§ 12-51. Vesting and termination.

(a)

Except as otherwise provided in this section, all rights to benefits under this plan shall terminate when a member's employment terminates for any reason other than normal service retirement, early service retirement, or disability retirement. Any member who completes ten (10) years of credited service and whose contributions remain in the plan has a vested right to accrued benefits from the plan. No member who has completed less than ten (10) years of credited service shall have a vested interest in any accrued benefit. In conformity with section 401(a)(8) of the Internal Revenue Code, any forfeitures of benefits by members or former members of the plan will not be used to pay benefit increases. However, such forfeitures shall be used to reduce employer contributions.

(b)

A member who shall leave the service of the city prior to the completion of ten (10) years of service shall be entitled to receive a refund of accumulated contributions, with interest which will be credited annually to the member's contributions at a rate of three (3) per cent. The member may voluntarily leave his or her contributions in the fund for a period of five (5) years after leaving the employ of the City of Coral Springs Fire Department, pending the possibility of being rehired by the same department, without losing credit for the time he or she has participated actively as a firefighter. If the member is not reemployed as a firefighter with the city within five (5) years, on and after March 28, 2005 his or her contributions, if one thousand dollars ($1,000.00) or less, shall be returned without interest. If a member who is not vested is not reemployed within five (5) years, on and after March 28, 2005 his accumulated contributions, if more than one thousand dollars ($1,000.00), will be returned only upon the written request of the member and upon completion of a written election to receive a cash lump sum or to rollover the lump sum amount on forms designated by the board. The return of such contributions shall operate as a complete release and discharge of the City of Coral Springs and the retirement plan from providing the member with any benefits from the plan.

(c)

A member, who has met the minimum vesting requirements as defined in section 12-42 of the plan and who shall leave the service of the city prior to eligibility for normal service retirement or early service retirement, shall be entitled to receive retirement benefits commencing at the regular normal service retirement date. Such benefits will be based on final monthly compensation and credited service as of the date of termination. At the member's option, benefits may also be paid at the member's early retirement date; provided, however, that the benefit shall be subject to the early retirement reduction.

(d)

Every member shall have the right to elect to receive, in lieu of all benefits under the plan, a return of the member's accumulated contributions, with interest, which shall be credited annually to the member's contributions at a rate of three (3) per cent.

(e)

A member who elects a lump sum return of contributions releases and discharges the City of Coral Springs and the retirement plan from the right to any other benefits from the plan.

(Ord. No. 2003-101, § 2(Art. XI), 3-4-03; Ord. No. 2004-126, § 2, 1-4-05; Ord. No. 2008-122, § 7, 12-16-08; Ord. No. 2011-111, § 6, 6-21-11)