[Amended BOS 2-1-1977; 10-11-2023]
A. 
If any participant shall cease to be an employee of the Town, except upon death or as a retired participant or except as provided in Article IX hereof for leave of absence, then he shall be entitled to a return of all of his own contributions to the trust fund, plus interest thereon computed at the annual rate of 3% prior to July 1, 1976, and at the annual rate of 5% thereafter, compounded annually to date of termination; provided, however, that any participant who shall elect to leave his contributions in the trust fund shall be entitled at his normal retirement date, if he shall then be living and if such contributions are left in the trust fund, to the following percentage of the amount of retirement benefit as computed under the provisions of § 54-13 hereof, such percentage to depend upon the number of his full years of credited service under the plan following his entry date, except that the date of such termination shall be used in determining his credited service:
Years of Credited Service Under the Plan
Percent of Accrued Benefit Vested
Fewer than 5
0%
5 or more
100%
B. 
Anything contained herein to the contrary notwithstanding, in no event shall the vested benefit to which the terminated participant is entitled be of lesser value than the amount of his own contributions, including interest as hereinabove provided, at the date of his termination of employment as determined by the actuary in accordance with accepted actuarial practice, and in no event shall the vested percentage indicated above be less than the percentage that would have been applicable if the participant had terminated employment on June 30, 1976. Any such terminated participant may elect, by written notice filed with the Board at least 60 days prior to an anniversary date, to withdraw, as of the next succeeding anniversary date, his own contributions to the trust fund, plus interest thereon, to such anniversary date computed as hereinabove provided. If any such terminated participant shall so elect to withdraw his own contributions, then he shall have no further rights whatsoever in and to any benefits under this plan.