§ 1509.4. DEFERRED RETIREMENT.

Should any member be separated from service of the City through any cause other than death or retirement, then all of the member's contributions, with interest, shall be refunded to the member, provided that if such member is entitled to be credited with at least ten years of service, the member shall have the right to elect within ninety days after said termination of service, whether to allow the member's accumulated contributions to remain in the Retirement Fund. Such election shall become void upon such person's employment in a position requisite for membership in this System, and may be revoked by such person at any time prior thereto. Upon such revocation, the member's accumulated contributions shall be refunded to the member. Failure to make an election during the said 90-day period shall be deemed an irrevocable election to withdraw the member's accumulated contributions.

A member whose membership continues under this section is subject to the same age requirement as applies to other members for service retirement, but is not subject to a minimum service requirement. After the qualification of such member for retirement by reason of age for service retirement and only then, the member shall be entitled to receive a retirement allowance based upon the amount of the member's accumulated contributions and service standing to the member's credit at the time of retirement and on the employer contributions held for the member and calculated in the same manner as for other members.