(A) If a member terminates his employment, either voluntarily or by lawful discharge, and is not at that time eligible for either a normal, early, or disability retirement benefit under this system, he shall be entitled to a percentage of his accrued benefit according to the following schedule.
VESTING SCHEDULE | |
Completed Years of Continuous Service | Cumulative Vested Interest |
Less than 7 years
|
None
|
7 years
|
100%
|
(B) Any member not eligible for a normal, early, or disability retirement benefit but who has a vested interest at time of termination of employment shall receive such benefit on a monthly, life annuity basis, or under any other optional form of benefit available to retirees, commencing at his regular normal retirement date, and provided further that such member shall leave his total accumulated contributions in the fund. In any event, and in lieu of any and all rights to benefits hereunder a member may elect to withdraw his accumulated contributions.
(C) Any member of this system who, for whatever reason, has his employment for purposes of this system with the city terminated but who remains or was previously employed by the city in the capacity as a police officer, police dispatcher, or firefighter so that his total continuous period of employment with the city is ten years or more, shall have all benefits accrued under this system preserved, provided he does not elect to withdraw his member contributions. The accrued benefits shall be paid at his otherwise retirement date in accordance with the provisions of this system.
(D) For the purposes of determining normal retirement age under this vesting provision, continuous service shall include all employment with the city as well as the period of time subsequent to termination as a member of this system; however, benefits shall not be payable under this system during any period of continued employment by the city.
(E) Any amounts attributable to city contributions which are forfeited by reason of nonvested terminations of employment shall remain in the fund and shall serve only to reduce current and future required contributions to the system.
(F) In addition to any other vesting provisions under the plan, a member shall be 100% vested in his or her normal retirement benefit upon attaining normal retirement age, which is age 55 with 20 years of continuous service or age 62 with three years of continuous service while employed with the city.
(‘58 Code, § 11.12) (Ord. 73-3, passed 11-8-72; Am. Ord. 75-81, passed 9-16-75; Am. Ord. 85-50, passed 4-23-85; Am. Ord. 89-19, passed 12-6-88; Am. Ord. 2012-61, passed 7-24-12; Am. Ord. 2015-44, passed 4-14-15)