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4. A minimum service retirement allowance of $40 per month isguaranteed 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 for prior •
<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 ditty.
<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 case may be, of the average monthly salary 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 I
<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 member of the
<br /> system. Upon death after retirement, and at the election of the Public 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 a'trerage 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 lean $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 their credited service, regardless of service rendered.
<br /> 11. Contributionsrequired of local firemen and local policemen,without credit for prior service,
<br /> depend upon salary and upon age of entry'into the retirement system, the contributions per $100 of,
<br /> salary varying from $7.63-at entry-age'21 to $14.35 at entry age 35. Contributions of firemen and
<br /> policemen having'credit fol. prior service depend on salary, entry age, and amount of prior service, •
<br /> the amountof contribution per $100 being $16.33 for example, at entry age 54, 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 $4.83at 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 seyice.retirement age, the,contributions per $100 of salary vary from
<br /> $7.22 at age 20,to$10.26 at age 59,for men,and from$8.51 at age 20,19$11.61 at age 59,for women.
<br /> I3. 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.
<br /> • 14. Ability of the Retirement System to pay benefits is safeguarded by a provision authorizing
<br /> the Board of Administration to revise contributions of both employees and the Agency,in the'light of
<br /> ider the system.
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