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1971- Valuations
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PERS Contract & Amendments File 2 of 3
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1971- Valuations
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allowance shall be continued to said children while they are unmarried and under the <br />age of 18. Should there be no surviving wife and no surviving children under the <br />age of 18, then a surviving parent or parents dependent upon him for support may <br />collectively receive one-half of his retirement allowance throughout their lives. <br />This benefit is essentially the same benefit that is provided retired employees under <br />service retirement Option 3, The main difference is that under Option 3 the retired <br />member pays the cost of providing this protection to his widow by accepting a lower <br />retirement allowance during his lifetime, whereas, under the one-half continuance <br />benefits of Section 21264, the retired member's widow would be given this protection <br />at the cost of the employing agency. <br />TERMINATION OF EMPLOYMENT <br />If employee contributions are $500 or less contributions must be refunded to employee <br />unless he is credited with 20 or more years of service. When contributions are <br />refunded, Retirement System membership ceases and there is no further right to death, <br />disability, or service retirement benefits. <br />If employee contributions are more than $500 a -terminating employee can leave his <br />contributions in the Retirement System, •thus retaining his right to a deferred retire- <br />ment income (at age 50 or later) based on service and salary prior to termination. <br />GENERAL INFORMATION <br />Eligibility for Membership <br />All employees who are employed full time become members on the effective date of the <br />public agency's contract with the Retirement System. All persons employed on a full- <br />time basis thereafter become members upon entry into employment. Membership of <br />eligible employees is compulsory regardless of age. Employees who are 60 or older on <br />contract date will come into membership for one month and will then be compulsorily <br />retired. <br />How to Retire <br />An Application for Retirement (Ret. Form 369 is available from your employer) should <br />be submitted to the Retirement System about 90 days in advance of the intended <br />retirement. If quotations under optional retirement benefits are desired, the name, <br />birth date, and sex of person intended as beneficiary must be shown on the appli- <br />cation. The System will advise you of the allowance payable and will furnish such <br />forms and instructions as may be necessary for your retirement. When all documents <br />have been properly completed and returned to the Retirement System, your name will <br />be added to the retirement rolls for issuance of allowance payments at the end of <br />each month. Retirements cannot be effective earlier than the first of the month in <br />which your application is received by the System. <br />How to File Claim for Death Benefit <br />Notice of the death of the member will come to the Retirement System from the <br />employer, or may come in a letter from relatives of the deceased member. The Retire- <br />ment System will furnish an affidavit for the beneficiary to sign and will request <br />Ret. Form 1589-8 (1/69) <br />
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