The Council of the Borough of Downingtown hereby
restates the Police Pension Plan and Trust for the purpose of providing retirement and other benefits
as stated herein.
If a member leaves the employ of the Borough or ceases to be a member, whether by reason of his transfer, resignation or discharge or by reason of disability or retirement other than after becoming eligible for benefits pursuant to §
57-11 or
57-12 of this plan, he shall be entitled to a refund of all contributions made by him and then on deposit in the fund, plus interest thereon, computed at the rate described in §
57-10A. However, a member who has completed 12 or more years of service may elect either A or B as described below:
A. He may elect to leave his contributions, plus interest, in the fund so as to receive a vested pension benefit to start at his normal retirement date. He must file with the Secretary of the Borough of Downingtown, within 90 days of the date he ceases to be a full-time police officer, a written notice of his intention to vest. The amount of the vested pension benefit shall be (x) divided by (y) where (x) is the number of years of service at date of termination and (y) is the number of years of service which the member would have had if he worked until the normal retirement date, multiplied by the benefits described in §
57-11A. Years of service shall be measured in years and completed months.
B. He may elect to receive a refund of all contributions made by him and then on deposit in the trust fund, plus interest thereon, computed at the rate described in §
57-10A. If he elects to receive the refund of his contributions, plus interest, he would forfeit the pension benefit outlined in Subsection
A above.