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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 forprior
<br /> service,if the Public Agency elects age 55 as the lowest optional service retirement age.
<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 and
<br /> upon proof of incapacity for the performance of duty: :.
<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 casemay be, of the averagemonthlysalary 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 /> 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 /> 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 ofthePublic Agency, a benefit of $300
<br /> is payable.
<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 /> 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 $500 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 contributionsand-theircredited service, regardless of service rendered.
<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 retirementsystem, the contributions per $100 of
<br /> salary varying from $7.63 at entry age 21 to $14.35 at entry age 35. Contributions offiremen 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 /> 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 $1.00 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, women.
<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. t,
<br /> 14. Ability of the Retirement System to pay benefits is safeguarded by a provisionauthoriiidg"
<br /> the Board of Administration to revise contributions of both employees and the Agency,in the light'of'
<br /> experience under the system.
<br /> 60025 10-45 545 550
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