If a participant ceases to be employed by the employer as an employee or otherwise, his interest and rights under the plan shall be determined in accordance with this Article XVIII.
[Amended 12-21-1999 by Ord. No. 478; 6-21-2022 by Ord. No. 557]
A participant who terminates his employment
for a reason other than retirement and who has credit for seven or
more years of service shall be entitled to a deferred vested benefit
equal to his accrued benefit determined as of the date when his employment
terminates.
Payment of vested benefits under this Article XVIII shall be in the normal form (§ 23-37) unless the participant elects an alternative form of benefit payments pursuant to § 23-37. Payment of a deferred vested benefit shall commence at the date that would have been the former participant's normal retirement date had he/she continued his employment. No benefit shall be paid with respect to a former employee who dies prior to what would have been his normal retirement date.
Notwithstanding the vesting schedule described in § 23-41, a participant shall become 100% vested if he/she attains normal retirement age while an employee.
A participant who terminates his employment
with the employer at a time when he/she is not vested in any portion
of his accrued benefit derived from nonemployee contributions shall
cease to be a participant hereunder and shall not be entitled to any
benefits under the plan derived from nonemployee contributions.
Amounts forfeited by any participant may not
be used to increase the benefits which other participants would otherwise
receive under the plan; they shall be used only to reduce the employer's
contributions to the plan.
