§ 2.124.850 — Election to take deferred retirement

2.124.850 Election to take deferred retirement.

Any member described in Section 2.124.840 of this chapter who has completed at least five years of service in the aggregate shall have the right to elect, within ninety (90) days after such termination of service, or if the termination was by layoff, within ninety (90) days after the retirement system manager determines the termination to be permanent, whether to allow the member's accumulated contributions to remain in the retirement system for purposes of obtaining a deferred retirement. Failure to make such election shall be deemed an irrevocable election to withdraw his or her accumulated contributions. If such member elects to allow his or her accumulated contributions to remain in the retirement system, he or she may revoke such election at any time prior to retirement and receive a refund of his or her accumulated contributions in the manner provided by Section 2.124.840 of this chapter. (Prior code § 34.05.534)