II member’s compensation base multiplied by the group II member’s total years of credited service to date of such voluntary or involuntary separation from the service of the city. For purposes of the preceding sentence, the specified percentage of the group II member’s compensation base shall be 2.25%, unless the group II member has attained his or her normal retirement date prior to the date the group II member’s pension payments begin, in which case the specified percentage shall be 2.50%. A vested termination pension shall be calculated using the “multiplier” (“specified percentage”) in effect at the time the credited service is earned or purchased.
(3) In addition to the reduced multiplier described in subsection (b)(2) above, a member taking early retirement shall have his benefit reduced by an amount equal to the product of 0.416666667% multiplied times the number of months by which the commencement of the early retirement pension antedates the group II member's normal retirement date.
(c) Contribution refund after vesting in lieu of vested termination pension. Any vested group II member who is voluntarily or involuntarily separated from the service of the city may elect to receive a refund of the group II member’s contributions, plus regular interest including any proceeds in the group II member’s cash balance account less any amount previously paid to the group II member from the fund, either at the date of such separation or at any time thereafter prior to commencement of retirement benefit, but by so doing, the group II member shall forfeit all rights under the fund and thereafter be entitled to no further benefits hereunder.
(Ord. 20471-10-2012, § 2, passed 10-23-2012; Ord. 22977-10-2017, § 1, passed 10-24-2017; Ord. 23516-12-2018, § 1, passed 12-11-2018)