What happens to my contributions if I die or leave Town employment before I am vested?

Employees who leave Town employment prior to becoming vested should request to have their contributions plus interest refunded. The Retirement Board will not pay interest on your contribution after 60 days from your last date of employment. As a Trust, the Retirement Board does not have the authority to invest funds for the benefit of non-members. If the refund is due to death of the employee, contributions plus interest will be refunded to their beneficiary.

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1. What is a “retirement allowance” and how is it calculated?
2. What is “includable” or “pensionable” compensation”?
3. When can I retire?
4. What is the maximum amount I can receive as a retirement allowance?
5. What is vesting and how long does it take to vest my pension benefit?
6. Do I receive service credit for active military service?
7. Does military service credit count toward my vesting?
8. Once I am vested, if I leave Town employment before I retire, am I still eligible to receive my retirement allowance when I reach retirement age or the Rule of 80?
9. Are contributions to the Plan mandatory?
10. Can I make up my contribution deficiency?
11. Are my contributions made on a before-tax or after-tax basis?
12. What rate of interest do my contributions earn?
13. What options are available to me at the time of retirement?
14. What happens to my contributions if I die or leave Town employment before I am vested?
15. What happens to my contributions if I die after I’m vested, but before I retire?
16. What happens to my contributions at the time of my death, after I retire?
17. Who can I name as my beneficiary?
18. Does my choice of beneficiary impact my retirement allowance?
19. Can I change my beneficiary at a later date?
20. Can I borrow against my pension contributions?
21. Can I roll over contributions that I made to another plan into the Defined Benefit Plan?
22. If I work as a full-time employee for the Town, leave, and return to full-time employment with the Town at a later date, do I receive credit for my first period of service?
23. How do I obtain an estimate of my retirement allowance?
24. I have a date set for when I want to retire. How do I initiate the retirement process?