§ 16-82. Vesting credits.

(a)

Vesting credits. A participant shall earn one vesting credit for each year of service and a partial credit for each full month of service. A participant may lose vesting credits as provided in section 16-83 (loss of credits). The total number of vesting credits earned and retained shall determine whether a participant has a vested right to a pension benefit.

(b)

Vesting schedules.

(1)

Early retirement benefit. A participant shall have a one hundred (100) per cent vested right to an early retirement benefit upon earning five (5) vesting credits and attaining age fifty-two (52).

(2)

Normal retirement benefit. A participant shall have a one hundred (100) per cent vested right to a normal retirement benefit upon attaining age sixty-two (62) and upon earning five (5) vesting credits. Employees who are employed by the city after the effective date of this article who thereafter terminate employment prior to reaching age sixty-two (62) and earning five (5) vesting credits shall not have any vested retirement benefits. Employees employed on or before the effective date of this article shall have, and continue to receive one (1) vesting credit for each year of service and be vested according to the following table:

Year 1	10%
Year 2	20%
Year 3	30%
Year 4	40%
Year 5	100%

 

(c)

Limitation on changes in vesting schedules. No amendment shall reduce a participant's vested right to a normal retirement benefit at the time such amendment is adopted, or, if later, at the time such amendment is effective.

(d)

Vesting of benefits. No participant, beneficiary or other person shall have any vested right to a pension benefit unless the participant has met the requirements for vesting as provided in this article.

(Ord. No. 1222, § 1, 11-18-1999)