[Adopted 1-4-2021 by Ord. No. 21-01[1]]
[1]
Editor's Note: This ordinance also repealed former Article III, Police Early Retirement Incentive Program (PERIP), adopted 1-10-2018 by Ord. No. 18-04.
The purpose of this article is to establish a one-time Early Retirement Incentive Program for active police officers.
A. 
Notwithstanding any other provision of this Article III, as of the effective date of this article, a police officer who has served on the Middletown Police Department as a police officer for a total service of 25 years and in addition has attained the age of 50 years shall be eligible to retire from his or her employment with the Township and receive the proposed benefits under this Police Early Retirement Incentive Program subject to the following terms and conditions:
(1) 
A participant who, as of the effective date of this article, has served on the Middletown Police Department as a police officer for a total service of 25 years and in addition has attained the age of 50 years shall be eligible to participate in the PERIP as outlined herein.
(2) 
A participant who is eligible for the PERIP shall file a written notification of his or her election to participate in the PERIP to the Township Manager and the Chief of Police no later than January 31, 2021. The PERIP participant shall be required to retire effective no later than March 31, 2021. For purposes of this article, "retirement" shall mean completely severing any employment with Middletown Township. Entering or remaining in the Deferred Retirement Option Plan does not qualify for retirement for PERIP purposes.
(3) 
Except as otherwise provided in this subsection, a participant who elects to participate in the PERIP shall, upon his or her retirement, be entitled to receive benefits in accordance with the regular provisions of the Police Pension Fund.
(4) 
In addition to the benefit set forth in Subsection A(3) above of this section, a participant who is eligible to and timely elects to participate in the PERIP shall also receive upon his or her retirement a lump sum payment of $100,000.
B. 
In the event of any conflict between the specific provisions of this section and any other provision of this chapter, the specific provisions of this section shall control and shall be construed so as to afford the PERIP participant with all of the specific benefits set forth in this section, and no more. All other terms and provisions of the Police Pension Fund as set forth in this chapter shall remain in full force and effect and be applicable to a participant in the PERIP to the extent they are not expressly or by implication modified by or contrary to the terms of this section.