[Adopted 10-13-1987 by Ord. No. O-87-157 (Secs. 2-631 to 2.652 of the 1987 Code)]
Unless a different meaning is required by the context, the following words and phrases shall have the following meaning within this article:
ACCUMULATED CONTRIBUTIONS
The sum of the amounts deducted from the compensation of an employee.
BENEFICIARY
Any person receiving a service retirement benefit or other benefit.
[Amended 6-8-2010 by Ord. No. O-10-16]
CREDITABLE SERVICE
Prior service plus employee's service.
EMPLOYEE
Any regular full-time employee of the Board of Public Works, whether for salary or for wages. In all cases of doubt, the Board of Trustees shall determine whether any person is an employee as defined herein.
[Amended 5-14-2019 by Ord. No. O-19-043]
EMPLOYER
The Board of Public Works of the City of Nashua.
FISCAL YEAR
The 12 months from July 1 to June 30, both dates inclusive.
FULL-TIME
Forty-hour workweek.
[Added 5-14-2019 by Ord. No. O-19-043]
MEMBER
Any employee included in the membership of the retirement system.
NORMAL RETIREMENT DATE
The first day of the month coinciding with or next following a member reaching the earlier of age 60 and 10 years of creditable service or the completion of 25 years of continuous service, or 30 years of continuous service if hired on or after July 1, 2010, for the Board of Public Works.
[Amended 6-8-2010 by Ord. No. O-10-16]
PRIOR SERVICE
Service rendered prior to the date of establishment of the retirement system.
REGULAR INTEREST
The interest at the rate determined from time to time by the Board of Trustees. Interest paid shall be calculated as simple interest paid on the current accumulated contribution amount at the time of termination of employment, death or retirement. Interest shall be credited on such amounts only on and after July 1, 1987.
[Amended 2-27-2007 by Ord. No. O-07-80]
RETIREMENT
Withdrawal from active service with a service retirement benefit granted under the provisions hereof.[1]
[Amended 6-8-2010 by Ord. No. O-10-16]
RETIREMENT SYSTEM
The employees' retirement system of the Board of Public Works of the City of Nashua.
SERVICE
Service as an employee which is paid for by an employer.
[1]
Editor’s Note: The former definition of "retirement allowance," which immediately followed this definition, was repealed 6-8-2010 by Ord. No. O-10-16.
The retirement system shall have the powers, privileges and immunities of a corporation, and shall be known as the Board of Public Works retirement system; and by such name; all of its business shall be transacted, all of its funds invested, and all of its cash, securities and other property held in trust for the purpose for which received.
A. 
The administration of this system is vested in a board of seven Trustees, one representing the Commissioners of the Board of Public Works, one representing the AFSCME employees of the Division of Public Works, one representing the UAW employees of the Division of Public Works, one representing the unaffiliated employees of the Division of Public Works, one representing the Board of Aldermen, one to be selected from the financial and investment community of the City, and the City Treasurer or his designee. The Trustee representing the Commissioners of the Board of Public Works shall be selected by the Board at a meeting duly called for such purpose. The employee representatives shall be members of the retirement system chosen by elections among the respective affiliations (AFSCME, UAW, Unaffiliated) of Board of Public Works employees. The Trustee representing the Board of Aldermen shall be nominated by the President and confirmed by the Board. The Trustee selected from the financial and investment community of the City shall be nominated by the Mayor and confirmed by the Board of Aldermen.
[Amended 5-14-2019 by Ord. No. O-19-043]
B. 
Except as otherwise provided, the Trustees shall be appointed for a term of three years and shall serve until their successors are appointed and qualified. For the first appointments of the original or any additional Trustees, the Trustees representing the employees shall be appointed for the term of one year, the Trustee representing the Board of Aldermen shall be appointed for two years, the Trustee representing the Board of Public Works shall be appointed for a term of three years, and the Trustee selected from the financial and investment community shall be appointed for a term of one year. Their successors shall be appointed for a term of three years.
C. 
The Trustees shall serve in an honorary capacity and shall receive no compensation for their services except reimbursement for expenses incurred in connection with their duties.
D. 
The City Treasurer is authorized to act on behalf of the Board of Trustees to execute its approved actions.
