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A minimum service retirement allov~ance of $40 per month is guaranteed <br />upon retirement at age 70 with credit for service rendered prior to <br />said effective date, if the Public Agency elects age 60 as the lowest <br />optional service retirement age, or a minimum allowance of $60 per <br />month upon retirement at age 65 or over with twenty years of service, <br />or upon retirement at age 70 with credit for prior service, if the Pub- <br />lic Agency elects age 55 as the lowest optional service retirement age. <br /> <br />Retirement for disability, except in the case of local firemen and lo- <br />cal policemen' disabled from injury arising out of and in the course <br />of employment, is permitted only after ten years of service and upon <br />proof of incapacity for the performance of duty. <br /> <br />The monthly retirement allowance payable upon disability retirement, <br />described in preceding item 5, is dependent upon such factors as age, <br />salary and years of service, but generally is equal to 90% of 1/70th, <br />or 1/6Oth as the case may be, of the average monthly salary during <br />the five years ~m~ediately preceding retirement, for each year of <br />service, with a guarantee of 25% of said salary, subject to certain <br />restrictions and modifications. <br /> <br />e <br /> <br />Disability retirement of local firemen and local policemen, in the <br />event of disability arising out of and in the course of employment, <br />is permitted regardless of age and service, the monthly retirement <br />allowance being one-half the average monthly salary during the five <br />years immediately preceding retirement. <br /> <br />8. The benefit payable at death before retirement, except in the case of <br /> local firemen and local policemen dying from injury arising out of <br /> and in the course of' employment, consists of the contributions of the <br /> member plus interest, and plus 1/12th of the member's annual salary <br /> during the year immediately preceding death, for each year, not ex- <br /> ceeding six years, of service as a member of the System. Upon death <br /> after retirement, and at the election of the Public Agency, a bene- <br /> fit of ~ is payable. <br /> <br />9. The monthly allowance payable to the widow and children, at the death <br /> of local firemen and local policemen arising out of and in the course <br /> of employment, is one-half the averag~ monthly salary during the five <br /> years ~mmediately preceding death. <br /> <br />10. The benefit upon separation from service by other cause than death <br /> or retirement, is the refund of the member's contributions, with in- <br /> terest. Members having accumulated contributions of at least $500 <br /> upon resignation or discharge, may elect irrevocably, within ninety <br /> days, to leave contributions in the Retirement Fund, and then upon <br /> reaching the lowest optional service retirement age or becoming dis- <br /> abled, to be entitled to receive such retirement allowance as will <br /> be provided by their and the Agency's contributions and their <br /> credited service, regardless of service rendered. <br /> <br />F 122d - 2 (Guar. % & Comp.) 10-50 <br /> <br /> <br />