(a) In lieu of a return of member contributions pursuant to Section 289.06, a member hired on or after January 24, 2001 who ceases employment for any reason other than death or total and permanent disability prior to meeting the age and years of service requirements applicable to the member to be eligible for immediate receipt of a full, unreduced normal retirement benefit, but after completing at least twelve years of continuous service, shall be entitled to vest the member's retirement benefits subject to the following conditions:
(1) The member must file with the Board of Trustees a written Notice of the Member's intention to vest.
(2) The member must include in the notice the date the member intends to terminate the member's employment, and must include an irrevocable letter of resignation effective on the selected termination date.
(3) The termination date shall be at least thirty days, but no later than sixty days, following the date of the Notice to vest.
(4) The member must be in good standing with the Police Department on the date of the Notice to vest.
(5) The Board of Trustees shall indicate on the Notice to vest the final monthly average salary of the member as of the date of the notice to vest.
(b) For members electing a deferred vested benefit in accordance with this Section, upon reaching the date that would have been the date that the member became eligible for an immediate receipt of a full, unreduced normal retirement benefit if the member had continued in the full-time employment of the City, the member shall notify the Board of Trustees, in writing, that the member desires to collect the member's pension. The amount of retirement benefits the member is entitled to receive under this Section shall be computed as follows:
(1) The initial determination of the member's base retirement benefits shall be computed on the salary indicated on the Notice to vest pursuant to Section 289.10(a)(5) above.
(2) The portion of the base retirement benefits due to the member shall be determined by applying to the base amount the percentage that the members years of service actually rendered bears to the years of service which would have been rendered had the member continued to be employed by the Police Department until reaching the date that the member would have been eligible for immediate receipt of a full, unreduced normal retirement benefit.
(Ord. 4460. Passed 4-13-88; Ord. 5355. Passed 6-14-23.)