Section 2-193 Refund of contributions and vested benefits.

Prior to the adoption of 1999 (2-193) on 02/08/1999, Section 2-193 read as follows.

     (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 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 in section 2-192(d). If an  employee desires to retire under the disability provisions of section 2-189(f), such member'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)  

     (b)    If a terminating member 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.

     (c)    If any member 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 his normal retirement as defined in the applicable subsection (b), (c) or (d) of section 2-189, calculated at one hundred  percent (100%) of his accrued benefits. The accrued benefits will be calculated as for normal retirement on that date but the retirement benefit will reflect the years of service and average  monthly salary up to date of termination.

     (d)    If any member 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 credited only to date of termination of employment.

     (e)    If a Class A or Class B member's employment with the city is terminated he is subsequently re-employed by the city after December 31, 1996, 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  as a Class C employee.

 (Ord. of 12-23-96(1),   I)