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TERMINATION OF EMPLON P <br />I£ an em loyee has less than five (5) years of service, contributions must be <br />refunded to the employee unless he is of retirement compulsory age. When con- <br />tributions are refunded, Retirement System membership ceases and there is no <br />further right to death, disability, or, service retirement benefits. <br />If an employee has five (5) or more years of service, a terminating employee <br />can leave zs contra ions in the Retirement System, thus retaining his <br />right to a deferred retirement income (at age 50) based on service and salary <br />prior to termination. <br />The Report of Status Change or Separation, Form PERS-ACC-167, filed through <br />your employer, is used to accomplish the election you make to have your contri- <br />butions remain on deposit or to be refunded to you. <br />Interest is paid to the last day of the preceding fiscal year. Contributions <br />withdrawn as of July 1st will, therefore, receive all accumulated interest. <br />Those withdrawn as of June 29th would, in effect, lose a year's interest. As <br />of July 1, 1972, the interest rate credited to employee accounts is 5%. <br />M' <br />