§ 39.235  DEFERRED RETIREMENT ALLOWANCE.
   (a)   If a general member with five or more years of credited service leaves the employ of the city before satisfying the service requirements for retirement for any reason except retirement or death, the member shall be entitled to a retirement allowance provided in § 39.230 according to the applicable section in force at the time the member left city employment. The retirement allowance shall begin the first day of the calendar month next following the date the application for retirement is filed with the board on or after attainment of age 60 years. If the accumulated contributions are withdrawn, the right to a deferred retirement allowance shall be forfeited. During the period of absence from the employ of the city before the retirement allowance begins, the accumulated contributions account shall be credited with regular interest.
   (b)   If a police officer member with 15 or more years of credited service leaves the employ of the city before satisfying the service requirements for retirement for any reason except retirement or death, the member shall be entitled to a retirement allowance provided in § 39.231 according to the applicable section in force at the time the member left city employment. The retirement allowance shall begin the first day of the calendar month next following the date the application for retirement is filed with the board on or after attainment of age 60 years. If the accumulated contributions are withdrawn, the right to a deferred retirement allowance shall be forfeited. During the period of absence from the employ of the city before the retirement allowance begins, the accumulated contributions account shall be credited with regular interest.
(1957 Rev. Ords., § 2.518; 1992 Code, § 35-30)  (Ord. 112-80, passed 11-24-1980; Ord. 124-81, passed 12-28-1981; Ord. 64-86, passed 6-30-1986; Ord. 110-89, passed 10-16-1989; Ord. 118-16, passed 12-20-2016)