§ 2-82. Vesting and termination.

(a)

Except as otherwise provided in this section, all rights to benefits under this plan shall terminate when a member's employment terminates for any reason other than normal service retirement, early service retirement, or disability retirement. Any Tier One member who completes five (5) years of credited service and whose contributions remain in the plan has a vested right to accrued benefits from the plan. No Tier One member who has completed less than five (5) years of credited service shall have a vested interest in any accrued benefit. Any Tier Two member who completes seven (7) years of credited service and whose contributions remain in the plan has a vested right to accrued benefits from the plan. No Tier Two member who has completed less than seven (7) years of credited service shall have a vested interest in any accrued benefit.

(b)

A Tier One member who shall leave the service of the city prior to eligibility for normal service retirement or early service retirement, but who has completed five (5) years of creditable service shall be entitled to receive retirement benefits commencing at the regular normal or early service retirement date. A Tier Two member who shall leave the service of the city prior to eligibility for normal service retirement or early service retirement, but who has completed seven (7) years of creditable service shall be entitled to receive retirement benefits commencing at a Tier Two member's regular normal or early service retirement date. Such benefits will be based on final monthly compensation and credited service as of the date of termination.

(c)

Every member shall have the right to elect to receive, in lieu of all benefits under the plan, a return of the member's accumulated contributions.

(d)

A member who elects a lump sum return of contributions releases and discharges the City of Lauderhill and the retirement plan from the right to any other benefits from the plan. A member who terminates service prior to achieving a vested interest in the plan shall have the right to receive a refund of accumulated employee contributions.

(e)

If a member who has terminated service prior to retirement reenters the police department, the member will be entitled to reinstate the credited service that the member had on the date of termination in lieu of the benefits to which the member became entitled at time of separation. If, at the time of separation, the member withdrew the member's accumulated contributions, credited service can only be restored by repaying to the pension plan an amount equal to the accumulated contributions plus five percent interest from the date the contributions were withdrawn.

(Ord. No. 00O-3-15, § 2, 5-8-00; Ord. No. 00O-12-85, § 1, 12-18-00; Ord. No. 02O-06-129, § 3, 6-24-02; Ord. No. 04O-11-230, § 4, 12-13-04; Ord. No. 09O-07-129, § 4, 9-14-09)