[Added 5-14-2019 by Ord. No. O-19-043]
[Amended 5-14-2019 by Ord. No. O-19-043]
Each Trustee shall be entitled to one vote on the Board of Trustees. Four Trustees shall constitute a quorum in the transaction of any business. Four votes shall be necessary for any resolution or action by the Board of Trustees at any meeting.
A. 
The Board of Trustees shall keep a record of all its proceedings and annually make a report to the Board of Aldermen showing:
(1) 
The fiscal transactions of the retirement system for the preceding fiscal year;
(2) 
The amount of accumulated cash and securities of the system;
(3) 
The last balance sheet showing the balance of the financial condition of the system.
B. 
The Treasurer's statement of condition at the close of each fiscal year shall be displayed on all bulletin boards with the Public Works Division.
[Amended 5-14-2019 by Ord. No. O-19-043]
The administrative work in connection with this article shall be executed by some person or persons designated by the Director of Public Works.
[Amended 6-8-2010 by Ord. No. O-10-16; 5-14-2019 by Ord. No. O-19-043]
All service retirement benefits shall be payable in equal monthly installments which shall cease with the last monthly payment prior to death.
[Amended 12-26-1990 by Ord. No. O-90-31]
A. 
The rates of contribution to the retirement system by employee members of the system are as follows:
(1) 
The rate of contribution for all employees will be 9.15% of regular salary or wages.
(2) 
In any pay period for which an employee is paid for less than 40 hours, the deduction for that pay period will be based on the normal weekly salary or wages for 40 hours and each employee will be deemed to consent to the deductions as a condition of membership.
(3) 
In any pay period for which an employee has no earnings, the employee may make his or her contribution by utilizing sick time, personal time, vacation time, or earned time, whichever is appropriate, from which his or her deduction shall be taken.
[Added 5-14-2019 by Ord. No. O-19-043]
B. 
The Board of Trustees shall certify to the employer, and the employer shall cause to be deducted from the base wage or salary of each employee on each and every payroll, the amounts set by them under Subsection A above. The employer shall certify to the Board of Trustees on each and every payroll, or in such manner as the Board may prescribe, the amounts deducted. Such amount, when deducted, shall be paid to the retirement system. The City Treasurer shall draw from the City pension fund an amount equal to the amount deducted from the base wage or salary of the employee on each and every payroll. Such amount, when deducted shall be paid to the retirement system. The contribution from the City of Nashua shall correspond with the payroll deductions of the employees who are members of the retirement system.
C. 
With respect to all employees of the employer, such employer may pick up the employee contributions required by this section for all compensation earned after July 1, 1987, and the contributions so picked up shall be treated as employer contributions in determining federal tax treatment under the United States Internal Revenue Code; however, each employer shall continue to withhold federal income tax based upon these contributions until the Internal Revenue Service, or the federal courts, rule that, pursuant to Section 414(h) of the United States Internal Revenue Code (1986), as amended, these contributions shall not be included as gross income of the employee until such time as they are distributed or made available. The employer shall pay these employee contributions from the same source of funds which is used in paying earnings to the employee. The employer may pick up these contributions by a reduction in the cash salary of the employee. Employee contributions picked up shall be treated for all purposes of the retirement system in the same manner and to the same extent as employee contributions made prior to the date picked up.
D. 
The City Treasurer shall be custodian of all funds of the retirement system.
E. 
Accrued vacation time and earned time are considered part of an employee's annual salary and are paid through payroll at retirement. When an employee terminates employment, his or her accrued vacation time or earned time payment shall have specific deductions withdrawn in accordance with this section of the article. Examples of this type of deduction include, but are not limited to, federal withholding, Medicare, and pension.
[Added 5-14-2019 by Ord. No. O-19-043[1]]
[1]
Editor's Note: This ordinance also redesignated former Subsection E as Subsection F.
F. 
The deductions provided herein shall be made notwithstanding the amount of wage or salary earned by the employee during any one week and every member shall be deemed to consent to the deduction herein provided as a condition of their membership.
[Amended 6-8-2010 by Ord. No. O-10-16]
A. 
Any person who becomes a full-time employee of the Board of Public Works must become a member of the retirement system.
[Amended 5-14-2019 by Ord. No. O-19-043]
B. 
