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Section 2-193 Refund of contributions and vested benefits. (a) (1) Any employee leaving the employ of the City before he becomes eligible for retirement under the provision of this division and who has paid assessments to the Pension Fund for a period of less than ten (10) years of service will be refunded the total amount he has paid into the Pension Fund plus interest from the beginning of his membership in the plan as calculated using the applicable Federal long-term interest rate in effect on the date of his termination of employment. If an employee desires to retire under the disability provisions of section 2-189(f), such employee s refund shall not be made until such time as the Social Security Administration has denied his claim for disability benefits. Such refunds shall be with interest from the beginning of his membership in the plan. Interest will be calculated as provided in section 2-192(d). Upon such refund being made or tendered to such person, there shall be no further liability of any kind upon the City or the pension board of trustees. (2) Notwithstanding anything contained in subparagraph (a)(1) above to the contrary, a City Manager incurring a break-in-service and who has been refunded the total amount he has paid into the Pension Fund, plus interest, may upon re--employment with the City, remit to the City an actuarially determined amount from the break-in-service until re-entry into the plan. For purposes of this section 2-193(a)(2) the term "actuarially determined amount" shall mean that amount as determined by the actuary employed by the City as that amount to be remitted to the City by the City Manager to provide a calculated benefit pursuant to section 2-191, as if the City Manager had not incurred a break-in-service. The City Manager who is re-employed with the City after incurring a break-in-service shall re-enter the plan upon payment of all actuarially determined amounts as if the City Manager had not incurred a break-in-service.A City Manager who satisfies the plan s eligibility requirement pursuant to section 2-189, but who does not remit to the City the actuarially determined amount after a break-in-service may re-enter the plan on the effective date of membership pursuant to section 2-190. (b) If a terminating employee has completed ten (10) or more years of service, he shall have the option of: (1) Refund of the total amount he has paid into the Pension Fund plus interest from the beginning of his membership in the plan as calculated in section 2-192(d); or (2) Retaining a vested interest in the plan unless he has been discharged for dishonesty related to his employment. (c) If any employee with ten (10) or more years of service does not withdraw his contributions from the Pension Fund, he will be entitled to a vested pension payable at age sixty (60) calculated at one hundred percent (100%) of his accrued benefits. The accrued benefits at time of separation will be calculated as for normal retirement but will reflect the years of service and average salary up to date of termination and will reflect break points in effect at time of termination of employment with the City. An employee resigning or discontinuing membership in the Plan will have his benefits frozen at the time of termination. (d) If any employee with ten (10) or more years of service, who at termination chooses to leave his contributions in the Pension Fund, should at a later date decide to withdraw his contributions he may do so but interest on these funds as calculated under section 2-192(d), will be only to date of termination of employment. (e) If any member of the Plan is terminated and is subsequently re-employed by the City, he will be treated as a new employee and his prior service to the City will not be recognized in determining his years of service in the Plan. Notwithstanding anything contained herein to the contrary, if the City Manager s employment with the City is terminated and he is subsequently re-employed by the City, he will not be treated as a new employee and his prior service to the City will be recognized in determining his years of service, but only if the City Manager remits to the City the actuarially determined amount pursuant to section 2-193(a)(2). If the City Manager fails to remit to the City the actuarially determined amount pursuant to section 2-193(a)(2), then and in that event he will be treated as a new employee and his prior years of service to the City will not be recognized. (Ord. of 12-23-96(1), I; Ord. of 2-8-99; TQM Code update 10-11-04)
(TQM Code update - Ch. 2, Amended, 10/11/2004, Prior Text; 1999 (2-193), Amended, 02/08/1999, Prior Text) |
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