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<br />4. A minimum service retirement allowance of $40 per month is guaranteed upon retirement at
<br />age 70 with credit for service rendered prior to said effective date, if the Public Agency elects age 60
<br />as the lowest optional service retirement age, or a minimum allowance of $60 per month upon retire-
<br />ment at age 65 or over with twenty years of service, or upon retirement at age 70 with credit for prior
<br />service, if the Public Agency elects age 55 as the lowest optional service retirement age.
<br />
<br />5. Retirement for disability, except in the case of local firemen and local policemen disabled from
<br />injury arising out of and in the course of employment, is permitted only after ten years of service anq
<br />upon proof of incapacity for the performance of duty.
<br />
<br />6. The monthly retirement allowance payable upon disability retirement, described in preceding
<br />item 5, is dependent upon such factors as age, salary and years of service, but generally is equal to 90%
<br />of 1/70th, or 1/60th as the case may be, of the average monthly salary during the five years immedi-
<br />ately preceding retirement, for each year of service, with a guarantee of 25% of said salary, subject to
<br />certain restrictions and modifications.
<br />
<br />7. Disability retirement of local firemen and local policemen, in the event of disability arising
<br />out of and in the course of employment, is permitted regardless of age and service, the monthly
<br />retirement allowance being one-half the average monthly salary during the five years immediately
<br />preceding retirement.
<br />
<br />8. The benefit payable at death before retirement, except in the case of local firemen and local
<br />policemen dying from injury arising out of and in the course of employment, consists of the contri-
<br />butions of the member plus interest, and plus 1/12th of the member's annual salary during the year
<br />immediately preceding death, for each year, not exceeding six years, of service as a member of the
<br />system. Upon death after retirement, and at the election of the Public Agency, a benefit of $300
<br />is payable.
<br />
<br />9. The monthly allowance payable to the widow and children, at the death of local firemen and
<br />local policemen arising out of and in the course of employment, is one-half the average monthly salary
<br />during the five years immediately preceding death.
<br />
<br />10. The benefit upon separation from service by other cause than death or retirement, is the
<br />refund of the member's contributions, with interest; Members having accumulated contributions of
<br />at least $ 5 00 upon resignation or discharge, may elect irrevocably, within ninety days, to leave contri-
<br />butions in the Retirement Fund, and then upon reaching the lowest optional service retirement age or
<br />becoming disabled, to be entitled to receive such retirement allowance as will be provided by their and
<br />the Agency's contributions and J;heir credited service, regardless of service rendered.
<br />
<br />11. Contributions required of local firemen and local policemen, without credit for prior service,
<br />depend upon salary and upon age of entry into the retirement system, the contributions per $100 of
<br />salary varying from $7.63 at entry age 21 to $14.35 at entry age 35. Contributions of firemen and
<br />policemen having credit for prior service depend on salary, entry age, and amount of prior service,
<br />the amount of contribution per $100 being $16.33 for example, at entry age 54, with 19 years of
<br />prior service.
<br />
<br />12. For other Agency employees, the contributions depend upon salary, sex and age of entry into
<br />the retirement system, the contributions per $100 of salary varying from $4.83 at age 20, to $7.45
<br />at age 64, for men, and from $5.83 at age 20, to $8.50 at age 64, for women, all based on the Public
<br />Agency's election of age 60 as the lowest optional service retirement age. If the Public Agency elects
<br />age 55 as the lowest optional service retirement age, the contributions per $100 of salary vary from
<br />$7.22 at age 20, to $10.26 at age 59, for men, and from $8.51 at age 20, to $11.61 at age 59, for women.
<br />
<br />13. The Agency is required to contribute the balance of the funds necessary to meet the cost of
<br />the benefits provided under the retirement system for the Agency employees. The Agency also is
<br />required to pay its proportionate share of the administrative costs of the system.
<br />
<br />14. Ability of the Retirement System to pay benefits is safeguarded by a provision authorizing
<br />the Board of Administration to revise contributions of both employees and the Agency, in the light of
<br />experience under the system.
<br />
<br />F 1248.
<br />50025 10-45 1M SPO ~
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