157. On ceasing to hold employment, the employee referred to in section 155 is entitled to receive the indexed pension or the pension recomputed in accordance with this plan for the period during which it ceases to be paid, whichever is greater.
Sections 108.1, 108.2, 116.1 and 116.2 apply to the pension referred to in the first paragraph.
If the greater amount is the indexed pension, the contributions paid by the employee during the period in which the employee held employment shall be refunded to the employee with interest, compounded annually, at the rates determined in Schedule VII until the date the employee ceased to hold employment and at the rate determined in Schedule VIII from the day following that date until the date the refund is paid.
2001, c. 31, s. 157; 2004, c. 39, s. 260; 2017, c. 7, s. 151.