Bay City |
Code of Ordinances |
Chapter 2. ADMINISTRATION |
Article XI. POLICE AND FIRE PENSION PLAN AND RETIREMENT SYSTEM |
§ 2-517. Forfeitures.
Upon a member's termination date, the value of any forfeitable accrued benefit shall be forfeited by the member as of the termination date. The value of such forfeitures shall be used to reduce the employer's future contributions under the plan in accordance with IRC § 401(a)(8). No forfeitures under the plan shall be applied to increase the benefits that any member or beneficiary would otherwise receive at any time prior to the time when the plan may be terminated. If a member whose employment has terminated does not retain a vested benefit under the plan, he/she shall no longer be a member or retain or earn credited service under the plan unless and until he/she again becomes an employee.
(Ord. No. 2002-8, § 7, 5-20-02)