§ 40-68 — Normal Retirement Benefits for Employees incurring a Termination of Employment on or after March 1, 2001

§ 40-68. - Normal Retirement Benefits for Employees incurring a Termination of Employment on or after March 1, 2001.

An Employee terminating service on or after March 1, 2001, is eligible for Retirement Benefits when he/she can qualify under the following conditions (subject to the Employee's full vesting upon attainment of his/her Normal Retirement Age as described in Section 40-70): (a) he/she must have: (1) served with the City for a period of five or more years, and attained the age of 65, or he/she must have served with the City for a period of 25 years, regardless of his/her age (for each Employee hired by the City prior to January 1, 2008 and not rehired by the City on or after January 1, 2008); or (2) earned five (5) Consecutive Years of Vesting Service and attained the age of 65, or he/she must have served with the City for a period of 25 years of Vesting Service, regardless of his/her age (for each Employee hired or rehired by the City on or after January 1, 2008); and (b) his/her service with the City must have ceased as further described in Section 40-83; and (c) upon leaving the service of the City, he/she must have left his/her Employee Contribution Account with the System; and (d) subject to Section 40-83, the last five years of service preceding his/her retirement must: (1) have been consecutive within the meaning of Section 40-75 (for each Employee hired by the City prior to January 1, 2008 and not rehired by the City on or after January 1, 2008); and (2) be five Consecutive Years of Vesting Service (for each Employee hired or rehired by the City on or after January 1, 2008).

(Ord. No. 21916, § 2, 2-12-02; Ord. No. 23463, § 2, 10-9-07; Ord. No. 26063, § 1, 12-18-18)