§ 2-44. Benefits upon termination of employment.

(a) 

In the event of termination of employment prior to retirement, an employee who has completed 10 years of service will be eligible for a pension payable at the normal or early retirement age, based on service at the date of termination.

(b) 

Benefits payable by reason of termination will not be as large as the amount otherwise payable because of the loss of credit for service and a higher earnings base resulting from terminating early. No benefit will be provided under the plan for employees who have not completed 10 years of service at termination.

(c) 

The effective date of this amendment shall be retroactive to August 1, 1979.

Ord. of 12-17-1964; Ord. of 3-28-1969; Ord. of 3-3-1980; Ord. of 11-8-1982