§ 2.25. Termination of employment after fifteen (15) years of credited service.

A member of Division A who has completed at least fifteen (15) years of credited service at the time of his termination of employment may elect to receive, in lieu of all other benefits he is eligible to receive, either (a) or (b) as follows:

(a)

A refund of the member's contributions standing to his credit; or

(b)

A monthly deferred vested retirement benefit, which shall be payable on his normal retirement date, provided he is then living, and on the first day of each month thereafter during his lifetime, computed in the same manner set forth in Section 2.12, except that such computation shall be made as of his date of termination of employment; provided, however, that if the date of death of such Member of Division A occurs prior to his Normal Retirement Date, his Beneficiary shall receive a refund of the Member's contributions standing to the credit of such deceased Member of Division A.

Notwithstanding anything in this section to the contrary, if the termination of employment of a member of Division A is with prejudice, as defined in Section 2.07(e), he shall not be entitled to elect a monthly deferred vested retirement benefit in accordance with subparagraph (b) of this section. If a member of Division A who has elected a monthly deferred vested retirement benefit as provided in subparagraph (b) of this section is re-employed by the employer, his credited service shall not be deemed to have been interrupted, but shall not include any time during which he was not an employee.