Deferred Vested Benefit Sample Clauses

Deferred Vested Benefit. An employee shall be vested in the plan after five (5) years of credited service.

Deferred Vested Benefit. Employer and Employee agree that Section 4.05 of the Plan shall not apply to the Employee.

Deferred Vested Benefit. (a) A Member who: (i) has a Severance of Employment with the City; (ii) has completed at least ten (10) Years of Service; and (iii) has not yet reached his or her Normal Retirement Date may elect to leave his or her Member Contributions in the Plan until his or her Normal Retirement Date. (b) A Member who elects to leave his or her Member Contributions in the Plan shall be eligible to receive a Normal Retirement Benefit determined as described in Section 6.01. Such benefit shall be calculated based on the Member’s Final Average Earnings and number of Years of Service as of the date of his or her Severance from Employment. (c) A Member entitled to a Normal Retirement Benefit under subparagraph (a) above shall have the option to request a return of his or her Member Contributions under Section 3.03(b). Such return of Member Contributions shall be in lieu of the benefit described in subparagraph (b) above. Should a Member elect payment under Section 3.03(b), his or her benefit shall be considered paid in full and he or she shall not be entitled to any additional benefits.

Deferred Vested Benefit. (i) Commencement on or after age 65. A Participant entitled to a Deferred Vested Benefit may commence receipt of such benefit on the first day of the calendar month next following the Participant’s 65th birthday. Such Deferred Vested Benefit shall be calculated according to the same procedure as for a Normal Retirement Benefit; provided, however, (i) the minimum Accrued Benefit provision of Section 6.2(e) below shall not apply, (ii) the Participant’s Years of Credited Service shall include only his Years of Credited Service to his Termination Date and (iii) the Participant’s Social Security Benefit, if applicable in the determination of his Deferred Vested Benefit, shall be the amount of the Social Security Benefit for which the Participant would be eligible at age 65 under the Social Security Act as in effect on his Termination Date, computed on the basis of the Participant’s earnings to his Termination Date. (ii) Commencement on or after age 55 but before age 65. A Participant entitled a Deferred Vested Benefit may elect to receive such benefit beginning on the first day of any calendar month next following the month in which the Participant attains age 55. Such Deferred Vested Benefit shall be his Normal Retirement Benefit multiplied by the applicable reduction factor set forth in Appendix B. (iii) Commencement at any age before age 55. A Participant who is eligible for a Deferred Vested Benefit but has not attained age 55 may elect to receive such benefit beginning on the first day of any calendar month next following his Termination Date, with the amount of his benefit calculated by multiplying his Normal Retirement Benefit by the age 55 reduction factor set forth in Appendix B and then by further reducing such amount on an actuarial equivalent basis using the Applicable Mortality Table and the Applicable Interest Rate to account for the difference between the Participant’s age on his Benefit Commencement Date and age 55.