Agmt_1956_August 6_Amendment - Laserfiche WebLink

Home Browse Search

lt. A minimum service retirement allowance of $~0 per month is guaranteed upon retirement at age 70 with credit for service rendered prior to said effective date, if the Ribiic Agency elects age 60 as the lowest optional service retirement age, or a minimum allowance of X60 per month upon retirement at age 65 or over with twenty years of service, or upon retirement at age 70 with credit for prior service, if the Pub- lic Agency elects age 55 as the lowest optional service retirement age. 5. Retirement for disability, except in the case of local firemen and lo- cal policemen disabled from injury arising out of and in the course of employment, is permitted only after ten years of service and upon proof of incapacity for the performance of duty. 6. The monthly retirement alllowance payable upon disability retirement, described in preceding item 5, is dependent upon such factors as age, salary and years of services but generally is equal to 90~ of 1/70th, or 1/60th as the case may be, of the average monthly salary during the five years imrediately preceding retirement, for each year of service, with a guarantee of 25~ of said salary, subject to certain restrictions and modifications. 7. Disability retirement of local firemen and local policemen, in the event of disability arising out of and in the course of employment, is permitted regardless of age and service, the monthly retirement allowance being one-half the average monthly salary during the five years immediately preceding retirement. 8. The benefit payable at death before retirement, except in the case of local firemen and local policemen dying from in3ury arising out of and in the course of~employment, consists of the contributions of the member plus interest, and plus 1/12th of the members annual salary during the year immediately preceding death, for each year, not ex- ceeding six years, of service as a member of the System. Upon death after retirement, and at the election of the Public Agency, a bene- fit of is payable. 9. The monthly allowance payable to the widow and children, at the death of local firemen and local policemen arising out of and in the course of employment, is one-half the average monthly salary during the five years immediately preceding death. 10. The benefit upon separation from service by other cause than death or retirement, is the refund of the members contributions, with in- terest. rdembers having accumulated contributions of at least X500 upon resignation or discharge, may elect irrevocably, within ninety days, to leave contributions in the Retirement Fund, and then upon reaching the lowest optional service retirement age or becoming dis- abled, to be entitled to receive such retirement allowance as will be provided by their and the Agency-s contributions and their credited service, regardless of service rendered. F 122d - 2 (Guar. ~ & Comp.) 10-50