§1808.6. Vesting

            A.(1) A member of MERS Plan B Tier 2 who withdraws from active service prior to becoming eligible for retirement, who has at least seven years of creditable service, and who has received no refund of his accumulated contributions, shall receive a retirement allowance to commence on his earliest normal retirement date.

            (2) Such deferred retirement allowance shall be computed according to the provisions of this Part based on final compensation and creditable service at date of withdrawal.

            (3) During the period from the member's date of withdrawal from service to the member's earliest normal retirement date, he shall not be considered a member and therefore shall not be entitled to any benefits due a member. Upon retirement he may exercise all rights and privileges of a retired member.

            B. Should a vested terminated member return to active employment, he shall become a member and shall contribute at the current contribution rate.

            Acts 2018, No. 4, §1, eff. July 1, 2018.