§ 40-181. Vesting Schedules.

Latest version.

(a)

Early Retirement Benefit. A Participant shall have a one hundred (100) percent vested right to an early retirement benefit upon earning ten (10) Vesting Credits.

(b)

Normal Retirement Benefit. A Participant shall have a one hundred (100) percent vested right to a normal retirement benefit upon:

(1)

earning five (5) Vesting Credits if the Participant began employment as a City police officer before October 1, 1990 or earning ten (10) vesting credits if the Participant began such employment after September 30, 1990; or

(2)

the termination or partial termination of this Pension Plan (to the extent funded as of such date).

(Ord. No. 90-33, Ch. II, § 3-1, 5-21-91)

                    
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