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.
[Amended 5-11-2005 by Ord. No. 1569]
A participant whose employment with the employer shall terminate for any reason other than death prior to attainment of early or normal retirement age shall be entitled to receive a distribution of accumulated contributions made under this plan or a prior plan, with interest credited at a rate of 5% per annum. Upon receipt of such accumulated contributions, said participant and beneficiary shall not be entitled to any further payment from the plan.
[Amended 2-25-2004 by Ord. No. 1558; 5-11-2005 by Ord. No. 1569]
In lieu of receiving a distribution of accumulated contributions, a participant who shall have completed eight years of service with the employer and who ceases to be an employee of the employer for any reason other than death or retirement, may elect to vest retirement benefits under the plan by filing a written notice of his/her 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 the participant's normal retirement date, for a vested retirement benefit equal to the accrued benefit, determined as of the date on which employment ceased. This deferred vested benefit shall be payable in the normal form pursuant to § 33-95, unless the participant elects the joint and survivor annuity option under section § 33-96B. If a participant elects to vest a benefit but dies prior to the commencement thereof, the beneficiary shall be entitled to a distribution of the participant's accumulated contributions in accordance with the terms of § 33-106 hereof.
[Amended 2-25-2004 by Ord. No. 1558]
Any participant who has three years of continuous service with the Borough of Crafton, which is and has been unabridged, upon the termination or elimination of a position or job classification, shall be fully vested upon the termination or elimination of said position or classification.