§ 401. Termination of employment prior to sixty-five (65) years of age.

A.

A Participant whose Termination of Employment occurs prior to sixty-five (65) years of age and before January 1, 1995, shall be eligible to receive a vested retirement income equal in value to the following percent of the Participant's retirement income as determined in Section 600 hereof.

Years of Continuous Employment	Percent Vested
Less than 5	0%
5	50%
6	60%
7	70%
8	80%
9	90%
10	100%

 

For each completed month in excess of completed Years of Continuous Employment, an additional .833 shall be added to the above Percent Vested, provided no Participant shall be vested in excess of one hundred percent (100%).

B.

A Participant whose Termination of Employment occurs prior to sixty-five (65) years of age and after December 31, 1994, shall be eligible to receive a vested retirement income equal in value to the following percent of the Participant's retirement income as determined in Section 600 hereof.

Years of Continuous Employment	Percent Vested
Less than 5	0%
5 or more	100%

 

C.

A Participant who shall have attained fifty-five (55) years of age on or before July 15, 1983, and who was a Participant as of July 15, 1983, shall be one hundred percent (100%) vested in the Participant's Early Retirement Income, including an Early Retirement Income, as calculated in Subsection 601.B hereof and a Normal Retirement Income as calculated in Section 600 hereof.

(Ord. Nos. 17980, 18364)