A participant who shall cease to be an employee except as otherwise
hereinbefore provided shall have all interest and rights under this
plan limited to those contained in the following sections of this
article.
A participant whose employment with the employer shall terminate
for any reason other than death or total and permanent disability
prior to early retirement date shall be entitled to receive a refund
of accumulated contributions. Upon receipt of such accumulated contributions,
said participant and beneficiary shall not be entitled to any further
payments from the plan.
[Amended 11-13-2012 by Ord. No. 1912[1]]
A.
In lieu of receiving a refund of accumulated contributions, a participant who shall have completed 10 years of aggregate service with the employer and who ceases to be an employee of the employer for any reason other than death, retirement or total and permanent disability may elect to vest retirement benefits under the plan by filing a written notice of the intention to vest with the plan administrator within 90 days of the date employment ceases. A participant who exercises such an option shall be eligible, upon attainment of what would have been normal retirement date, for a vested retirement benefit equal to the accrued benefit, determined as of the date on which employment ceased. If a participant elects to vest a benefit but dies prior to the commencement thereof, the beneficiary shall be entitled to a refund of the participant's accumulated contributions in accordance with the terms of §§ 47-32 and 47-35.
B.
Notwithstanding the foregoing, a participant hired before January 1, 2005, who has completed eight years of aggregate service and who ceases to be an employee of the employer after October 1, 2012, may elect to vest retirement benefits under the plan in the same manner as described in the preceding paragraph and, if so elected, would be considered a deferred vested participant as defined in Article II (§ 47-5).
[1]
Editor's Note: This ordinance provided an effective date
of 10-1-2012.
