§ 54-123. Participation.

(a)

Each full-time police officer employed by the city shall be a participant in the plan, and shall become a participant on the first day of full-time employment as a city police officer. Part-time police officers are not eligible for participation in the pension plan. Any full-time police officer who did not participate in the plan prior to the effective date of the ordinance from which this article is derived shall become a participant upon such effective date, unless he submits a written election to the board of trustees within 30 days following the effective date of the ordinance from which this article is derived stating his intention not to participate in the plan. Such election shall be irrevocable. Any full-time police officer who did not participate in the plan prior to the effective date of the ordinance from which this article is derived and who becomes a participant upon such effective date may, within 90 days after the effective date of such ordinance, purchase vesting credits equal to his length of full-time employment as a city police officer prior to such effective date by paying into the pension plan the full amount of contributions due for such service plus interest at the actuarially equivalent rate, compounded annually, or such other amount as prescribed in § 411(c)(2)(d) of the Internal Revenue Code. Notwithstanding the foregoing, the police chief shall have the option to elect not to participate in the plan by submitting a written election to the board within 30 days following employment as police chief.

(b)

A person shall remain a participant until the earliest of:

(1)

Terminating service prior to earning a vested benefit and prior to reaching normal retirement age;

(2)

All benefits have been paid to the participant; or

(3)

The person dies.

(Ord. No. 1993-43, § 3, 9-28-1993; Ord. No. 2015-32 , § 1, 9-22-2015)