Section 18-50 Refunds.


Prior to the adoption of Ord. 018160 on 07/06/2004, Section 18-50 read as follows.


    (a)    In the event of the termination, voluntary or involuntary, of When the covered employment of a covered police employee ends, such covered the employee shall, at his request, have the right to withdraw in a lump sum from the fund, contributions which he shall have the employee made,. The lump sum withdrawl shall include with interest on the contribution thereon at the annual investment rate of return of the fund as determined by the annual actuarial report for each year in which contributions were made by the covered employee, compounded annually from the last day of the calendar year in which such covered employee contributions are made to the date of withdrawal. Withdrawal of contributions by a covered police employee under this ordinance shall terminate all rights to benefits unless reinstated as herein provided. In the event that such contributions are not withdrawn, retirement benefits due to age or service under section 18-42 shall continue in accordance with the terms thereof, but all rights to other benefits under this article shall terminate.

    (b)     A covered police employee who has withdrawn his the contributions made by the employee with interest under provisions of subsection (a) hereof or received a lump-sum distribution under section 18-452(f) may, in the event of reemployment as a covered employee, reinstate benefits thereby forfeited within twelve (12) months from the date of his reemployment by repaying to the fund the contributions and interest withdrawn from the fund or the lump-sum distribution, plus interest on said the sum in the amount of the annual investment rate of return of the fund as determined by the annual actuarial report for each year that the contribution remained withdrawn from the fund, compounded annually from the date said the sum was withdrawn or lump-sum distribution was made to the date of repayment. The time which a covered police employee is absent from his covered employment shall not be deemed to be reinstated by the repayment of prior contributions.

    (c)     In the event that If the covered employment of a covered police officer employee is terminated by reason of the police officer's employee’s death and the police officer employee is not entitled to plan benefits other than the death funeral benefit authorized by section 18-47(34), the contributions of and any amounts contributed the employee to this plan and any amounts contributed to this plan and picked up by the city under code section 414(h) for the deceased police officer employee shall be refunded or distributed, upon request, to the estate of the deceased police officer employee. Interest on the contributions or distributions so refunded shall be calculated as above.

(Code 1964, § 9.1870; Ord. of 12-20-82; Ord. No. 11744, § 1, 1-4-88; Ord. No. 12868, § 1, 2-4-91; Ord. No. 13708 § 1, 6-21-93)