§ 14343.2. Limited vested benefit
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 11 Pa.C.S.A. CitiesEffective: January 25, 2016
Effective: January 25, 2016
11 Pa.C.S.A. § 14343.2
Formerly cited as PA ST 53 P.S. § 39343.2
§ 14343.2. Limited vested benefit
(a) Ordinance.--In accordance with this subchapter, an ordinance creating a fund may provide for a limited vested benefit if it would conform to section 305 of the act of December 18, 1984 (P.L. 1005, No. 205),1 known as the Municipal Pension Plan Funding Standard and Recovery Act.
(a.1) Vesting.--Under a limited vested benefit, if a member of the fund terminates employment before reaching the date which would have been the member's earliest retirement date had the member continued employment by meeting the minimum age and minimum period of continuous service requirements but after having completed 12 years of full-time service, the member shall be entitled to vest the member's retirement benefits subject to the following conditions:
(b) Collection.--Upon reaching the date which would have been the member's earliest retirement date had the member continued the member's employment with the city, the member shall notify the board, in writing, that the member desires to collect the member's pension. The amount of retirement benefits the member is entitled to receive under this section shall be computed as follows:
(2) The portion of the base retirement benefits due the member shall be determined by applying to the base amount the percentage that the member's years of service actually rendered bears to the years of service which would have been rendered had the member continued to be employed by the city until the member's earliest retirement date.
Credits
2015, Nov. 24, P.L. 242, No. 67, § 1, effective in 60 days [Jan. 25, 2016].
Footnotes
53 P.S. § 895.305.
11 Pa.C.S.A. § 14343.2, PA ST 11 Pa.C.S.A. § 14343.2
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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