(a) Normal Retirement. Each participant who retires from the employ of the employer on the first day of the calendar month coincident with or next following his or her normal retirement age ("normal retirement date") shall be entitled to receive the benefits provided for in Section 286.06(a).
(b) Late Retirement. A participant who remains in the employ of the employer after his or her normal retirement date shall continue to be a participant in the Plan until his or her actual retirement date ("late retirement date") and shall be entitled to receive the benefit provided for in Section 286.06(b).
(d) Vesting. A participant who terminates employment after at least ten years of service may be entitled to the vested retirement benefit set forth in Section 286.06
(c).
(e) Re-employment After Retirement. A participant who retires and who is receiving benefits hereunder and who returns to the employment of the employer after 1/1/2023, his or her compensation shall not be adjusted or reduced for the pension he or she is receiving.
(Ord 01-02. Passed 4-8-02; Ord. 10-23. Passed 11-15-23.)