A participant who shall cease to be an employee except as otherwise hereinbefore provided shall have all interest and rights under this plan limited to those contained in the following sections of this Article VIII.
A participant whose employment with the employer
shall terminate for any reason other than death or total and permanent
disability prior to attainment of normal retirement age shall be entitled
to receive a distribution of accumulated contributions. Upon receipt
of such accumulated contributions, said participant and beneficiary
shall not be entitled to any further payments from the plan.
A.
A participant who shall have completed at least 12 years of credited service but less than 20 years of credited service and who shall be dismissed or otherwise deprived of active employment other than due to death or total and permanent disability prior to attainment of normal retirement age shall be entitled to elect to receive a deferred retirement benefit in lieu of a distribution of accumulated contributions under § 57-34. Such deferred retirement benefit shall be equal to the accrued benefit and shall commence after application under § 57-15 and not earlier than the date on which the participant attains age 60. A participant who shall have completed at least 12 years of credited service but less than 20 years of credited service and who shall voluntarily terminate employment other than due to death or total and permanent disability after having attained age 60 shall be entitled to elect to receive a retirement benefit in lieu of a distribution of accumulated contributions under § 57-34. Such retirement benefit shall be equal to the accrued benefit and shall commence after application under § 57-15.
[Amended 8-27-2015 by Ord. No. 1715]
B.
A participant who has completed 20 years of credited service and who shall voluntarily retire, be dismissed or otherwise deprived of active employment other that due to death or total and permanent disability prior to attainment of normal retirement age shall be entitled to elect to receive a deferred retirement benefit equal to the participant's normal retirement benefit as of the date of termination in lieu of a distribution of accumulated contributions under § 57-34. Such deferred retirement benefit shall commence after application under § 57-18 and not earlier that the date on which the participant attains age 60 or, in the case of an involuntary retirement, on the date on which the participant attains age 55, provided the participant contributes into the fund at the same rate as of the date of termination until age 55.
[Amended 7-28-2005 by Ord. No. 1574]
