§ 154-139. Vested benefits.

(a)

Eligibility. Vested benefits shall be paid to a participant:

(1)

Whose employment with the employer terminates for any reason other than death;

(2)

Who has at least ten years of creditable service;

(3)

Who does not retire and become entitled to benefits under sections 154-131, 154-132, 154-133, 154-134, 154-135, 154-136, or 154-137; and

(4)

Who elects not to withdraw his contributions to the plan.

(b)

Amount. The vested benefit, stated as a monthly amount in the form of a single life annuity for the life of the participant, shall be the participant's accrued benefit as of the date he or she ceases to be employed determined in accordance with section 154-92.

(c)

Commencement. Vested benefit payments shall become payable when a participant attains the age of 65 and continuing on the first day of each month for the life of the participant, subject to the provisions on the effect of reemployment and death on benefits in sections 154-140 and 154-142.

(91-RC-669, § 4.8, 12-18-91; 92-RM-443, § 8, 9-2-92)