(a) Vested pension benefits. Under this article, any member who shall leave the service of the city prior to becoming eligible to receive a pension for any reason, the member having accumulated less than five years of credited service at the time of termination, shall be entitled to receive a refund of the member's total contribution to the fund, without interest, theretofore made to the fund. If the member has accumulated five or more years of credited service at the time of termination, the member may elect to receive deferred monthly pension benefits, payable at such time as the member would have been eligible to receive pension benefits for longevity of service and age (normal retirement), if employment had not been terminated. Members electing to receive vested monthly pension benefits must make a written application to the board within 60 days after termination. Absent such application, it shall be presumed that the terminated member has elected to have his or her contribution refunded. Receipt of funds pursuant to this provision shall be conditioned upon the signing of a statement to be filed with the city evidencing such an election and acknowledging that the member has no further rights to any other benefits provided for by either the City or the retirement fund. Such vested pension benefit shall be a sum of money equal to the number of years of credited service or fractional portion thereof, multiplied by two percent and the product thereof multiplied by the current (rank escalation) highest monthly base salary paid for that rank or grade held by such former member at the time of termination of employment plus the proportional annual longevity pay and longevity credit earned by the member prior to January 1, 2005; provided, however, that such vested pension benefit sum shall in no event exceed 40 percent of the current (rank escalation) highest monthly base salary, plus longevity pay and longevity credit, paid for the rank held by such former member at the time of termination of employment with the department. For purposes of this section the term "current highest monthly base salary" shall mean at the time of the issuance of the check.

(b) Vested interest survivor benefit; calculation for spouse. Any former member who is receiving vested interest pension benefits and who dies leaving a surviving spouse and/or alternate payee, such surviving spouse and/or alternate payee, shall be entitled to receive one-half of such vested interest pension benefits which includes rank escalation theretofore paid to the deceased. In no event shall the total benefit payable to the surviving spouse and alternate payee exceed one-half of the benefit paid to the deceased member. Such payment(s) shall continue monthly until the surviving spouse or alternate payee dies.

(c) Vested interest survivor benefit; calculation for children. Any former member receiving a vested interest pension benefit who shall die leaving no surviving spouse, but leaving children under the age of 18 years, or under the age of 24 years if full-time students as defined by the IRS code, such children shall receive the vested interest pension benefit calculated in accordance with subsection (b) of this section. Such benefits shall be payable in equal shares to the children then surviving, or to their guardian. If the benefit or some portion of the benefit has been disposed of under an approved domestic relations order, then the total amount payable to the child(ren) combined with the amount payable to the alternate payee shall equal one-half of the vested interest pension benefits theretofore paid to the deceased, and such vested interest pension shall continue to be paid in equal shares to the surviving children under the age of 18, or under the age of 24 years if full-time students as defined in the IRS code. Upon attaining the age of 18 years, or 24 if a full-time student as defined in the IRS code, each child's entitlement to his or her share of the vested interest pension benefits shall terminate and cease to be paid and the remaining children's share shall be adjusted so that the vested interest pension benefit is paid equally as between the children.

(d) Vested interest death benefit; contribution refund. Any former member who shall have elected to leave the contribution in the pension fund and who would be otherwise eligible to receive a vested interest benefit, but who dies prior to attaining the required age and service years, had he or she remained a member of the department, and who leaves a surviving spouse or a child or children under the age of 18 years or under the age of 24 years if a full-time student as defined by the IRS code, at the time of his or her death, such surviving spouse shall be entitled to receive the percentage of the deceased's actual contribution to the pension fund not previously disposed of under an approved domestic relations order to an alternate payee in one lump sum. If there is an alternate payee, such alternate payee shall receive in one lump sum, the percentage of the deceased member's benefit as provided for under the approved domestic relations order. If there is no surviving spouse, the child or children under the age of 18 years or under the age of 24 years if a full-time student as defined by the IRS code, surviving the deceased shall receive the actual contribution to the pension fund not previously distributed to an alternate payee pursuant to an approved domestic relations order, to be paid in equal shares to the child or children surviving him or her or to their guardian, in one lump sum. Such surviving spouse, alternate payee, or child or children under the age of 18 years or under the age of 24 years if a full-time student as defined by the IRS code, of the deceased former member may, at his or her option, elect to leave their share of such former member's contribution, to which the survivor is entitled under this subsection, in the retirement fund up to the date when the deceased former member would have attained the required age and credited service for normal retirement; and if the surviving spouse, alternate payee, or child so elects, he or she shall be entitled to the benefits provided in subsection (b) of this section from and after the normal retirement date. (Code 1979, § 15-124; Ord. No. 2005-03, § 3, 2-28-2005; Ord. No. 2000-75, § 3, 7-17-2000; Ord. No. 2000-27, § 2, 4-24-2000)