§ 13-10. Termination benefits.

All rights to benefits under this plan shall cease upon a member's termination of employment, other than by reason of early, normal, or delayed retirement (at which time members are one hundred (100) per cent vested); however, all members shall acquire a vested right to accrued benefits attributable to city contributions pursuant to the following vesting schedule provided the employee maintains his own contributions in the plan.

ATTRIBUTABLE TO CITY CONTRIBUTIONS

Completed Years of Continuous Service With the City	Cumulative Vested Non-Forfeitable Interest in the Plan
Less than 5	0%
5	50
6	60
7	70
8	80
9	90
10	100

 

Provided, any member not eligible for an early, normal or delayed retirement benefit but who has a vested interest at time of termination shall receive, upon written request to the board, such benefit commencing at his regular normal retirement date; provided, however, that the board may also, in its sole discretion but on a non-discriminatory basis, approve any method or date of payment so long as actuarial equivalence is maintained.

Provided further, in lieu of receiving any benefits attributable to city contributions a member may elect to receive, upon written request to the board, immediately on termination of employment payment of his accumulated contributions in a lump sum. Any member who terminates employment and at such time is not vested shall receive payment of his accumulated contribution in a lump sum amount immediately on termination of employment.

(Ord. No. 94-153, § 1, 12-6-94; Ord. No. 2017-104, § 2, 5-17-17)