1946 (#3429-3537) - Laserfiche WebLink

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10. A minimum service retirement allowance of $40 per month is guaranteed upon retirement at age 70 with credit for service rendered prior to said effective date, if the Public Agency elects age 60 as the lowest optional service retirement age, or a minimum allowance of $60 per month Upon retirement at age 65 or over with twenty years of service, or upon retirement at age 70 with credit for prior service, if the Public Agency elects age 55 as the lowest optional service retirement age. Retirement for disability, except in the case of local firemen and local policemen disabled from injury arisin~ out of and in the course of emoloyment, is permitted only after ten years of service and upon proof of incapacity for the performance of duty. The monthly retirement allowance payable upon disability retirement, described in precediag item 5, is dependent upon such factors as age, salary and years of service, but generally is equal to 90% of 1/70th, or 1/60th as the case may be, of the average monthly salary during the five years immedie~tely preceding retirement, for each year of set. vice, with a guare,ntee of 2§% of said salary, subject to certain re- strictions and modifications. Disability retirement of local firemen and local policemen, in the event of disability arising out of and in the course of employment, is permitted regardless of age and service, the monthly retirement allowance bering one-half the avere~ge monthly sale.ry during the ftw~ years immediately preceding retirement. The benefit payable at death before retirement, e~cept in the case of local firemen and local policemen dying from injury arising out of ~nd in the course of employment, consists of the contributions of the mem- ber plus interest, nnd plus 1/12th of th~ member's annual salary during the year immediately preceding death, for each year, not ex- ceeding six years, of service as a member of the s~stem. Upon death after retirement, ~d at the election of the Public Agency, a benefit of $800 is payable. The monthly allowance payable to the widow and children, at the death of local firemen ~nd local policemen arising out of and in the course of en~loyment, is one-half the average monthly salary during the five years immediately preceding death. The benefit upon separation from service by other cause than death or retirement, ie the refund of the member's contributions, with interest. Members having accumulated contributions of at leest $~00 upon resig- nation or discharge, may elect irrevocably, within ninety days, to leav~ contributions in the Retirement F~nd, and th~n upon reaching the low~st optional service retirement age or becoming disabled, to be en- titled te receive such retirement allowance as will be provided by their and the Ag~ncy~s contributions and their credited service, re- gardless of service r~ndered. F122a-2 10-45 200