On withdrawal from service prior to retirement with less than five years of total service, no benefits shall be payable to the member. On withdrawal from service prior to retirement after five years of service, a member shall receive a refund of three-fourths of the amount of the contributions made by the member without interest. Any such withdrawing member ipso facto forfeits, waives, and relinquishes all accrued rights and benefits in the system, including all credited and creditable service. The Board may in its discretion, regardless of cause, withhold payment of a refund for a period not to exceed one year after receipt of an application for a refund from the member. Any member who has received a refund shall be considered a new member on subsequent reemployment if such a person qualifies for membership under the provision hereof, unless such refund is repaid in accordance with § 32.115(G).
(1999 Lou. Code, § 36.115) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004)