An eligible employee of the Borough shall become
a member of the plan on the date on which he commences employment
with the Borough. An "eligible employee" shall mean a person duly
appointed by the Borough as an employee of the Borough and who is
scheduled to work at least 35 hours per week in a capacity other than
that of a police officer or fire fighter.
A.
Members are required to contribute up to 5% of compensation to the plan, except that such contribution requirement may be reduced or eliminated by Borough resolution for any year to the extent that such member contributions are not required to meet the plan's funding requirements (see § 31-30.2). Each member's contributions to the plan shall be accounted for separately and credited with interest at the rate of 6% per annum, compounded annually.
B.
A member's accumulated contributions with interest
shall be refunded to the member or the member's beneficiary, whichever
is applicable, as soon as possible following the member's termination
of employment with the Borough, provided that upon such termination
of employment no other plan benefits are payable to the member or
the member's beneficiary, whichever is applicable.
