(A) If a member terminates his employment as a police officer or firefighter, either voluntarily or by discharge, and is not eligible for any other benefits under the system, the member shall be entitled to benefits determined pursuant to the following schedule:
Vesting Schedule For All Police Officers and Firefighters Hired Before March 15, 2012 | ||
Completed Years of Credited Service Accrued
|
Annual Vested Increment in Benefit
|
Cumulative Vested Interest
|
Vesting Schedule For All Police Officers and Firefighters Hired Before March 15, 2012 | ||
Completed Years of Credited Service Accrued
|
Annual Vested Increment in Benefit
|
Cumulative Vested Interest
|
Less than 5
|
0%
|
0%
|
5
|
50%
|
50%
|
6
|
10%
|
60%
|
7
|
10%
|
70%
|
8
|
10%
|
80%
|
9
|
10%
|
90%
|
1
|
10%
|
100%
|
Vesting Schedule For Firefighters Hired On or After March 15, 2012 | |
Completed Years of Credited Service Accrued
|
Cumulative Vested Interest
|
Less than 10
|
0%
|
10 |
100%
|
(B) Any member not otherwise eligible for any other benefits hereunder, but who has a vested interest at time of termination, shall receive monthly benefits commencing on the date that would have been his normal retirement date had he remained in employment. Alternatively, such member may elect to receive his vested benefit, reduced for early retirement, at any time on or after the date that would have been his early retirement date, it being further understood that actuarially equivalent amounts shall be payable under any form or manner of payment provided.
(Ord. 2000-15, passed 5-5-00; Am. Ord. 2013-45, passed 8-13-13)