The Board shall obtain, from the Division of Public Works, such information relative to name, title, compensation, date of birth and length of service of each of its employees as the Board may deem necessary.
[Amended 5-14-2019 by Ord. No. O-19-043]
C. 
A member shall cease to be a member if:
(1) 
Absent from service for more than one year, unless such absence was or is due to an injury arising out of and in the course of employment, or is due to deployment with the Armed Forces of the United States, or is otherwise due to the member's disability;
[Amended 5-14-2019 by Ord. No. O-19-043]
(2) 
They withdraw their accumulated contributions;
[Amended 6-8-2010 by Ord. No. O-10-16]
(3) 
They become a beneficiary.
[Amended 6-8-2010 by Ord. No. O-10-16]
D. 
No benefit under the retirement system, other than a death benefit as provided in § 45-25 or a return of contributions as provided in § 45-27 of this article, shall become payable to or on account of any member unless said member was in service as an employee at the time of becoming eligible for benefits hereunder.
[Amended 6-8-2010 by Ord. No. O-10-16]
With respect to service rendered prior to August 1, 1947, the date of establishment of the retirement system, each employee in service on the date of establishment who becomes a member within one year thereafter shall file with the Board of Trustees, on a form approved by the Board, a detailed statement of all service rendered by them prior to the date of establishment for which they claim credit. The Board shall fix and determine, by appropriate rules and regulations, how much service in any year is equivalent to one year of service. However, no more than one year of service shall be creditable for all service of one calendar year. Service rendered for the full, normal, working year shall be equivalent to one year's service, subject to the foregoing restrictions, and to such other rules and regulations as the Board may adopt. The Board shall verify as soon as practicable after the filing of such statements the service therein claimed. Upon verification of the statements of service, the Board shall certify to each member the length of service with which they are credited on the basis of their statement of service. Such finding shall be final and conclusive for retirement purposes as to such service; provided, that any member may within one year from the date of such certification request the Board to modify or correct said finding. When membership ceases, any prior service credit shall become void. Should the employee again become a member, they shall enter the retirement system as a new member not entitled to prior service credit.
[Amended 10-13-1987 by Ord. No. 0-87-157; 6-8-2010 by Ord. No. O-10-16; 5-14-2019 by Ord. No. O-19-043]
Any member who terminated their employment in order to enter directly into the Armed Forces of the United States or is caused to be deployed at the request of the Armed Forces of the United States shall be entitled to prior service credit for their service rendered prior to the termination or separation of their employment, together with the time spent in the Armed Forces of the United States, provided they again become an employee within one year after the termination of such armed service without intervening employment elsewhere. Neither the City nor member shall make contributions to the retirement system for the time spent in the armed forces.
[Amended 12-26-1990 by Ord. No. O-90-31; 5-13-1997 by Ord. No. O-97-136; 6-8-2010 by Ord. No. O-10-16; 5-14-2019 by Ord. No. O-19-043]
A. 
Any member in the employ of the Board of Public Works may apply for retirement benefits by filing with his or her department manager and the City's Human Resources Department a dated written statement setting forth at what date the member desires to be retired, provided that there is at least 45 calendar days of notice from the date of filing. Retirement forms will be available in each department. An oral statement of intent to retire shall not constitute notice of intent to retire. Once received by the City, the application shall be submitted to the Board of Trustees for approval.
B. 
Additionally, each applicant shall apply for retirement with the retirement system's pension administration firm either online or over the telephone, provided that there are at least 45 calendar days prior to the member's desired retirement date.
C. 
No person shall be retired on service retirement benefit unless at the time specified for their retirement they shall either have attained 60 years of age with a minimum of 10 years' creditable service or have had 25 years of continuous service, or 30 years of continuous service if hired on or after July 1, 2010, for the Board of Public Works upon such date.
D. 
When a request is made from a member for a service retirement benefit as described herein, no accrued time available to the member will be used to attain or calculate the required minimum amount of service time needed for a retirement benefit unless the time is two weeks (80 hours) or less. The Board of Trustees reserves the right to allow for exception to this policy only for extreme and unusual circumstances as decided by the Board of Trustees.
E. 
