(a) The accrued benefit for each member as of any applicable date shall be equal to the greater of:
(1) The benefit determined in accordance with Section 284.01(b) using average monthly compensation and credited service to the date of determination; or
(2) The member's accrued benefit as of January 1, 1984.
(b) Divisions (c) and (d) of this section and Section 284.15 apply to any member whose service is terminated for any reason other than death or early, normal or postponed retirement, using the date of such termination as the date of determination.
(c) The vested benefit, if any, for each member will be calculated by multiplying the accrued benefit by the following applicable percentage:
Years of Credited Service
at Date of Determination Vesting Percent
at Date of Determination Vesting Percent
(1) Less than five None
(2) Five or more 100
(d) Any terminated member not entitled to a vested benefit shall not be entitled to any share of the funds of the Trust which have been contributed by the Employer for his or her benefit and he or she shall have no claim to the assets of the Employees' Pension Plan, except for the return of his or her employee contributions and interest in accordance with Section 284.15(b).
(Ord. 826. Passed 10-9-84; Ord. 957. Passed 12-11-00.)