Each employee who is employed as a regular employee
of the employer shall participate herein as of the date of employment
with the employer provided that all prerequisites to participation
under this plan shall have been fulfilled, including, but not limited
to, completion of all forms required by the plan administrator. Each
employee who was a participant in the plan on the day prior to the
restatement date shall continue to be a participant on and after the
restatement date subject to the terms and conditions of the plan as
set forth herein.
The Council shall furnish the plan administrator
with written notification of the appointment of any new full-time
permanent employee who is eligible for participation hereunder within
60 days of the date of such appointment.
Any new, full-time employee who becomes a participant
hereunder shall provide a written notice which designates the beneficiary
or beneficiaries to the plan administrator at the time participation
commences. The participant’s election of any such beneficiary
or beneficiaries may be rescinded or changed, without the consent
of the beneficiary or beneficiaries, at any time provided the participant
provides the plan administrator with written notice of the changed
designation and such election is not contrary to applicable law.
Each person who shall have previously been an employee in employment and who is a participant hereunder and has not received a distribution of accumulated contributions shall be eligible to resume accumulation of credit for years of service immediately upon the date of reemployment with the employer if all other conditions precedent to participation are satisfied. Each person who shall have previously been an employee in employment and who shall have ceased to participate hereunder due to receipt of a distribution of accumulated contributions shall only be eligible to participate hereunder as a new employee in accord with §
33-72 hereof and shall not receive any credit for such prior aggregate service unless such person shall repay to the fund the amount of such distribution with interest computed at the same rate and in the same manner as described in the definition of “accumulated contributions” in §
33-71 from the date of distribution to the date of repayment.
A participant who shall remain in the service of the employer but ceases to be eligible to participate hereunder shall not accrue any additional benefits until such participant again becomes eligible to participate in the plan. Such a participant shall immediately commence the accrual of additional benefits hereunder upon again becoming eligible to participate unless such person received a distribution of accumulated contributions, in which case the person shall be treated as a new employee in accord with §
33-72 hereof and shall not receive any credit for prior aggregate service unless such person shall repay to the fund the amount of such distribution with interest computed at the same rate and in the same manner as described in the definition of “accumulated contributions” in §
33-71 from the date of distribution to the date of repayment.