Normal and immediate retirement benefits shall be payable to
any employee who has applied therefor, commencing as of the first
day of the month after such employee becomes eligible for such benefits,
and shall be payable on the first day of each month thereafter during
the life of such employee.
Deferred retirement benefits shall be payable to an eligible
employee who has applied therefor, commencing as of the first day
of the month after the employee attains the normal retirement date,
and shall be payable on the first day of each month thereafter during
the life of such employee.
Normal and early retirement benefits shall be continued during
any period in which a retired employee returns to active service with
the Town. During any such period of reemployment, the employee shall
not be eligible for further participation in the plan.
