§ 7-193. Vesting.

(a)

Vesting schedule. A participant shall have a vested nonforfeitable interest in the percentage of his accrued benefit determined below, based upon the number of the participant's years of credited service at the time the participant terminates service provided participant was a volunteer in active status on or after October 11, 2000:

Years of Service	Vested Percentage
1	0
2	0
3	30%
4	60%
5 or more	100%

 

For participants who were not a volunteer in active status on or after October 11, 2000, the following vesting schedule applies:

Years of Service	Vested Percentage
Less than 6	0
6	20%
7	40%
8	60%
9	80%
10 or more	100%

 

For the purposes of calculating a participant's vesting schedule, years of credited service shall not be deemed interrupted by termination of volunteer status with the city, if a volunteer firefighter resumes volunteer service with the city within one (1) year of said termination. Participants who terminate volunteer status with the city and resume same within one (1) year of termination shall be entitled to preserve all retirement rights, accrued benefits, and privileges under the plan.

(b)

Forfeitures. The non-vested portion of a participant's accrued benefit shall be forfeited on the date the participant receives a distribution of the value of his vested accrued benefit. Any such forfeiture shall reduce future contributions by the city.

(c)

Death in line of duty. A participant will automatically become one hundred (100) per cent vested if killed in the line of duty.

(Ord. No. 94-131, § 1, 6-7-94; Ord. No. 96-151, § 1, 12-3-96; Ord. No. 2000-129, § 3, 12-19-00)