[Ord. No. 1014, 6/8/2020]
1. 
A member must satisfy at least one of the following requirements to become entitled to the retirement benefit described in § 612 below:
A. 
Have reached normal retirement date on or before the date on which he became a former participant; or
B. 
Have completed at least 12 years of service on or before the date on which he became a former participant and have filed a written notice of his intention to "vest" with the Administrator within 90 days of such date (see § 614 below). Note that the failure to file an election to vest will result in a payment of member contributions and associated earnings pursuant to § 645 of the plan.
[Ord. No. 1014, 6/8/2020]
1. 
A former participant who satisfies the conditions for entitlement described in the foregoing section shall be entitled to a monthly amount payable for his life, which amount (referred to hereinafter as the "retirement benefit" or "normal retirement benefit") is derived from the following formula:
(a x b) + c
where, with respect to said former participant,
a
=
50% of final average monthly compensation.
b
=
the accrued benefit percentage.
c
=
the extra service benefit.
2. 
Provided, however, that payment of benefits upon retirement shall be conditioned upon a former participant's being subject to service from time to time as a police reserve in cases of riot, tumult or preservation of the public peace until unfitted for such service, at which time such former participant shall be finally discharged by reason of age or disability upon written notice from Council.
[Ord. No. 1014, 6/8/2020]
The retirement benefit of a former participant shall become payable on the first day of the calendar month coincident with or next following the later of the date the former participant would reach his normal retirement date if he continued to be an eligible employee until such date; or, the date on which his employment terminated with the Borough and, thereafter, the first day of each month during the former participant's lifetime. Notwithstanding anything contained herein to the contrary, no retirement benefit payments nor any other payments shall be due or payable on or before 30 days after the date the Administrator receives the application for benefits.
[Ord. No. 1014, 6/8/2020]
A participant who has completed at least 12 years of service shall be entitled to elect to receive a deferred vested benefit in lieu of a withdrawal of member contributions and associated interest pursuant to § 645 hereof. Such a deferred vested benefit shall be in an amount equal to the accrued benefit as of the date employment terminates as a police officer of the Borough of Bridgeville and shall commence as of the first day of the month coincident with or next following the attainment of normal retirement date or the date it would have been attained if the participant continued in service until such date. The participant shall be entitled to such a vested benefit by filing with the Administrator within 90 days of the date he ceases to be employed as a full-time police officer for the Borough of Bridgeville, a written notice of his intention to vest.
[Ord. No. 1014, 6/8/2020]
Previous ad hoc adjustments have been granted.
[Ord. No. 1014, 6/8/2020]
A participant who has completed at least 20 years of service upon written application to the Administrator effective the later of the date filed or date indicated on the application, shall be entitled to an early retirement benefit in an amount equal to the actuarial equivalent of the accrued benefit as of the date the pension commences and shall be paid the first day of each month during the former participant's remaining lifetime. Notwithstanding anything contained herein to the contrary, no retirement benefit payments nor other payments shall be due or payable on or before 30 days after the date the Administrator receives the application for benefits. The actuarial equivalent shall be a reduction in benefits to reflect early commencement prior to normal retirement date and shall be calculated using the assumptions reported in the last actuarial valuation report filed in compliance with Act 205.