§ 13-31. Termination of employment.

(a)

Scope of section. If the Continuous Employment of a Participant shall be terminated except by retirement, death or disability, the rights of such Participant under this Plan shall be limited to those set forth in this section. Such a Participant shall be referred to in this section as a Terminated Participant.

(b)

Benefit provided. Upon termination of employment for any reason, a Terminated Participant will be provided a benefit the actuarial equivalent of which is at least equal to his contributions to this Plan and trust, increased by interest at the rate of five percent compounded annually, beginning October 1, 1984.

(c)

Voluntary termination. If such termination of Continuous Employment shall be the voluntary act of the Participant, or if the Participant shall be terminated by the Village for any reason not included in subsection (d) of this section, he shall be entitled to receive an amount equal to the larger of the amount provided in subsection (c)(1) of this section or the actuarial equivalent of the amount provided in subsection (c)(2) of this section, as follows:

(1)

An amount equal to his contributions to the trust increased by interest at the rate of five percent compounded annually, beginning October 1, 1984.

(2)

A monthly benefit, payable beginning at the normal retirement date, based on the application of the appropriate percentage established in the following table to an amount determined in accordance with the method set forth in section 13-18(d)(1) as respects early retirement benefits:

Completed Years of Participation	Vested Interest (percent)
Less than 1	0
1	10
2	20
3	30
4	40
5	50
6	60
7	70
8	80
9	90
10	100

 

Any Person who is eligible for early, normal or disability retirement shall be 100 percent vested.

(d)

Forfeiture of interest. Under the conditions set forth in F.S. § 112.3173, a Participant shall forfeit any and all interest under this Plan and trust, except for a return of his contributions as provided in subsection (b) above.

(e)

Payment of benefits. Such payments shall be made in the form of deferred monthly retirement benefits or in accordance with optional forms of benefit set forth in section 13-28(h). In addition, such payments shall be made only upon a written request by the Participant in a form and manner determined by the Retirement Board.

(f)

Forfeiture. Any forfeitures arising from severance of employment, death or for any other reason, shall not be applied to increase the benefits any Participant would otherwise receive under the Plan. The forfeiture must be used as soon as possible to reduce the employer's contributions under the Plan.

(Code 1974, § 13-21; Ord. No. 337, § 1(13-21), 9-19-89; Ord. No. 447, § 1, 11-16-99; Ord. No. 555, § 3, 9-20-2011)