The payment of retirement benefits to any member who is eligible to receive retirement benefits under this article, and who has filed all election forms with the retirement system, shall become effective the first day of the month following his or her retirement date pending approval by the Board of Trustees. No changes to benefit elections are permitted after the commencement of the payment benefits.
F. 
Upon service retirement, the member shall receive a service retirement benefit which shall consist of:
(1) 
A sum no greater than 65% of the regular salary or wages earned by the member during the last full year of service.
(2) 
If the employee has less than 25 years of creditable service, or 30 years of credible service if hired on or after July 1, 2010, but has reached the age of 60 with a minimum of 10 years of creditable service, the employee shall receive a benefit equal to such portion of 65% of the regular salary or wages earned during the last full year of service as the number of years of creditable service bears to 25 years, or 30 years if hired on or after July 1, 2010.
G. 
A member disabled by sickness or injury for an extended period, and who has not made weekly contributions to the system during that period, may voluntarily make up the contributions not paid, and creditable service not earned, during such absence by additional payroll deductions, plus regular interest, as the Trustees may determine and allow.
H. 
Any member in the employ of the Board of Public Works who has attained the age of 50 with a minimum of 10 years of creditable service, and was hired prior to July 1, 2010, may apply in writing to the Board of Trustees for retirement on an early service retirement benefit setting forth the date the applicant wishes to be retired. Upon such early retirement the member shall receive an early service retirement benefit equal to 65% of the regular salary or wages earned by the member during the last full year of creditable service as the number of creditable years of service bears to 25 years, reduced by 0.555% for each full month between the member's normal retirement date and the member's early retirement date.
I. 
In addition to all other benefits, retired members shall receive a $3,000 death benefit payable to the retiree's beneficiary upon death after retirement.
[Amended 12-26-1990 by Ord. No. O-90-31; 5-13-1997 by Ord. No. O-97-136]
A. 
Disability retirement.
[Amended 6-8-2010 by Ord. No. O-10-16; 5-14-2019 by Ord. No. O-19-043]
(1) 
Ordinary disability retirement. Any member in service who has 10 or more years of creditable service may apply for ordinary disability retirement to the Board of Trustees within six months from the date of disability. The Board will act on the application no more than 90 days after the application is filed. The Board may retire such member after a medical examination shall establish, and the Board shall find, that they are mentally or physically incapacitated for the further performance of duty, that such incapacity is likely to be permanent and that they should be retired.
(2) 
Accidental disability retirement. Any member in service may apply for accidental disability retirement to the Board of Trustees within six months from the date of disability. A member in service who has been totally and permanently incapacitated for duty as the natural and proximate result of an accident occurring while in the actual performance of their duties, at some definite time and place, without willful negligence or actions on their part, may be retired by the Board of Trustees on an accidental disability service retirement benefit after a medical examination shall establish, and the Board shall find, that they are mentally or physically incapacitated for the further performance of duty and that such incapacity is likely to be permanent.
B. 
Limitations. Any amounts which may be paid or payable to or on account of any member or retired member on account of any disability to which the City of Nashua has made contributions under the provisions of any workers' compensation or similar law or plan shall, in such manner as the Board of Trustees shall determine, be offset against and payable in lieu of any disability service retirement benefit on account of the same disability. The combined benefit from workers' compensation and the member's accidental benefit allowance will not be less than the benefit payment the member is eligible to receive as provided for herein. Members are required to notify the public works' administrative office whenever benefits from workers' compensation begin or are modified. Such notice, to be made in writing, must be made within 14 days after the member becomes aware of the receipt of benefits or any change in benefits. If a member fails to notify the public works' administrative office of the start of workers' compensation benefits or any chance thereof, the Board shall have the authority to recover from any member or retired member who is a disability recipient over-payments made to the member under this section.
[Amended 6-8-2010 by Ord. No. O-10-16]
(1) 
If the member receiving disability retirement benefits becomes 60 years of age while receiving said retirement benefits, they shall receive, in place of the disability retirement benefit, the amount they would have received upon a service retirement. The period of time the member received disability retirement benefits shall not be included in the calculation of the regular service retirement benefit.
(2) 
If the Board of Trustees finds that any disability beneficiary is engaged in or is able to engage in a gainful occupation no further benefits shall be paid to them under this section.
C. 
Amount of benefit.
