§ 35.093. CREDITED SERVICE FOR FORMER EMPLOYEES AND EMPLOYEES WHO WERE EXCLUDED FROM PARTICIPATION IN THE PLAN.

(A)

Former plan participants who have not begun to receive benefits under the plan and who are reemployed by the City as eligible employees will be considered new employees with credited service for all purposes calculated as such unless the former participants elect to pay back to the plan the amount of any previous distribution received from the plan plus interest. The amount of interest required will be calculated based upon a seven (7) percent per annum rate for the period from date of original distribution to the date of repayment. Former plan participants who elect to repay this amount will be granted the credited service awarded prior to their previous termination of service.

(B)

Current employees, or employees who left the employ of the City on or after January 1, 1984, who participated in the plan and who were excluded from further participation in the plan during employment due to being over the then-existing maximum age provisions, but who never received retirement income or withdrawal of participant contributions from the plan, shall have credited service for purposes of benefit calculation equal to the period of participation before exclusion plus one year, plus whatever time they elect to buy back under divisions (C) and (D) of this Section, plus the time after September 25, 1984, during which they contributed to and participated in the plan. If an employee who was excluded from further participation in the plan received retirement income or a withdrawal of participant contributions, then credited service for purposes of benefit calculation shall be equal to the number of years the employee elects to buy back under divisions (C) and (D) of this Section, plus one year, plus the time after September 25, 1984, during which the employee contributed to and participated in the plan. Employees in this category may buy back both those years for which they have received a withdrawal of participant contributions and the years during which they were excluded from the plan. In no event shall this credited service calculation exceed the total number of years of full-time employment with the City.

(C)

(1)

Eligible employees who had previously been excluded from plan participation due to being over the then-existing maximum allowable age for participation at hire, or were excluded from the plan due to being over the then-existing maximum age at any time during their employment with the City, will have their credited service calculated in accordance with division (B) of this Section. Eligible employees who wish to buy back any time they were excluded from the plan shall be required to make payment in accordance with division (D), which payment shall be equal to an amount which represents the employee contributions they would have made to the plan had they always participated, plus interest. The amount of interest required will be calculated based upon a seven (7) percent per annum rate for the period from which the money would otherwise have been paid into the plan to the date of repayment. Those employees who elect to make this payment will be granted credited service for purposes of benefit calculation in accordance with division (B). Employees will be required to buy back the most recent years first. All new participants will receive credited service for the purpose of determining their normal retirement date whether or not the optional payment is made.

(2)

The repayment provisions of division (C)(1) shall also be available to former employees who retired from the City on or after January 1, 1984, and who were excluded from the plan due to being over the then-existing maximum age, thereby being prevented from accruing ten (10) years of credited service.

(D)

The repayment of a previous distribution plus interest under division (A) of this Section or the payment of employee contributions plus interest under division (C) of this Section will be payable in a lump sum within ninety (90) days after reemployment or on or before July 1, 1985, whichever is later. However, persons who are employees of the City as of January 16, 1985, at 5:01 p.m. may elect to pay the amount required in installments. If this option is used, one thousand dollars ($1,000.00) will be due on or before April 15, 1985, with subsequent payments of the lesser of one thousand dollars ($1,000.00) or the balance due payable every three (3) months after the initial payment. If any type of benefit payment under the plan begins prior to the full payment of employee contributions or a previous distribution plus interest, the outstanding balance will be deducted from the benefit payments as they become due. The Retirement Committee shall have the authority to waive the repayment deadlines set forth herein, upon a finding by the Retirement Committee of extenuating circumstances upon individual request which shall be submitted not later than nine (9) months following the expiration of the applicable deadline.

(E)

Employees who were previously excluded from the plan who elect to participate in the plan pursuant to Section 35.089(D)(2) shall earn credited service from the date of their election to participate in the plan. Such employees may also purchase credited service under the plan, in years and tenths of a year, for all or a portion of the period of their prior employment with the City, by paying into the plan the full actuarial cost of such credited service, as determined by the plan actuary. Such payment must be made in full prior to entering the DROP or separation from City employment, whichever occurs earlier, and in the event full payment is not made prior to such date, the participant shall receive only the amount of credited service, as determined by the actuary, for which the payment made, excluding interest, is the full actuarial cost. A participant purchasing such additional credited service must pay the full cost of any actuarial calculations required. Payment for the purchase of credited service pursuant to this subsection may be made using any one or a combination of the following options:

1.

[Cash Payment.] Cash lump sum payment.

2.

[Direct Transfer, Rollover.] Direct transfer or rollover of an eligible rollover distribution from a qualified plan, in accordance with Sec. 35.097(L).

3.

Time Payment Plan. Under this option the participant may elect to pay any remaining balance due for the purchase of credited service through payroll deduction on a time payment plan over a period of not more than five (5) years, as approved by the Retirement Committee. Interest on such payments shall be paid based on the assumed rate of return of the plan. Payments deducted from an employee's pay shall be designated as employer contributions pursuant to Section 414(h) of the Internal Revenue Code.

(Code 1980, § 18-82; Ord. No. 13-74, passed 4/22/74; Am. Ord. No. 82-79, passed 12/10/79; Am. Ord. No. 67-84, passed 9/25/84; Am. Ord. No. 105-84, passed 1/15/85; Am. Ord. No. 50-89, passed 8/22/89; Am. Ord. No. 78-93, passed 12/7/93; Ord. No. 57-02, § 2, passed 1/7/03; Ord. No. 45-17 , § 2, passed 12/5/17)