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 Library. During any such period of reemployment, the employee
shall not be eligible for further participation in the plan.
In the event that the employee shall have elected a reduced pension under the provisions of Article XXIX, § 51-87, guaranteed payments, if any, shall be continued to the contingent beneficiary named by the employee, if living. If the options in Subsection A or B of § 51-88 of Article XXIX have been elected and if the contingent beneficiary also dies before the expiration of the guaranteed payment, any remaining payments shall be commuted by the Board and paid in a lump sum to the employee's estate.
