Other provisions of this chapter notwithstanding, if a member completes at least fifteen years of service with the employer and has attained age fifty, but has not attained age sixty as of his or her termination date, such member shall be entitled to receive a deferred vested benefit payable at his or her normal retirement date. The amount of such deferred vested benefit shall be equal to the benefit determined under Section 293.05, but shall be determined as of the date of the member's termination of employment on the basis of his or her final monthly average salary and continuous service as of such date. A member may elect to commence receipt of his or her deferred vested benefit immediately, as of the first day of the month coincident with or immediately following his or her date of termination, or on any date intervening between that date and his or her normal retirement date, but such benefit shall be actuarially reduced to reflect payment commencing before normal retirement date.
If a member who makes contributions to the Pension Fund ceases to be a member of the employer before he or she becomes entitled to receive a pension benefit, or a deferred vested benefit, the total amount of his or her contributions paid to the Pension Fund shall be refunded in full, without interest.
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 be required to repay his or her contributions in full to receive credit for the years of continuous service earned prior to his or her date of termination.
If a member dies prior to his or her receiving a pension or deferred vested benefit from the Pension Fund, then the total contribution paid into the Pension Fund by the member shall be paid to his or her beneficiary or estate.
(Ord. 4443. Passed 10-28-87.)