For all employees, the normal retirement date shall be the 62nd
birthday of said employee. Effective July 1, 1990, the normal retirement
date shall be the earlier of the 62nd birthday of said employee or
the date, on or after the employee's 58th birthday, on which the sum
of said employee's age and credited service equals 85. Effective July
1, 1995, the normal retirement date shall be the earlier of the 62nd
birthday of said employee or the date on which the sum of said employee's
age and credited service equals 85. Effective July 1, 2000, the normal
retirement date shall be the earlier of the 62nd birthday of said
employee or the date on which the sum of the employee's age and credited
service equals 80.
Any employee with five or more years of credited service whose employment with the Library is terminated when or after he reaches the age of 55 but prior to attainment of the normal retirement date shall be eligible, at his option, for either a deferred or immediate early retirement benefit as provided in Article
XXIX, §
51-86 or §
51-87, hereof.
An employee with five or more years of credited service whose employment with the Library is terminated for any reason after the effective date and prior to the attainment of age 55 and who elects to leave his own contributions in the plan shall be entitled to a deferred retirement benefit payable according to the provisions of Article
XXIX, §
51-86, hereof. An employee with less than five years of credited service whose employment with the Library is terminated (excluding terminations caused by the death of the employee) shall be entitled to the return of his own contributions to the plan together with compound interest at the rate of 5% per annum.