§ 9-37. Termination of employment, membership in plan.

(a)

Participants . A participant whose service with the city is terminated prior to his retirement date and who has seven (7) or more years of service with the city under this plan as of his date of termination of service shall receive a benefit payable at his normal retirement date based on his service to the date of termination of employment in accordance with the following schedule:

Years of Service	Vested Percentage of Pension
At least 7 years	35
Each year of service after 7 years	5
20 or more years of service	100

 

Notwithstanding the above, a participant shall be one hundred (100) percent vested upon first becoming eligible for optional retirement or upon reaching his normal retirement date.

The monthly benefit payment as of a participant's normal retirement date is determined by the benefit calculated pursuant to section 9-33(a)(1) of the plan reduced proportionately for credited service less than twenty (20) years of service. Such accrued monthly benefit shall then be reduced by the vesting percentage determined by this subsection of the plan using the specific percentage of benefits set forth herein.

(b)

Optional retirement date; reduction of monthly payments . If an optional retirement date shall have been elected by a participant, the amount of the monthly payments commencing at the optional retirement date shall be reduced by three and one-tenth (3.1) percent for each of the years by which the starting date of the payment precedes normal retirement date.

The benefit reduction provided for in this subsection is in confirmation of and not in addition to the optional retirement date calculation provided for in section 9-33(a)(2).

(c)

Notwithstanding anything to the contrary set forth in this section, the right of a participant to a benefit as provided for hereunder is subject to the provisions of subsection 9-31(g) which shall control as to rights and eligibility to pension benefits under the provisions of this chapter.

(d)

Notwithstanding any other provision of the plan, a participant who elects to join the Florida Retirement System pursuant to section 9-31(b), and is employed by the city for a total of seven (7) or more years, including employment prior to and after joining the Florida Retirement System, shall be eligible to receive a normal retirement benefit from the plan upon reaching the normal retirement date and terminating city employment. The benefit payable to such participant shall be based upon the participant's service as of the last day of participation in the plan before joining the Florida Retirement System, and final average monthly earnings as of the date the participant terminates city employment. Such participant's vested percentage shall be determined in accordance with subsection (a), above, but based on all years of city employment.

(e)

Notwithstanding any other provision of the plan, effective September 30, 2011 the accrued benefits of employees who are participants in this plan on that date shall be frozen, and such participants shall not accrue benefits under this plan after that date. All such participants shall become one hundred (100) percent vested in their frozen accrued benefits under this plan as of September 30, 2011. Such participants shall be eligible to receive their frozen accrued benefits, upon separation from employment and attaining eligibility for normal or optional retirement in accordance with the provisions of the plan in effect on September 29, 2011.

(Ord. No. O-77-11, Art. IX, 8-3-77; Ord. No. O-82-15, § 6, 7-7-82; Ord. No. O-83-17, § 7, 7-6-83; Ord. No. O-84-18, § 1, 9-5-84; Ord. No. O-88-14, § 10, 6-1-88; Ord. No. O-93-22, § 5, 12-15-93; Ord. No. O-98-14, § 3, 7-17-98; Ord. No. O-2007-022, § 5, 7-18-07; Ord. No. O-2011-021, § 6, 9-12-11)