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Death After Retirement The death benefit is $500. This .i~ in addition to any payments which might be made under an optional retirement benefit chosen by the member at retirement. One-half Continuance provides upon the death of a local safety member who has retired for service, or disability, for the continuation of one-half the retirement allowance to certain survivors. TERMINATION OF EMPLOYMENT Upon termination of employment, an employee with at least 5 years of service may either leave his contributions with the System and receive, upon attaining retirement age, the retirn~ent benefit he has earned, or he may withdraw his contributions (plus interest), t~us tez~inating his membership in the System and receiving no retirement benefits. Except, (1) a member with less than 5 years of service shall not have the privilege of leaving his contributions with tile System, but shall automatically have his contributions, plus interest, refunded upon termination of employment, and (2) a member who is transferring to employment with another agency which is covered under the System shall not have the right of withdrawing his accumulated contributions. EMPLOYEE CONTRIBUTIONS Each member makes 'monthly contributions to the System which are deducted from his salary. The rate of contribution (percentage of pay) is 9Z of salary earned, exclusive of overtime, on the date this formula becomes effective. The employer also contributes toward the cost of the benefits. The amount con- tributed by the employer for current service retirement benefits will, on the average exceed the cost to the employee. In addition, the employer bears the entire cost of prior service benefits, the industrial death and disability benefits. All contribution rates are subject to revision by the Board of Administration.