Limited Vested Benefit Sample Clauses

Limited Vested Benefit. (a) Should a Participant, before completing the minimum age and minimum period of continuous service requirements, but after having completed twelve (12) years of full-time service, the Participant shall be entitled to vest his or her retirement benefits subject to the following conditions: 1. The Participant must file with the management board of the police pension fund a written notice of his or her intention to vest; 2. The Participant must include in the notice, the date the Participant intends to terminate his or her service as full-time police officer; 3. The termination date shall be at least 30 days later than the date of notice to vest; 4. The Participant must be in good standing with the police department on the date of notice to vest; 5. The board shall indicate on the notice to vest the rate of the monthly pay of the Participant as of the date of said notice to vest of the highest average annual salary which the Participant received during any five years of service preceding said date, whichever is the higher. (b) Upon reaching the date which would have been the Participant’s retirement date had the Participant continued his or her full-time employment with the police department, the Participant shall notify the board, in writing, that the member desires to collect his or her pension. The amount of retirement benefits the Participant is entitled to receive under this section shall be computed as follows: 1. The initial determination of the Participant's base retirement benefits shall be computed on the salary indicated on the notice to vest; and 2. the portion of the base retirement benefits due the Participant shall be determined by applying to the base amount the percentage that his or her years of service actually rendered bears to the years of service which would have been rendered had the Participant continued to be employed by the department until his or her minimum retirement date.
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Related to Limited Vested Benefit

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