A. 
If a Participant terminates employment with the Township on or after reaching his Normal Retirement Date, or Early Retirement Date if applicable, he shall be entitled to a distribution of his Participant's Account.
B. 
Payments made under the provisions of this Plan shall not be charged against any other fund of the Township, or under its control.
C. 
Form of payment. Unless a Participant elects to receive payment in a different form, his benefit shall be paid in the form of a single life annuity for the Participant (provided that an annuity is commercially available). A Participant may elect to receive a lump sum or, with the Plan Administrator's consent, a different form of payment, provided that a Participant may not elect to receive any form of annuity that is not commercially available or that does not comply with the requirements of Code Section 401(a)(9). Because this Plan is a defined contribution plan, if payment is to be made in the form of an annuity, the Plan Administrator or Trustee shall purchase the annuity from a third-party provider.
D. 
A Participant may continue in the employ of the Municipality after having reached his Normal Retirement Date only upon request made to, and permission given by, the Board of Supervisors. Such extended service shall be allowed on an annual basis only, and shall be permitted only upon successful completion of an annual physical examination by a physician chosen by the Municipality. The Municipality shall continue to make contributions to the Plan until the time of actual retirement.
If an Employee suffers a Total and Permanent Disability, he shall be entitled to receive a distribution of his Vested Interest. A Participant shall be deemed Totally and Permanently Disabled for the purpose of this section only after he has been unable to perform any work for the Municipality and only if determined to be Totally and Permanently Disabled by a licensed physician chosen by the Supervisors.
A. 
If a Participant dies before his Vested Interest has been distributed, his Beneficiaries shall be entitled to receive his Vested Interest, to be paid in the form of a Life Annuity, a lump sum, or any other equivalent annuity form mutually agreed upon by the Supervisors and the Participant's Beneficiary. Any annuity must be commercially available and comply with Code Section 401(a)(9).
B. 
Each Participant may designate a Beneficiary or Beneficiaries for any death benefits at the time he enters the Plan and may change the Beneficiary any time thereafter. In the absence of the Designation of Beneficiary, any death benefits payable shall be paid to the Participant's estate.
If a Participant's employment is terminated for any reason other than those set out above in § 58-22, 58-23, or 58-24, payment of his Vested Interest will be made after he reaches his Normal Retirement Date or Early Retirement Date, if applicable. However, a Participant who has not been employed by the Township for a period of at least 12 full calendar months and has incurred a Break in Service may elect to take a distribution. His Vested Interest will be paid in any form permitted under § 58-22 for the payment of retirement benefits.
A. 
A Participant shall have a Vested Interest in the contributions, made on his behalf by the Municipality, together with all earnings/losses thereon, based upon his Years of Service, according to the following schedule:
Years of Service
Percent of Vested Interest in Account
2
0%
3
0%
4
0%
5
50%
6
60%
7
70%
8
80%
9
90%
10
100%
B. 
Participants shall be fully vested at Normal Retirement Date. The account of a Participant who dies or suffers a Total and Permanent Disability while an Employee shall become 100% vested (if not already vested).
C. 
If a Participant terminates employment with the Township, suffers a Break in Service, and then again becomes an Employee after suffering a Break in Service, his Years of Service prior to his Break in Service shall not count toward the calculation of his Vested Interest in contributions made after his Break in Service.
In the event a distribution is to be made to a minor, the Administrator may, in the Administrator's sole discretion, direct that such distribution be paid to the legal guardian, or, if none, to a parent of such Beneficiary or a responsible adult with whom the Beneficiary maintains his residence, or to the custodian for such Beneficiary under the Uniform Gifts to Minors Act, if such is permitted by the laws of the state in which said Beneficiary resides. Such payment to the legal guardian or parent of a minor Beneficiary shall fully discharge the Trustee, Township, and Plan from further liability on account thereof.
In the event that all, or any portion, of the distribution payable to a Participant or his Beneficiary hereunder shall, at the expiration of five years after it shall become payable, remain unpaid solely by reason of the inability of the Administrator, after sending a registered letter, return receipt requested, to the last known address, and after further diligent effort, to ascertain the whereabouts of such Participant or his Beneficiary, the amount so distributable shall be forfeited and shall be used to reduce the cost of the Plan. In the event a Participant or beneficiary is located subsequent to his benefit being forfeited, such benefit shall be restored.