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.
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 participant who has completed at least 12 years of aggregate service and 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 elect to receive a deferred vested benefit in lieu of a distribution of accumulated contributions under § 23-21.16 by filing with Borough Council, within 90 days from the date the participant ceases to be a full-time police officer, a written notice of his intention to vest. Upon reaching the date which would have been his superannuation retirement date if he/she had continued to be employed as a full-time police officer, he/she shall be paid the accrued benefit as of the date of termination.
