§ 2.28.110. Eligibility for defined benefit retirement on account of age and service.

(a)

For employees under Plan No. 1:

(1)

For purposes of compliance with the Internal Revenue Code and related guidance, upon attaining the age of 60 years, and having at least seven years of service (whichever is later), an employee has a nonforfeitable right to his or her normal retirement benefit, which is the benefit calculated under Section 2.28.120(a)(1). The retirement benefit is only payable upon the employee's retirement. This subsection is not to be construed as a reduction or limitation of rights heretofore existing, nor as an indication that vested benefits would be forfeitable before the stated age is attained.

(2)

An employee who has completed at least 30 years of service shall be eligible to receive a retirement benefit regardless of age. The amount of such benefit shall be calculated as provided in Section 2.28.120.

(3)

An employee who has completed at least seven years of service and desires to retire voluntarily after having attained the age of 55 years and who has not yet attained the age of 60 years shall be eligible to receive a reduced retirement benefit. The amount of such benefit shall be calculated as provided in Section 2.28.120.

(4)

An employee who has completed at least seven years of service may, upon terminating employment before age 60, receive a refund of his or her contributions with interest at five percent per year compounded monthly. Such employee may elect to leave his or her contribution in the fund and such employee shall be eligible for a retirement benefit at such time as the employee satisfies the age requirements of subsections (a)(1) or (3) of this section. The amount of such benefit shall be calculated as provided in Section 2.28.120 and Section 2.28.140.

(b)

For employees under Plan No. 2:

(1)

For purposes of compliance with the Internal Revenue Code and related guidance, upon attaining the age of 62 years, and having at least seven years of service (whichever is later), an employee has a nonforfeitable right to his or her normal retirement benefit, which is the benefit calculated under Section 2.28.120(b)(1). The retirement benefit is only payable upon the employee's retirement. This subsection is not to be construed as a reduction or limitation of rights heretofore existing, nor as an indication that vested benefits would be forfeitable before the stated age is attained.

(2)

An employee who has completed at least seven years of service and desires to retire voluntarily after having attained the age of 55 years and who has not yet attained the age of 62 years shall be eligible to receive a reduced retirement benefit. The amount of such benefit shall be calculated as provided in Section 2.28.120.

(3)

An employee who has completed at least seven years of service may, upon terminating employment before age 62, receive a refund of his or her contributions with interest at five percent per year compounded monthly. Such employee may elect to leave his or her contribution in the fund and such employee shall be eligible for a retirement benefit at such time as the employee satisfies the age requirements of subsections (1) or (2) of this section. The amount of such benefit shall be calculated as provided in Section 2.28.120 and Section 2.28.140.

(Ord. No. 44-812 § 11; Ord. No. 47-451, § 4, 3-27-07; Ord. No. 49-036, § 2, 7-19-2011)