[Amended 6-8-2010 by Ord. No. O-10-16]
(1) 
Ordinary disability retirement.
(a) 
If the member is age 60 years old or older, with a minimum of 10 years of service, they shall receive a service retirement benefit.
[Amended 5-14-2019 by Ord. No. O-19-043]
(b) 
If the employee has at least 10 years of creditable service and is at least 50 years of age, but has not attained the age of 60, then the employee shall receive a benefit equal to such portion of 60% of the employee's regular salary or wages earned during the last full year of creditable service, as the years of creditable service bears to 25 years, or 30 years if hired on or after July 1, 2010.
(c) 
If the employee has at least 10 years of creditable service, but has not attained the age of 50, then the employee shall receive a benefit equal to such portion of 50% of the employee's regular salary or wages earned during the last full year of creditable service, as the years of creditable service bears to 25 years, or 30 years if hired on or after July 1, 2010.
(2) 
Accidental disability retirement.
[Amended 5-14-2019 by Ord. No. O-19-043]
(a) 
If the member is age 60 years old or older, they shall receive a service retirement benefit.
(b) 
If the employee is at least 50 years of age, but has not attained the age of 60, then the employee shall receive a benefit equal to such portion of 60% of the employee's regular salary or wages earned during the last full year of creditable service, as the years of creditable service bears to 25 years, or 30 years if hired on or after July 1, 2010.
(c) 
If the employee has not attained the age of 50, then the employee shall receive a benefit equal to such portion of 50% of the employee's regular salary or wages earned during the last full year of creditable service, as the years of creditable service bears to 25 years, or 30 years if hired on or after July 1, 2010.
D. 
Cessation of benefits.
(1) 
At least once each year following the retirement of a member on ordinary or accidental disability service retirement benefit, the Board of Trustees may, and upon the member's application shall, require a member who has not attained the age of 60 years to undergo a medical examination, by a physician or physicians designated by the Board. Should the member refuse such examination, then their disability retirement benefits may be discontinued by the Board until their withdrawal of such refusal. If their refusal continues for more than one year, then all their rights in and to their retirement may be revoked by the Board. Benefits may be restored at the discretion of the Board upon completion of a qualifying medical examination. However, disability retirement benefits shall not be paid to the member for the period of time the member refused said medical examination, unless for good cause shown as determined solely by the Board. A member's failure to undergo a medical examination within one month of the Board's request to do so shall be deemed as refusal by the member.
[Amended 6-8-2010 by Ord. No. O-10-16]
(2) 
If a medical examination shows that the member is able to work again, no further benefits shall be paid under the provisions of this section. Should the disability reoccur, the member may reapply for disability retirement in accordance with this section.
(3) 
At no time shall a beneficiary under this section be employed in any City department for compensation.
[Amended 6-8-2010 by Ord. No. O-10-16]
If a disabled beneficiary is restored to service, their service retirement benefit shall cease. Such beneficiary shall again become a member of the retirement system, and shall contribute thereafter at the then-existing rate. Anything in this article to the contrary notwithstanding, any credit for membership service and any prior service on the basis of which their creditable service was computed at the time of their former retirement shall be restored to full force and effect. Upon subsequent retirement, they shall receive a service retirement allowance benefit based on their service as a member since their last restoration to membership, plus a service retirement benefit equal to the service retirement benefit on which they were retired at the time of their last retirement.
[Amended 12-26-1990 by Ord. No. O-90-31; 5-13-1997 by Ord. No. O-97-136]
A. 
Should the Board of Trustees determine that the death of a member occurred as the natural and proximate result of an accident occurring at a definite time and place while the member was engaged in the performance of their duties as an employee, and was not caused by willful negligence on the part of the employee, the following survivorship benefits shall be payable:
[Amended 6-8-2010 by Ord. No. O-10-16]
(1) 
To the surviving spouse, until death or remarriage an annual survivorship benefit equal to 65% of the regular salary or wage earned during the last full year of service.
(2) 
If there is no surviving spouse or if the spouse remarries before the youngest child reaches the age of 18, then the child or children under such age shall receive an annual survivorship benefit equal to 65% of the regular salary or wages earned by the member during the last full year of service.
