3.24.510 - Election to allow accumulated contributions to remain in fund - Procedures.
A. Any other provisions in this chapter to the contrary notwithstanding, if the city service of a member is discontinued by reason of resignation or discharge, or by reason of layoff or leave of absence deemed by the board to have resulted in permanent discontinuance (and in such case, as of the date of the determination by the board that the discontinuance is permanent), or if the disability retirement of a member is followed by cessation of the disability and by cancellation of the disability allowance, but the member does not reenter city service, and the amount of his accumulated contributions standing to his credit at that time is five hundred dollars or more, he shall have the right to elect, not later than ninety days after the date upon which notice of said right is mailed by this system to the member's latest address on file in the office of this system, whether to allow all or part (but in no event less than five hundred dollars) of his accumulated contributions to remain in the retirement fund. Failure to make such election shall be deemed an irrevocable election to withdraw his accumulated contributions unless the member is entitled to be credited with twenty years of service. An election to allow all or part of one's accumulated contribution to remain in the retirement fund may be revoked at any time as to all the contributions allowed to remain in the fund, or as to any part of them in excess of five hundred dollars; and all contributions covered by such revocation may then be withdrawn. Upon withdrawal of any accumulated contributions, the member withdrawing the same shall lose, and shall not be entitled to, any credit for any service on account of which such withdrawn contributions has theretofore been paid into the retirement fund. In determining the service for which a member is no longer entitled to credit upon withdrawal of all or part of his contributions, the withdrawn contributions shall be deemed to have been paid into the retirement fund on account of the latest service rendered by the member to the city, or on account of his earliest service if so requested by the member at the time he withdraws such contributions.
B. A member may at any time, if he so elects, voluntarily relinquish such right as he may have to be credited for service during such periods of time as may be designated by him, without withdrawing any contributions paid by him because of such service, provided he retains credit for not less than five years of continuous service; and in such event, in determining his eligibility for or the amount of any benefits to which he may become entitled, he shall be given no credit for any service so relinquished by him, and any contributions left in the fund which were made because of the service for which he has relinquished credit shall be treated as additional contributions made pursuant to Section 3.24.590 of this Code.
C. A member whose membership continues under this section is subject to the same age and disability requirements as apply to other members for service or for disability retirement but he is not subject to a minimum service requirement.
After the qualification of such member for retirement by reason of age or disability, he shall be entitled to receive a retirement allowance based upon the amount of his accumulated contributions and service standing to his credit at the time of retirement and on the employer contributions held for him and calculated in the same manner as for other members, except that the provisions in this chapter for minimum service and disability retirement allowances do not apply to him unless he meets such minimum service requirements. Upon the death of such a member prior to retirement under this section, such death benefits as may be payable under Section 3.24.2000 of this chapter shall be computed upon the basis of his average annual compensation earnable for the year preceding the date of termination of the service for which he is entitled to credit, multiplied by the years of city service prior to such termination not to exceed six.
(Prior code § 2904.71.)