§ 11-38. Termination of employment and buy-back provisions.

(a)

Termination of employment.

(1)

Vested member.

a.

Should any member who has a vested interest in the plan and who has contributed to the plan leave the service of the city, he may leave the contributions in the plan and receive a deferred benefit. The deferred benefit shall be calculated in the same manner as set forth in section 11-31 using years of creditable service and average final compensation as of the actual date of termination. The commencement date of the benefit shall be the normal or early retirement age, based on creditable service as set forth in section 11-3 in the definition of "retirement ages." A member may elect to accept a refund of one hundred (100) percent of his contribution to the plan, without interest. Any member who accepts such refund shall be forever barred from receiving prior creditable service under the provisions of this article, except in accordance with the buy-back provisions in this article. If a general employee member hired before October 1, 2009 should leave the service of the city with a vested interest in the plan, leave their contributions in the plan and return to city employment on or after October 1, 2009, such member's benefits for the initial period of service shall be determined in accordance with the provisions of the plan in effect on the date the member initially terminated city employment; and benefits for the period of service commencing on or after October 1, 2009 shall be determined in accordance with section 11-62. If a general employee member hired on or after October 1, 2009 and before October 1, 2018 should leave the service of the city with a vested interest in the plan, leave their contributions in the plan and return to city employment on or after October 1, 2018, such member's benefits for the initial period of service shall be determined in accordance with the provisions of the plan in effect on the date the member initially terminated city employment; and benefits for the period of service commencing on or after October 1, 2018 shall be determined in accordance with section 11-69.

b.

In the event a member who leaves the service of the city who has attained a vested interest in the plan dies prior to the commencement of benefits at the normal or early retirement age, the designated beneficiary shall receive one hundred (100) percent of the member's contribution to the fund, unless the beneficiary is a joint annuitant and an optional benefit has been selected by the member.

c.

The benefits payable to a member who has a vested interest in the plan and who leaves the service of the city prior to retirement, shall be those benefits in effect on the date that the member terminates city employment.

d.

Notwithstanding any other provision of the police officers' retirement plan, if a police officer hired before September 30, 2015 terminates employment with ten (10) or more years of creditable service, leaves his or her contributions in the plan, and is subsequently rehired by the city as a police officer on or after September 30, 2015, the member shall be entitled to a benefit as follows:

1.

For creditable service up to the member's initial termination date, a benefit calculated in accordance with the plan provisions in effect on the date of the member's termination.

2.

For creditable service after the date of rehire, a benefit calculated in accordance with subsection 11-66(a).

(2)

Nonvested member.

a.

Should any member of the plan leave the service of the city other than by death or disability before having become a vested member of the plan, such member may elect to receive a refund of one hundred (100) percent of the member's contributions to the plan, without interest. Any member who accepts such refund shall be forever barred from receiving prior creditable service under the provisions of this article, except in accordance with the buy-back provisions in this article.

b.

Any member of the plan who leaves the service of the city other than by death or disability before having attained a vested interest of the plan may leave such contributions in the plan for a period not exceeding five (5) years pending reemployment with the city. If a member is reemployed within those five (5) years, the member shall receive credit for such prior service. Any member who fails to be reemployed by the city within those five (5) years may elect to receive a refund of one hundred (100) percent of the member's contributions to the plan, without interest. Any member who accepts such a refund shall be forever barred for receiving prior creditable service under the provisions of this article, except in accordance with the buy-back provisions in this article. Notwithstanding any other provision of the police officers' retirement plan, if a police officer hired before September 30, 2015 terminates employment with less than ten (10) years of creditable service, leaves his or her contributions in the plan, and is subsequently rehired by the city as a police officer within five (5) years following termination and on or after September 30, 2015, the member shall be entitled to a benefit as provided in subsection (a)(1)d. If a general employee member hired before October 1, 2009 should leave the service of the city before having become a vested member of the plan, leave their contributions in the plan and return to city employment on or after October 1, 2009, such member's benefits for the initial period of service shall, upon vesting, be determined in accordance with the provisions of the plan in effect on the date the member initially terminated city employment; and benefits for the period of service commencing on or after October 1, 2009 shall be determined in accordance with section 11-62. If a general employee member hired on or after October 1, 2009 and before October 1, 2018 should leave the service of the city before having become a vested member of the plan, leave their contributions in the plan and return to city employment on or after October 1, 2018, such member's benefits for the initial period of service shall be determined in accordance with the provisions of the plan in effect on the date the member initially terminated city employment; and benefits for the period of service commencing on or after October 1, 2018 shall be determined in accordance with section 11-69.

(b)

Buy-back provisions (the following section is applicable only to members of the general employees' retirement plan) .

