If a member terminates his or her employment with the Police Department, either voluntarily or by discharge, and is not eligible for any other benefits under this system the member shall be entitled to the following:
(A) With less than ten years of continuous service, a refund of member contributions without interest.
(B) With ten or more years of continuous service:
(1) For Group One restored members and Group Two restored members, under the benefit structure effective prior to October 1, 2011, the pension benefits accrued to the member’s date of termination, payable for the life of the member and commencing upon the member's attainment of age 50, provided the member does not elect to withdraw his member contributions. For Group Three members, the pension benefits accrued to a member’s date of termination, payable for the life of the member and commencing upon the member's attainment of age 55, provided the member does not elect to withdraw the member’s contributions; or
(2) In the member’s discretion, refund of member contributions plus 3% interest compounded annually, in which event no pension benefit shall be payable.
(Ord. O-91-82, passed 11-20-91; Am. Ord. O-2011-27, passed 9-7- 11; Am. Ord. O-2015-22, passed 10-7-15; Am. Ord. O-2019-02, passed 2-20-19)