Common use of Member Contributions Clause in Contracts

Member Contributions. In the event that the Member terminates employment and elects a refund of Member Contributions in lieu of a monthly retirement benefit, the Alternate Payee shall receive the following amount of the Member’s Contribution account balance including any applicable interest payable on the balance, paid as a lump sum distribution. [Note: If the Member is Vested, the Member may leave the Member Contributions in the Plan and qualify for a monthly benefit payment upon reaching Normal retirement age. Division of a monthly benefit shall be according to the instructions in paragraph (1) above.] (a) OR (b) $