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Section 2-216 Refund of contributions and vested benefits; enrollment and withdrawal (a) Any employee leaving the employ of the City before he becomes eligible for retirement under the provisions of this division and who has paid assessments to the plan for a period of less than five years of service will retain only the total value of his account based on the employees contributions into the plan. Any employee leaving the employ of the City after a five year period shall be considered to be fully vested and shall retain the total value contributed by both the employee and the City. (b) There is hereby established a limited open enrollment period, at the time of the member employees annual review as approved by the Human Resources department, with the following exceptions: (1) status changes, including births, deaths, divorces, or marriages (2) lump sum contributions, which can be made at any time from compensation from the City received by a member employee. (c ) Withdrawals from the plan shall be penalized as outlined in the plan document.
(TQM Code Update - Ch.2, Added, 10/11/2004) |
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