(3) 
If there is no surviving spouse or child under the age of 18 at the time of the death of the member, then the member's dependent father or dependent mother, as determined by the Board of Trustees, shall receive an annual survivorship for life equal to 65% of the member's regular salary or wages earned during the member's last full year of service.
(4) 
In the event that the deceased member is not survived by a spouse, children or dependent father or mother, then no benefits shall be payable under this section.
B. 
Any amounts which may be paid or payable under the provisions of any workmen's compensation or a similar law or plan on account of the death of any member shall, in such manner as the Board of Trustees shall determine, be offset against any benefits payable under this section on account of such death.
[Amended 6-8-2010 by Ord. No. O-10-16; 6-10-2025 by Ord. No. O-25-057]
A. 
In the event of the death of a member, including members who have terminated with a vested deferred benefit and not elected a cash refund, prior to actual retirement and at a time when accidental death benefits in accordance with § 45-24 are not payable, the spouse will be eligible to receive benefits for life. The benefit payable to the spouse will be 50% of the service retirement or early service retirement benefit the member would have been entitled to have had the member retired on the date of death. However, in the event of a member's death following a written statement of the member's retirement date as provided in § 45-21, within three months, but prior to their actual retirement date, the benefit payable to the spouse will be the same amount the spouse would have been entitled to had the member's date of death been after their actual retirement date.
B. 
Upon the death of a member without a surviving spouse, the member's accumulated contributions together with regular interest will be paid to the person, if any, designated by the member by a written designation filed with the Board, if such person survives the member, otherwise to the member's estate.
[Amended 6-8-2010 by Ord. No. O-10-16]
A. 
Unless the member elects an optional form of benefit as outlined below, the service allowance to the member will be paid during their lifetime. Upon the member's death, the amount of accumulated contributions with regular interest shall be paid to the person, if any, designated by the member by a written designation filed with the Board, if such person survives the member, otherwise to the member's estate equal to the excess, if any, of the member's accumulated contributions with regular interest, over the sum of all service allowances made to the member.
B. 
Optional forms of payment shall be as outlined below:
(1) 
Contingent annuitant option. Instead of the normal monthly retirement benefit provided above, a member may elect a contingent annuitant option providing for actuarially reduced monthly retirement benefits payable to them during their lifetime after retirement and for the continuance of such payments, or a part of them 66 2/3%, 50% specified by the member, to such contingent annuitant for their life after the death of a retired member. Such election may be made by a member at any time prior to this retirement date. A member who has elected this option may revoke or modify such option prior to actual retirement; provided, however, that the death of the contingent annuitant at any time prior to the member's retirement date shall automatically revoke such election; and further provided, that if the contingent annuitant is the spouse of the member, a divorce granted to either spouse at any time prior to the member's retirement date shall automatically revoke such election.
(a) 
If a member who has elected this option dies before their actual retirement date, no benefits under this option shall be payable to the contingent annuitant.
(b) 
If the member dies after their actual retirement date, the contingent annuitant shall receive for life, commencing on the first day of the calendar month coinciding with or next following the retired member's death, the benefits specified by the retired member for the contingent annuitant.
(c) 
If the contingent annuitant dies before the member's retirement date, the monthly retirement benefit normally provided under this plan shall be payable to the retired member as if the option had not been elected.
(d) 
If the contingent annuitant dies after the member's retirement date, the amount of the payments which the retired member is then receiving or is entitled to receive will at the time (with no provision for retroactive payments) revert to the life annuity option and will cease upon the retired member's death.
[Amended 5-14-2019 by Ord. No. O-19-043]
(2) 
Ten-year certain option. Each member shall have the option, which shall be exercised by a written direction to the Board, to elect to have actuarially reduced monthly retirement benefits payable for 10 years certain and for life thereafter. Such election may be made by a member at any time prior to their eligible retirement date. Upon the death of a retired member after their eligible retirement date, but before 120 monthly payments have been paid to the retiree, payments shall be made to such beneficiary (for the balance of the 120 months) as they shall have most recently designated in a written instrument signed by them in the presence of one subscribing witness and filed with the Board either before or after their retirement. If no such designation is on file with the Board at the time of death, or is defective for any reason, or if such beneficiary shall predecease the retired member, then the estate of such retired member shall receive the commuted value of such benefit payable in a lump sum. If the beneficiary, having survived the retired member, dies before all of said 120 payments have been made, then the commuted value of the balance of said payments shall be paid in a lump sum to the beneficiary's estate. If the member dies before their retirement date, no benefits shall be payable under this option.
