Borough of Dormont, PA Termination of Employment

§ 46-29 Rights of terminated employees.

A participant who shall cease to be an employee, except as otherwise hereinbefore provided, shall be limited to those rights under the plan contained in the following sections of this article.

§ 46-30 Distribution of accumulated contributions.

A participant whose employment with the employer ceased for any reason other than death or total and permanent disability prior to attainment of an early or normal retirement age shall only 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.

§ 46-31 Deferred vested benefit.

A participant who has completed at least 10 years of credited 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 § 46-30. The election hereunder shall be made within 90 days of the date on which the participant's employment shall cease or shall be forever waived and a distribution pursuant to § 46-30 shall occur. Such a deferred vested benefit shall be in an amount equal to the participant's accrued benefit as of the date employment terminates and shall commence as of the first day of the month coincident with or next following the date on which the participant's normal retirement age would be attained if the participant continued in employment until such date.

§ 46-32 Forfeiture.

A participant who terminates employment with the employer at a time when not vested in any portion of the accrued benefit derived from employer contributions shall cease to be a participant hereunder and shall not be entitled to any benefits under the plan derived from employer contributions.

A terminated participant who shall have made employee contributions to the plan shall have the accumulated contributions distributed to the beneficiary of the participant, if the participant dies prior to receipt of the accumulated contributions.