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(a) Normal or delayed retirement pension. A participant shall be eligible for a normal or delayed retirement pension if employment by the city terminates on or after the normal retirement date subject to the other provisions of this plan. If a participant's death occurs after the normal retirement date but prior to the commencement of the pension, it shall be assumed that the participant's retirement date was the date of death.

(b) Early retirement pension. A participant shall be eligible for an early retirement pension if employment with the city terminates on or after attainment of age 50 and before the normal retirement date, provided ten or more years of credited service have been completed and the participant is not eligible for a special early retirement pension.

(c) Special early retirement pension. A participant shall be eligible for a special early retirement pension if employment with the city terminates on or after attainment of age 50 and before the participant's normal retirement date, provided the participant's age plus credited service equals or exceeds 80.

(d) Deferred vested pension. A participant shall be eligible for a deferred vested pension if employment with the city terminates after the completion of five or more years credited service.

(e) Money purchase pension. A participant shall be eligible for a money purchase pension if the participant meets the eligibility requirements for a pension pursuant to section 102-141(a), (b), (c), or (d) and if the monthly money purchase pension amount is greater than the monthly pension calculated pursuant to such sections.

(f) Disability retirement pension. If a participant's employment by the city terminates by reason of disability before the normal retirement date and the participant receives long-term disability insurance benefits from the city until the normal retirement date, the participant shall be eligible for a disability retirement pension.

Disability shall be considered to have ended if, prior to the normal retirement date, the participant loses the qualification for long-term disability insurance payments from the City. In such case, no disability pension shall be paid to the participant from the plan. If the participant's disability ceases prior to the normal retirement date and the participant is not reemployed by the City as an employee and the participant met the requirements for a pension pursuant to subsections (b), (c) or (d) of this section on the date of recovery from disability, the participant shall be entitled to receive a pension equal in amount to the early, special early, or deferred vested pension to which the participant would have been entitled, as of the date of recovery, determined and paid pursuant to subsections 102-142(b), (c) or (d) based on the higher of the final average monthly compensation or the monthly rate of compensation on the date of disablement and the credited service on the date of recovery from disability.

(g) General conditions. If a retired participant is reemployed by the City as an employee, no pension payments shall be made during the period of such reemployment. In addition a participant shall not be entitled to receive, simultaneously, a pension under more than one of subsections (a) through (f) of this section.

(h) One-time early retirement option pension. A participant, except terminated or retired participants, shall be eligible for a one-time early retirement option pension if, and only if the participant:

(1) Terminates employment with the city during the month of September, 1990;

(2) Has attained age 53 on or before termination of service;

(3) Has completed eight or more years of credited service with the City on or before termination of service; and

(4) Has submitted a written resignation/termination form to the board no later than September 30, 1990.

Benefits shall be paid as set forth in subsection 102-142(j). (Code 1979, § 15-47; Ord. No. 2011-29, § 5, 9-12-2011; Ord. No. 2001-81, § 2, 1-7-2002; Ord. No. 99-82, § 1, 11-29-1999; Ord. No. 96-38, § 5, 10-7-1996)