[Amended 6-8-2010 by Ord. No. O-10-16]
A. 
Nonvested termination. Any member whose employment is terminated prior to the completion of 10 years of service and who is not entitled to a disability retirement pension shall receive a refund of their contributions together with regular interest thereon to date of their termination of employment, and such refund shall be in lieu of all other rights and benefits of the member under this plan.
B. 
Vested deferred benefits. Any member whose employment is terminated prior to the normal retirement date and after the completion of at least 10 years of service, and who is not entitled to an early retirement pension or a disability retirement pension, and who does not elect to receive a cash refund or their member’s contribution together with regular interest, will be entitled to receive, commencing on the normal retirement date, an annual pension equal to their accrued normal pension computed in accordance with the provisions of § 45-21 of this article based on their service to date of their termination of employment.
C. 
Cash refund in lieu of deferred vested pension. A member who is entitled to a deferred vested pension in accordance with the provisions of Subsection B above may, in lieu of all other rights and benefits under this plan, elect to receive a cash refund of their member contributions together with regular interest thereon to the date of their termination of employment.
D. 
Refunds of contribution as described in this section can be rolled over into an Internal Revenue Service qualified plan or refunded directly to the employee. Direct refunds are subject to federal tax withholding and any applicable Internal Revenue Service penalties.
[Added 5-14-2019 by Ord. No. O-19-043]
E. 
If an employee elects to receive a rollover of refund of their contributions in accordance with this section, said employee must make his or her election within 60 days from the date his or her employment was terminated. If no decision is made, the Board reserves the right to directly refund said employee's contributions, which will be subject to federal tax withholding and any applicable Internal Revenue Service penalties.
[Added 5-14-2019 by Ord. No. O-19-043]
[Amended 6-8-2010 by Ord. No. O-10-16]
A. 
A reemployed member who received a refund of their accumulated contributions with regular interest as provided in § 45-27 may repay to the Board an amount equal to the cash refund they received in accordance with such section plus regular interest thereon from the date of election of refund to the date repayment is made. Upon payment of this amount, there shall be restored to the member a yearly retirement pension equal to their accrued benefit as determined on their termination of employment. This payment must be received within 60 days of the member’s reemployment date.
[Amended 5-14-2019 by Ord. No. O-19-043]
B. 
If a reemployed member has a yearly retirement pension restored to them as provided above, and their prior service is counted for vesting purposes, then, upon the participant's subsequent termination of employment or retirement, the yearly retirement income shall be determined on the basis of all the participant's service prior to such date.
[Added 5-14-2019 by Ord. No. O-19-043[1]]
A. 
A retired member who is receiving his or her pension benefit may apply for reemployment within the Division of Public Works. If a retired member is again employed by the Board of Public Works, his or her retirement benefits hereunder shall be suspended during the period of such reemployment, and shall recommence on the date he or she again retires. The retirement benefit to which he or she is entitled when he or she again retires hereunder shall be recalculated based on his or her creditable service and final annual salary as of the termination of his or her period of full-time reemployment. This recalculated benefit shall then be reduced by the actuarial equivalent of any benefit payments previously received by the member. In no event, however, may this reduction result in a benefit that is less than his or her original retirement benefit.
B. 
Upon re-retirement, if the recalculated benefit is less than the original benefit, the member's contributions made during reemployment shall be returned to the member. If the recalculated benefit is higher than the original benefit, the contributions made during reemployment shall not be refunded to the member.
[1]
Editor's Note: This ordinance also renumbered former §§ 45-29 and 45-30 as §§ 45-30 and 45-31, respectively.
[Amended 6-8-2010 by Ord. No. O-10-16]
Any person who knowingly makes false statements or shall falsify, or permit to be falsified, any record or records of the retirement system in any attempt to defraud the system shall, in the discretion of the Trustees, lose all their rights thereunder.
Employee retirement benefits under this article shall be exempt from any executions, Trustee process, attachments or any other processes whatsoever, legal or equitable.