1946 (#1157-1189) - Laserfiche WebLink

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Ne Additional Exclusions Board and Public Agency agree that, except as provided in paragraph 9, no adjustment shall be made in the amount of contributions provided in paragraph 9a on account of prior service, or in the centage provided in paragraph 9b, because of variations in the numbers of employees who become members of said Retirement System on the ef- fective date hereof, from the number listed above, due to termination of service by such causes as death, resignation or discharge, or the employment of individuals not included in said number. 4. Age 80 shall be the normal minimum age for retirement for service, of miscellaneous members employed by public agency, that is, members other than Local Firemen and Local Policemen, and one-sixtieth shall be the fraction of final compensation, as defined in said Re- tirement Law, to be provided on the average, for each year of service as a member, by the members, and Public Agency's normal contributions, upon retirement at said minimum age. '8. Benefits on account of prior service, that is, service cred- ited hereunder as rendered to Public Agency prior to the effective date of participation, to respective members employed by Public agency as Local Firemen or Local Policemen, shall be allowed only as a percentage of the average salary specified in said Retirement Law, for each year of such service, and said percentage shall be 100 per cent of the fraction of final compensation as defined in the State Employees' Re- tirement Law, for each year of service rendered after said date, as dete~mlned for said respective members under said law, for the retire- ment for service at age §§, or upon qualification for service retirement at a higher age. If a member retires for service before attaining age 88, his Drior service pension shall be reduced to that amount which the value of the pension as deferred to age 88 will purchase at the actual age of retirement. 6. Prior service benefits to miscellaneous members employed by Public Agency, that is, members other than Local Firemen and Local Policemen, upon retirement for service at the normal minimum age entered in paragrap~ 4 hereof; shall be allowed only as a percentage of the average salary specified in said Retirement Law, for each year of such service, and said percentage shall be 100 per cent of one-sixtieth. If a member retires for service before attaining the normal minimum age in item 4, his prior service pension shall be reduced to that amount which the value of the pension as deferred to said minimum age will purchase at the actual age of retirement. 7. The provisions of Section 212§Sb of the State Employees. Retirement Law, guaranteeing a m~tnimum retirement allowance under cer- tain conditions shall apply to employees of Public Agency who become members of said Retirement System. 8. The provisions of Section ~1367.B of the State Employees Retirement Law, providing a $~00 death benefit after retirement shall apply to employees of Public Agency who become members of said Retire- merit System. 9. Public Agency shall contribute to said Retirement System as follows: a. The sum of $51,080.69 per annum, payable in equal monthly or less frequent installments as Board shall require, for a period of 28 years, on account of the liability for benefits based on service rendered to Public Agency prior to the effective date hereof.