What is meant by portability of benefits?
It is a feature of the Retirement Plan wherein the credit earned by a member from the Participating Employer who has rendered less than 10 years of continuous service is carried to his new Participating Employer and the length of service in both will be taken into consideration in determining his total years of continuous service for purpose of Section 3, Article XI only but not for the purpose of computing his retirement benefits. Furthermore, the following requirements must be met: • He must first secure the approval of the Participating Employer whose service he is leaving. • He must notify in writing the Chairperson of the CEAP Retirement Commission of his decision; and • He must be employed by another Participating Employer within a period of one (1) year following the effective date of his resignation. However, if upon resignation or separation, the Member has already rendered at least ten (10) years of continuous service with a Participating Employer or with two or more successi
