§ 40-182. Vesting Credits.

(a)

A Participant shall earn one (1) Vesting Credit for each year of service after October 1, 1990. Participants who, prior to September 30, 1992, authorize that their Employer Contribution Accounts in the Retirement Plan of the City of Hialeah Gardens and the monies in their Employee Contribution Accounts in said Retirement Plan be transferred to this Trust Fund will also receive one (1) Vesting Credit for each year that the person was a Participant in the Retirement Plan of the City of Hialeah Gardens.

(b)

All monies transferred to this Trust Fund from Employee Contribution Accounts in the Retirement Plan of the City of Hialeah Gardens which result from contributions of more than three (3) percent having been made by a Participant to said Retirement Plan shall:

(1)

be separately accounted for by this Police Pension Trust Fund in the name of said Participant;

(2)

earn interest at a rate equal to the net investment return of this Trust (after deduction of investment and administrative expenses), and

(3)

be paid to the Participant as a lump sum payment upon the termination of the Participant's employment with the City or, if the Participant dies before payment is made, payment shall be made to the Participant's named beneficiary.

(c)

A Participant may lose Vesting Credits as provided in Article 4 (Loss of Credits). The total number of Vesting Credits earned and retained shall determine whether a Participant has a vested right to a pension benefit.

(Ord. No. 90-33, Ch. II, § 3-2, 5-21-91; Ord. No. 90-60, § 1, 4-7-92; Ord. No. 2017-14, § 2, 8-15-17)