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UNMODIFIED ALLOWANCE <br />The term "unmodified allowance" refers to the highest monthly life income <br />calculated under the formula. It is important to understand that the only <br />benefit which will. be paid upon member's death after retirement will be a <br />lump sun of $500 if the retiring member chooses the "unmodified allowance" <br />The following table shows the percentage factor to determine "unmodified <br />allowance" for each year of credited service: <br />TABLE A <br />AGE AT PERCENTAGE AGE AT PERCENTAGE <br />RETIREMENT FACTOR RETIREMENT FACTOR <br />50 <br />2.000% <br />53 <br />2.420% <br />50-1/4 <br />2.035 <br />53-1/4 <br />2.455 <br />50-1/2 <br />2.070 <br />53-1/2 <br />2.490 <br />50-3/4 <br />2.105 <br />53-3/4 <br />2.525 <br />51 <br />2.140 <br />54 <br />2.560 <br />51-1/4 <br />2.175 <br />54-1/4 <br />2.595 <br />51-1/2 <br />2.210 <br />54-1/2 <br />2.630 <br />51-3/4 <br />2.245 <br />54-3/4 <br />2.665 <br />52 <br />2.280 <br />55 and <br />2.700 <br />52-1/4 <br />2.315 <br />over <br />52-1/2 <br />2.350 <br />52-3/4 <br />2.385 <br />EXAMPLES <br />Your Case <br />1) <br />Age at Retirement <br />50 <br />53 <br />55 <br />60 <br />2) <br />Years of credited service <br />25 <br />25 <br />30 <br />14 <br />3) <br />Final Compensation <br />$600. <br />$700. <br />$800. <br />$700.`—�`-� <br />4) <br />Benefit Factor (from TABLE A) <br />2.000% <br />2.420% <br />2.700% <br />2.700% <br />5) <br />Benefit Percentage (2)x(4) <br />50% <br />60.5% <br />75% <br />37.8% <br />6) <br />Unmodified Allowance <br />$300. <br />$423.50 <br />$600. <br />$264.60- <br />OPTIONAL ALLOWANCES <br />When you retire, for service or disability, you are given the opportunity to <br />choose between the unmodified allowance and the options described below. Each <br />option will pay a smaller amount than the unmodified benefit, but will provide <br />certain death benefits in addition to the $500: <br />This option guarantees the return of the balance of your contributions. At <br />death, the Retirement System adds up that portion of the monthly benefit pay- <br />monts which were provided by your contributions (excluding benefits paid from <br />employer contributions). if the full amount of contributions has not been <br />paid, the balance will be paid to your beneficiary. <br />-2- <br />