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<br />credit to be purchased for the employee under the <br />Plan shall be included in making this determination <br />for eligibility. <br /> <br />c. The employee agrees to retire under section 145.32, <br />145.34, 145.37, or 145.33 (A), O.R.C., within 90 days <br />after receiving notice from PERS that service credit <br />has been purchased for the employee pursuant to the <br />Plan. <br /> <br />D. Employees to be considered eligible under this plan <br />shall meet the following minimum requirements: <br /> <br />1. <br /> <br />Have reached their, 60th birthday and <br />minimum of eight (8) years and four (4) <br />of service credit with PERS. <br /> <br />have a <br />months <br /> <br />2. <br /> <br />Have reached their 55th birthday <br />minimum of twenty (20) years and ten <br />of service credit with PERS. <br /> <br />and have a <br />(10) months <br /> <br />3. No age requirement with a minimum of twenty-five <br />(25) years of service credit with PERS. <br /> <br />4. In the event that more than eighteen (18) <br />percent of employees are eligible for early <br />retirement under this plan, those employees <br />having the greater amount of service credit with <br />the city of Lakewood, Ohio shall prevail over <br />those employees with combined PERS service <br />credit with the City of Lakewood, Ohio and other <br />qualified governmental agencies. <br /> <br />5. Time To Be Purchased. <br /> <br />C. Pu~suant to the terms of the Plan, service credit for each <br />participating employee shall be purchased by the city of <br />Lakewood in an amount equal to the lesser of the <br />following: <br /> <br />1. 5 years of service credit. <br /> <br />2. An amount of service credit equal to 1/5 of the total <br />service of record credited to the participating <br />employee in the Public Employees Retirement System, <br />exclusive of the service credit purchased under this <br />plan. <br /> <br />6. Payment for Time. The City of Lakewood shall payor contract <br />to pay in installments the cost of the service credit to be <br />purchased (as calculated by PERS) to PERS, on the date agreed <br />to by the employee and the city of LakewQod. The payment shall <br />be made in accordance with rules adopted by the PUblic <br />Employees Retirement Board. The board shall notify the member <br />when he or she is credited with service purchased under this <br />section. <br /> <br />7. <br /> <br />Return of Funds. <br />(90) days after <br /> <br />If the employee does not retire within ninety <br />receiving notice that he or she has been <br />