HomeMy WebLinkAbout39 Repayment of Refunded Accumulated Contribution TAB 39
REPAYMENT OF
REFUNDED
ACCUMULATED
CONTRIBUTION
March 2 0 , 2 012
CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM BOARD OF TRUSTEES
REPAYMENT OF REFUNDED
ACCUMULATED CONTRIBUTION POLICY
I. Purpose.
Members of the Lansing Policemen's and Firemen's Retirement System (the "System") that leave the
employ of the City of Lansing (the "City") before satisfying the age and service requirements for
retirement, and/or that are not eligible to defer their retirement in accordance with Section 294.02(k) of
the Lansing Police and Fire Retirement System Ordinance (the "Ordinance"), or who wish not to defer,
are entitled to receive a refund of their accumulated contributions in accordance with Section 294,02(q)of
the Ordinance.
Section 294.02(g) of the Ordinance provides that a former member, who left the employ of the City for
any reason except retirement or death, that is reemployed by the City as a policemen or fireman, again
becomes a member of the System. If such reemployment occurs within a period of 4 years from the date
of separation from City employment, forfeited service credit shall be restored, provided that accumulated
contributions withdrawn from the System are repaid with regular interest from the date of withdrawal to
the date of repayment.
The Lansing Policemen's and Firemen's Retirement System Board of Trustees (the "Board") establishes
the following policy to set the procedure for the repayment of withdrawn accumulated contributions.
11, Policy,
A. A member, that is reemployed by the City as a policemen or fireman within a period of 4 years from
the date of separation from City employment and who is otherwise eligible, in order to qualify for prior
service credit, shall deposit in the employees savings fund, by single payment or by installment payments
approved in writing by the Board, the accumulated contributions, if any, the member withdrew from the
System, together with regular interest from the date of withdrawal to the date of repayment. Any
installment payment plan approved by the Board shall not exceed 6 months in duration.
B. Full repayment of accumulated contributions and regular interest, as required by paragraph A above,
shall be made by a member within one year of the effective date of reemployment with the City. A
members that chooses or fails to make full repayment as required by this paragraph B, shall forfeit any
prior service credits in the System, shall be refunded any payments made under an installment plan
approved by the Board, and shall be treated as a new member of the System from the effective date of his
or her reemployment with the City.
C. At no time shall any member be given credit for service rendered prior to the date he or she withdrew
their accumulated contributions from the System, until he or she repays the full amount due to the System
under this Policy.
D. If, during the period of repayment to the System under this Policy,a member dies and leaves a spouse,
the spouse may pay the balance due to the System within 60 days of the member's death. If the spouse
chooses not to pay the balance, or the member leaves no spouse, any payments made under an installment
plan approved by the Board shall be refunded to the legal representative of the member's estate. This
paragraph D shall have no effect on the distribution of accumulated contributions once the one year
repayment period has expired under this Policy. Such contributions shall be paid according to Section
294.02(q)(2)of the Ordinance.
Policy adopted: March 20,2012
7672012.1 26005/11823 5
LANSING POLICEMEN'S AND FIREMEN'S RETIREMENT SYSTEM
INSTALLMENT REPAYMENT-WITHDRAWN ACCUMULATED CONTRIBUTIONS
Section 294.02(g) of the Lansing Policemen's and Firemen's Retirement System Ordinance provides that
a former member, who left the employ of the City of Lansing (the "City") for any reason except
retirement or death,that is reemployed by the City as a policemen or fireman, again becomes a member of
the Lansing Policemen's and Firemen's Retirement System (the"System"). If such reemployment occurs
within a period of 4 years from the date of separation from City employment, forfeited service credit shall
be restored, provided that accumulated contributions withdrawn from the System are repaid with regular
interest from the date of withdrawal to the date of total repayment.
In order to qualify for the restoration of prior service credit, such total repayment must be made within 6
months of the members reemployment. Upon written request of the member within 6 months of his/her
reemployment, the Lansing Policemen's and Firemen's Retirement System Board of Trustees (the
"Board") may agree in writing to extend the initial 6 month repayment period for one additional 6 month
period.
Date:
Members name: Social Security Number:
Members Address:
Department;
Date of separation from City employment:
Date of reemployment with City:
Total withdrawn accumulated contributions(with calculated interest):
Current rate of accruing interest:
Installment repayment plan(shall not exceed 6 months):
Start date: Payment per month$ End date:
A members that chooses or fails to make full repayment as required by this form shall forfeit any prior
service credits in the System, shall be refiinded any payments made under an installment plan approved
by the Board, and shall be treated as a new member of the System from the effective date of his or her
reemployment with the City. At no time shall any member be given credit for service rendered prior to
the date he or she withdrew their accumulated contributions from the System, until he or she repays the
full amount due to the System.
My signature affirms that] have read, understand and agree to the above.
Members signature: Date:
Witness signature: Date:
Approved by Board on:
8314229.1 26005/11823 5