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
XXI.
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.
Should a member of the Police Pension Fund,
before completing the minimum age and minimum period of continuous
service requirements set forth above, but after having completed 12
years of service, for any reason cease to be employed as a full-time
police officer, the member shall be entitled to vest his/her retirement
benefits subject to the following conditions:
A. The member must file with the Police Pension Board
of Managers a written notice of intent to vest;
B. The member must include in the notice the date the
member intends to terminate service as a full-time police officer;
C. The termination date shall be at least 30 days later
than the date of notice to vest;
D. The member must be in good standing with the Police
Department on the date of notice to vest; and
E. The Board shall indicate on the notice to vest the
rate of monthly pay of the member as of the date of the notice to
vest or the highest average annual salary which the member received
during any five years of service preceding the date of the notice,
whichever is the higher. Upon reaching the date which would have been
the member's retirement date had the member continued full-time employment
with the Police Department, the member shall notify the Board in writing
that the member desires to collect his/her pension. The amount of
retirement benefits the member is entitled to receive under this section
shall be computed as follows:
(1) The initial determination of the member's base retirement
benefits shall be computed on the salary indicated on the notice to
vest; and
(2) The portion of the base retirement benefits due the
member shall be determined by applying to the base amount the percentage
that his/her years of service actually rendered bears to the years
of service which would have been rendered had the member continued
to be employed by the Department until his/her retirement date.