(a) If a member terminates his or her employment with the employer before he or she becomes vested or entitled to receive a pension benefit hereunder, the total amount of his or her contributions paid to the Pension Fund shall be refunded, without interest.
(b) If a member terminates his or her employment and is later re-employed by the employer as a member of the employer, he or she shall repay any contributions previously refunded in full in order to receive credit for his or her years of service earned prior to his or her date of termination; otherwise, he or she will be considered a new employee. Full payment must be received within two years from the employee's date of re-employment in order for prior credited service to be reinstated.
(c) If a member dies prior to becoming eligible to receive a benefit hereunder, his or her contributions, without interest, shall be paid to his or her beneficiary or estate.
(d) If a member begins receiving a benefit hereunder, but dies at a time when total benefit payments received are less than the amount of his or her contributions to the Plan, the balance representing such difference shall be paid to his or her beneficiary or estate.
(e) Notwithstanding the preceding, if a member has completed at least 12 years of credited service with the employer as of his or her termination date, but is not otherwise entitled to receive a pension benefit hereunder, such member shall be entitled to receive a deferred vested benefit, which shall commence upon his or her attainment of age 60, equal to the benefit provided under Section 287.05, based upon the participant's final monthly average salary as of his or her date of termination and the social security offset applicable thereto. A member shall become vested in his or her accrued benefit according to the following schedule:
Completed Years of Service | Percentage of Accrued Benefit |
Completed Years of Service | Percentage of Accrued Benefit |
Less than 12 | 0 |
12 | 60 |
13 | 65 |
14 | 70 |
15 | 75 |
16 | 80 |
17 | 85 |
18 | 90 |
19 | 95 |
20 | 100 |
(Ord. 4440. Passed 10-28-87.)