(1)

Any member who has terminated employment with the city and has received a return of contributions may, upon regaining employment with the city, buy-back prior service, including up to five (5) years of intervening, non-pensionable government service, by restoring to the plan the full amount of the employee contribution refunded; and, for each year of intervening, non-pensionable government service claimed, an amount equal to the applicable member contribution rate in effect for the plan, including any cost-sharing amount, for each year of such intervening service, based on the member's city salary at the time of reemployment; together with interest at the board's assumed rate of investment return at the time the buy back is completed. Credit for one (1) year of intervening government service may be purchased for each year of prior creditable service a member elects to buy back up to a maximum of five (5) years. For members who are reemployed on or after October 1, 2009, the benefits for prior service or intervening government service purchased pursuant to this paragraph (1) shall be as provided in section 11-62.

(2)

Members who wish to buy-back prior service must file with the board a notification of their intention to participate in the buy-back within sixty (60) says after reinstatement of employment where the right to buy-back prior service credit is irrevocably waived. In the case of a member who has not previously bought back prior service credit, but who has been employed for more than sixty (60) days as of the effective day of this section, such member shall have sixty (60) days from the effective date of this section to provide the notification to the board of the intention to buy-back prior service credits or the right to the buy-back is irrevocably waived.

(3)

The buy-back must be completed within one (1) year following notification to the board of the intention to participate in the buy-back. Interest due on the buy-back shall be at the board's assumed rate of investment return for the period from the date of reemployment to the date of repayment. Failure to complete the buy-back within one (1) year period shall result in a forfeiture of the right to the buy-back and an immediate refund of all buy-back contributions, without interest. The buy-back contribution may be made by a cash payment to the fund, through authorization of additional pickup contributions, or by transfer of assets from another qualified retirement plan.

(4)

No credit for prior service shall be granted nor may any benefit be based on prior service until full repayment is made in accordance with this section.

(5)

The cost attributable to buy-backs under this section shall be in addition to the maximum cost attributable to the city under section 11-26(b)(3) of the City Code.

(c)

Any sitting city commissioner, any future city commissioner, and the city manager shall be eligible to buy-back service in accordance with the provisions of subsection (b)(3), (4) and (5) above from the date the commissioner or manager was first elected or employed, including up to five (5) years of intervening, non-pensionable government service, and upon payment of the full amount of the contributions the city commissioner or manager would have made if a plan member, together with interest at the board's assumed rate of investment return at the time the buy back is completed. If commissioners or the city manager wish to buy-back, they must file with the board a notification of their intention to participate in the buy-back within sixty (60) days from the effective date of this ordinance for sitting commissioners and the city manager and within sixty (60) days from their re-election for any future commissioners. If notice is not given, the right to buy-back is irrevocably waived.

(d)

No police officer or firefighter will receive credit for years or fractional parts of years of service if he or she has withdrawn his or her contributions to the fund for those years or fractional parts of years of service, unless the police officer or firefighter repays into the fund the amount he or she has withdrawn, plus interest as determined by the board, within ninety (90) days after his or her employment. Notwithstanding any other provision of the police officers' retirement plan, if a police officer hired before September 30, 2015 terminates employment and withdraws his or her contributions to the fund, and is subsequently rehired by the city as a police officer on or after September 30, 2015, the member shall be entitled to receive credit for the initial period of employment by repaying into the fund the amount he or she has withdrawn, plus interest as determined by the board, within ninety (90) days after the date of rehire, and shall receive a benefit for such service calculated in accordance with the plan provisions in effect on September 29, 2015 or the initial termination date, whichever is earlier.

(e)

Notwithstanding any other provision of the plan:

(1)

If a general employee who was hired before October 1, 2009 is laid off by the city, elects to leave his or her contributions in the plan during the period of such layoff, and is recalled to full-time city employment within twelve (12) months following the layoff, such member shall accrue benefits and make member contributions under the plan provisions applicable to members hired before October 1, 2009. Such members who are recalled to full-time city employment more than twelve (12) months following a layoff shall accrue benefits and make member contributions in accordance with the provisions of section 11-62.

(2)

If a general employee who was hired on or after October 1, 2009 and before October 1, 2018 is laid off by the city, elects to leave his or her contributions in the plan during the period of such layoff, and is recalled to full-time city employment within twelve (12) months following the layoff, such member shall accrue benefits and make member contributions in accordance with the provisions of section 11-62. Such members who are recalled to full-time city employment more than twelve (12) months following a layoff shall accrue benefits and make member contributions in accordance with the provisions of section 11-69.

(Ord. No. 124-X-O, § 1(16-13), 9-12-89; Ord. No. 124-X-P, § 1, 12-18-90; Ord. No. 124-X-U, § 1, 12-14-93; Ord. No. 124-X-Y, § 12, 10-11-94; Ord. No. 124-X-96-A, §§ 4, 5, 12-10-96; Ord. No. 124-X-98-A, § 4, 4-28-98; Ord. No. 124-X-00-B, § 5, 6-13-00; Ord. No. 124-X-05-H, § 1, 12-13-05; Ord. No. 124-X-09-A, § 5, 10-13-09; Ord. No. 124-X-15-B, § 9, 9-15-15; Ord. No. 124-X-16-B, § 5, 6-14-16; Ord. No. 124-X-16-D, § 5, 9-28-16; Ord. No. 124-X-18-B, § 5, 8-14-18)