§ 22.3-45. Vested allowance.

(a)

Eligibility. A member with five (5) or more years of creditable service who, for reasons other than death or retirement under any other provision of this article, ceases to be employed by a participating employer shall be entitled to a vested allowance, as provided for in section 22.3-43, 22.3-44, or 22.3-58.

(b)

Calculation of allowance. The vested allowance commencing upon the actual attainment of the earlier of the dates described in section 22.3-44(c) shall be computed as a vested service retirement allowance on the basis of the member's average final compensation and creditable service at the time of his termination.

(c)

Payment of the vested allowance. The vested allowance may commence to be paid at any time after the member has reached, in the case of a member other than a person who becomes a member after June 30, 2014 or who elects to be treated like a person who becomes a member after June 30, 2014, the age required for early retirement subject to any applicable reductions for early payment as set out in subsection 22.3-44(d) or in the case of a person who becomes a member after June 30, 2014 or who elects to be treated like a person who becomes a member after June 30, 2014, (including hybrid members), age sixty (60) subject to any applicable reductions for early payment as set out in subsection 22.3-44(d).

(d)

Applicability of multiplier. Any member entitled to a vested allowance who ceased to be an employee of a participating employer prior to January 1, 1999, and who is not reemployed after June 30, 2014, shall have his vested allowance calculated pursuant to sections 22.3-43 and 22.3-44 as such sections existed prior to January 1, 1999 (utilizing a multiplier of two (2) percent for each year of creditable service). Any member entitled to a vested allowance who ceases to be an employee of a participating employer on or after January 1, 1999, who is not reemployed after June 30, 2014, and who meets the condition established by section 22.3-35(a) shall have his vested allowance calculated pursuant to sections 22.3-43 and 22.3-44 as such sections exist on and after January 1, 1999 (utilizing a multiplier of two and one-tenth (2.1) percent for each year of creditable service).

(Ord. No. 39450, § 2, 7-16-12; Ord. No. 40240, § 2, 5-18-15)

(Ord. No. 39450, § 2, 7-16-12; Ord. No. 40240, § 2, 5-18-15)