§ 2.28.100. Termination of employment.  


Latest version.
  • (a)

    An employee in Plan No. 1 or Plan No. 2 terminating employment with the city may upon written request to the board:

    (1)

    Withdraw the total of all contributions made by the employee plus interest on such contributions at the rate of five percent per year compounded monthly; or

    (2)

    If the employee has contributions eligible for rollover distribution as defined by Section 402(f)(2)(A) of the Internal Revenue Code;

    (i)

    Elect to have all or a portion of such eligible contributions paid directly to an eligible retirement plan, as that term is further defined by Section 2.28.420, or traditional IRA; and

    (ii)

    Withdraw any remaining contributions not rolled over under subsection (i); or

    (3)

    Elect to leave his or her contributions in the fund and defer the retirement benefit in accordance with Section 2.28.140; or

    (4)

    Elect to receive a retirement benefit based on age and service in accordance with Section 2.28.120.

    (b)

    An employee in Plan No. 3 terminating employment with the city may upon written request to the board:

    (1)

    Withdraw the total of his or her vested account; or

    (2)

    If the employee's vested account is eligible for rollover distribution:

    (i)

    Elect to have all or a portion of such eligible contributions paid directly to an eligible retirement plan, as that term is further defined by Section 2.28.410, or traditional IRA; and

    (ii)

    Withdraw any remaining contributions not rolled over under subsection (i).

(Ord. No. 45-162 § 1; Ord. No. 44-812 § 10; Ord. No. 47-451, § 3, 3-27-07)