(a) If a member ceases to be an employee of the City before becoming entitled to retire with an annuity, he or she shall be paid all or part of the accumulated contributions standing to his or her credit in the Annuity Savings Fund, as he or she demands, in writing, on forms furnished by the Retirement Board.
(1979 Code Sec. 2.80.240)
(b) If a member dies before his or her retirement becomes effective, his or her accumulated contributions standing to his or her credit in the Annuity Savings Fund at the time of his or her death shall be paid, except as otherwise provided in this section, to such person as he or she has nominated by written designation duly executed and filed with the Board. If there is no such designated person surviving the member, such accumulated contributions shall be paid to his or her estate.
(c) A member retiring pursuant to Section 296.10, 296.12, 296.14 or 296.16 may elect to receive a refund of all or part of his or her accumulated contributions on his or her effective date of retirement. A member terminating City employment with an annuity payable pursuant to Section 296.11 may elect to receive a refund of all or part of his or her accumulated contributions on the effective date of benefit commencement. However, any member withdrawing his or her accumulated contributions prior to the effective date of benefit commencement shall forfeit any right to a pension. Contributions paid pursuant to Section 296.09 shall not be refunded. The member's straight life annuity shall be reduced by an amount which is actuarially equivalent to the refunded accumulated contributions. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity mortality table, set back no years for males and five years for females, and the interest rate published monthly by the Pension Benefit Guaranty Corporation for use in converting a series of monthly annuity payments into a lump sum value.
(d) Payments of accumulated contributions, as provided in this section, may be made in equal installments according to such rules and regulations as the Board may from time to time adopt.
(Res. 82-169. Passed 2-22-82.)