If a member leaves the employ of the Township or ceases to be a member, whether by reason of his or her transfer, resignation or discharge, or by reason of disability or retirement other than after becoming eligible for benefits pursuant to Section 294.04 or 294.05, he or she shall be entitled to a refund of all contributions made by him or her and then on deposit in the fund, plus interest thereon, computed at the rate described in Section 294.03(a).
However, a member who has completed twelve or more years of service may elect either of the following:
(a) He or she may elect to leave his or her contributions, plus interest, in the Fund so as to receive a vested pension benefit to start at his or her normal retirement date. He or she must file with the Secretary of the Township, within ninety days of the date he or she ceases to be a full-time police officer, a written notice of his or her intention to vest. The amount of the vested pension benefit shall be (x) divided by (y) where (x) is the number of years of service at the date of termination and (y) is the number of years of service which the member would have had if he or she worked until his or her normal retirement date, multiplied by the benefits described in Section 294.04(a). Years of service shall be measured in years and completed months.
(b) He or she may elect to receive a refund of all contributions made by him or her and then on deposit in the Fund, plus interest thereon, computed at the rate described in Section 294.03(a). If he or she elects to receive the refund of his or her contributions plus interest, he or she would forfeit the pension benefit outlined in subsection (a) hereof.
(Ord. 91-5. Passed 6-24-91.)