(A) A participant who becomes an inactive participant before retirement or death (and, if applicable, before the date a disability payment begins under § 38.042) will be entitled to one of the following vested benefits whichever is applicable. Any distribution of vested benefits shall be a retirement benefit and shall be subject to the distribution of benefits provisions of §§ 38.050 through 38.053 and the provisions of § 38.098, except as otherwise specifically provided bellow:
(1) A deferred monthly retirement benefit under the normal form to begin on his normal retirement date. The deferred retirement benefit will be equal to the sum of divisions (A)(1)(a) and (A)(1)(b) below:
(a) The participant's required contribution accrued benefit as of the date of determination (the date the participant's required contribution account is paid in a single sum, if earlier).
(b) The product of divisions (A)(1)(b)1. and (A)(1)(b)2. below:
1. The excess of the participant's accrued benefit on the day before he became an inactive participant over the amount determined under division (A)(1)(a) above.
2. The participant's vesting percentage on the date he has a severance from employment or his voluntary discontinuance date.
(2) A deferred monthly retirement benefit under the normal form to begin on his early retirement date. The deferred retirement benefit shall be equal to the amount under division (A)(1) above multiplied by the applicable early retirement factor in § 38.029.
(3) A deferred monthly retirement benefit under the normal form to begin on his late retirement date. The deferred retirement benefit shall be determined as follows:
(a) For a participant who became an inactive participant on or before his normal retirement date, an amount equal to the amount under division (A)(1) above multiplied by the late retirement factor in § 38.029 that corresponds to the number of years his late retirement date follows his normal retirement date.
(b) For a participant who became an inactive participant after his normal retirement date, an amount equal to the greater of division (A)(3)(b)1. or (A)(3)(b)2. below:
1. The participant's accrued benefit on the day before the date he became an inactive participant.
2. His accrued benefit on his normal retirement date multiplied by the late retirement factor in § 38.029 that corresponds to the number of years his late retirement date follows his normal retirement date.
(4) The inactive participant may receive his required contribution account in a single sum payment at any time after he has a severance from employment and before his retirement date, provided he has not again become an employee. If such amount is not payable under the provisions of § 38.098, it will be distributed only if the participant so elects. Such payment shall result in a portion of his accrued benefit under division (A)(1)(a) of this section being disregarded.
(5) The inactive participant may receive his required contribution account in a single lump sum payment at any time after he is transferred to a position with the city where he is eligible to join the city's Firefighters and Police Officers Pension System.
(B) The deferred retirement benefit for the participant on his retirement date shall not be less than the monthly benefit that is the actuarial equivalent of his required contribution account on such date.
(C) The amount of payment under any form (other than the normal form) shall be determined as provided under § 38.052.
(D) The participant may receive his required contribution account in a single sum payment at any time after he has a severance from employment and before his retirement date, provided he has not again become an employee. If such amount is not payable under the provisions of § 38.098, it will be distributed only if the participant so elects. The participant's election shall be subject to the requirements in § 38.053. Such payment shall be in lieu of his required contribution accrued benefit.
(E) If, after any single-sum distribution above which occurs before a participant's retirement date, the present value of the participant's remaining vested accrued benefit payable at normal retirement date is $5,000 or less, the participant may receive such present value in a single-sum payment, provided he has not again become an employee. Such amount will be distributed only if the participant so elects. The participant's election shall be subject to the requirements in § 38.053. Such payment shall be in lieu of all other benefits under the Plan.
(F) If the participant dies before his annuity starting date, death benefits shall be distributed according to the provisions of § 38.040. (Ord. 1806, passed 1-7-15)