Refund Of Accumulated Contributions

A member who terminates employment other than for retirement or death will be paid the accumulated contributions less any mandatory tax withholding upon request, plus interest at the rate prescribed by the Board, which will not be less than one percent per quarter of the contribution balance as of the end of the previous calendar year, including interest.

Accumulated employee’s contributions is the sum of all amounts deducted from a member’s compensation, including paybacks and interest. Contributions may be rolled over directly to a qualified individual retirement account or another employer’s plan.

If a retiree becomes re-employed by the City, into a regular permanent, full-time position, excluding certain positions, the benefits payable under this plan will be suspended during the period of re-employment.  Upon termination of the period of re-employment with the City, the benefits will be automatically restored on the first day of the month following the termination of re-employment.