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(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 287.06(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 287.06(b).
(d) Vesting. A participant who terminates employment after at least twelve years of service may be entitled to the vested retirement benefit set forth in Section 287.06(c).
(e) Re-emplovment after retirement. If a participant who is receiving benefits hereunder returns to the employ of the employer, his or her compensation shall be at the standard rate of pay for the classification of service performed less the amount the retired employee is receiving from the plan as a pension payment (prorated on a daily scale).
(Ord. 07-09. Passed 4-16-09.)