New Orleans City Code § 114-160 Separation from service before retirement; refunds.
Sec. 114-160. - Separation from service before retirement; refunds.
A. A member who separates from service before January 1, 2002, and is then credited with not less than ten years of creditable service shall be entitled to (1) retain his member account in the system and receive a retirement allowance commencing not earlier than his age 60 determined in accordance with division 5 hereof, or (2) receive a single-sum distribution of his member account.
B. A member who separates from service on or after January 1, 2002, and is then credited with not less than five years of creditable service shall be entitled to (1) retain his member account in the system and receive a retirement allowance in accordance with division 5 hereof, or (2) receive a single-sum distribution of his member account. For this purpose, the interest of such member in his retirement allowance shall be deemed vested and non-forfeitable upon (1) an earlier date that may be determined hereunder, or (2) when he is credited with at least five years of creditable service and has attained age 65.
C. A member who separates from service and is not then credited with five years of creditable service shall receive a distribution of his member account in the form of a single-sum payment. If such member has not directed the distribution of his member account during the five-year period following his separation, the trustees shall distribute such amount in the form of a single-sum payment in lieu of any benefit or allowance otherwise payable hereunder. In such event, if the member fails to provide distribution instructions to the trustees and the balance of his member account is more than $1,000.00, the trustees shall rollover such balance to an individual retirement account designated and established by them for the benefit of such member.
D. A member who is inducted into the armed forces and thereafter provides extended military service may request a withdrawal of his member account, which shall be paid in the form of a single-sum distribution.
(M.C.S., Ord. No. 26460, § 2, 6-18-15)
