§ 4-28-13 — Deferred retirement

Sec. 4-28-13. - Deferred retirement.

A. Any participant meeting the requirements of subsection D of this section may elect to receive a deferred retirement benefit under this 1978 plan equal to his or her accrued benefit and payable in the form of a single life annuity. B. The annuity commencement date of any participant hired on or after July 1, 2012, who is to receive his benefit pursuant to subsection 4-28-13(A) shall be the date he reaches age 62. C. A participant may revoke his or her election under subsection A of this section at any time before his or her annuity commencement date. Any participant timely revoking his or her subsection A of this section election shall receive a refund in accordance with section 4-28-14 of all employee contributions made by him or her or on his or her behalf under this 1978 plan. D. To be eligible for electing a deferred retirement benefit under this section,: 1. General employees. a. Must be credited with five or more years of service as of his/her severance date; b. Must not be entitled to any benefits under any other section of this chapter; and c. Must not have engaged in an act determined harmful to the city by the board and resulting in the participant's conviction of a felony, illegal manipulation of the books and records of the city, theft, or embezzlement of assets. d. 2. Police officers and firefighters: Must be credited with ten or more years of service as of his/her severance date; e. Must not be entitled to any benefits under any other section of this chapter; and f. Must not have engaged in an act determined harmful to the city by the board and resulting in the participant's conviction of a felony, illegal manipulation of the books and records of the city, theft, or embezzlement of assets.

(Code 1985, § 25-183; Ord. No. 3907, § 1, 12-5-1989; Ord. No. 4837, § 1, 1-22-2001; Ord. No. 5416, § 2, 12-6-2011; Ord. No. 5873, § 10, 7-11-2023)