§ 3.15. Termination of employment.

If the employment of a member of Division B is terminated with prejudice, as defined in Section 3.05(d), he shall not be eligible to receive any benefits provided by this section, notwithstanding anything in his section to the contrary. A member of Division B shall not be eligible to receive benefits provided by more than one of the subparagraphs set forth below in this section.

(a)

Any member of Division B who has completed less than twenty-three (23) months of credited service at the time of his termination of employment, voluntary or involuntary, shall not receive any benefits provided by this section.

(b)

Any member of Division B who has completed twenty three (23) months or more of credited service at the time of his termination of employment, voluntary or involuntary, may elect to receive, in lieu of all other benefits he is eligible to receive, a refund of seventy-five percent (75%) of the member's contributions to the fund standing to his credit less any benefits paid to him prior to his date of termination of employment.

(c)

Any member of Division B who has completed ten (10) years or more of credited service at the time of his termination of employment and who is involuntarily deprived of his employment without fault on his part or terminates his employment voluntarily may elect to receive, in lieu of all other benefits he is eligible to receive (1) or (2), as follows:

(1)

A refund of seventy-five percent (75%) of the member's contributions to the fund standing to his credit less any benefits paid to him prior to his date of termination of employment; or

(2)

A monthly retirement benefit which shall be payable on the first day of the month following his sixtieth birthday and on the first day of each month thereafter during his lifetime and which shall be computed in the same manner set forth in Section 3.10; provided, however, that he shall contribute to the fund in accordance with Section 3.07, as such section applied to a retired member, and he shall contribute such amount during his lifetime or until he has made contributions to the fund before and after retirement for twenty-four (24) full years, whichever is the shorter period of time.

(d)

Any member of Division B who has completed more than twenty-three (23) months of credited service but less than fifteen (15) years of credited service and who is involuntarily deprived of his employment without fault on his part may elect to receive, in lieu of all other benefits he is eligible to receive, a refund of eighty-five percent (85%) of the member's contributions to the fund standing to his credit, less any benefits paid to him prior to his date of termination of employment.

(e)

Any member of Division B who has completed fifteen (15) years or more of credited service, who has reached his sixtieth birthday and who is involuntarily deprived of his employment without fault on his part or terminates his employment voluntarily may elect to receive, in lieu of all other benefits he is eligible to receive, a monthly retirement benefit, which shall be payable on the first day of the month following his date of termination of employment and each month thereafter during his lifetime, equal to one-twelfth ( 1/12 ) of the applicable percent of his credited earnings (set forth in the table below) which shall be based on his years of credited service as of his date of termination of employment; provided, however, that if the member of Division B has not contributed to the fund as of his date of termination of employment for the applicable number of full years (set forth in the table below), he shall contribute to the fund in accordance with Section 3.07, as such section applies to a retired member, and he shall contribute such amount during his lifetime or until he has made contributions to the fund before and after retirement for such number of full years, whichever is the shorter period of time.

Credited Service	Percent of Credited Earnings	Number of Full Years Member Shall Contribute to the Fund
15 years	30%	15 years
16 years	32%	16 years
17 years	34%	17 years
18 years	36%	18 years
19 years	38%	19 years
20 years	40%	20 years
21 years	42%	21 years
22 years	44%	22 years
23 years	46%	23 years
24 years or more	48%	24 years

 

(f)

Any member of Division B who has completed twenty-eight (28) years or more of credited service and who is involuntarily deprived of his employment without fault on his part may elect to receive, in lieu of all other benefits he is eligible to receive, a monthly retirement benefit which shall be payable on the first day of the month following his date of termination of employment and each month thereafter during his lifetime and which shall be computed in the manner set forth in Section 3.10; provided, however, that he shall contribute to the fund in accordance with Section 3.07, as such section applies to a retired member, and he shall contribute such amount during his lifetime or until he has made contributions to the fund before and after retirement for twenty-four (24) full years, whichever is the shorter period of time.