Ordinance 3047 - Laserfiche WebLink

A • by the contributions of the City, shall be reduced to such an amount as shall make the member 's retirement allowance equal to ti .- thirds of his final salary, but in no case more than One Hundred Twenty-five Dollars ( 125.00 ) per month, and the actuarial equiva- lent of such reduction shall remain in the Retirement Fund to the credit of the City under the conditions prescribed in Section 13 for Reserves Released. ( c ) Any member who enters the Retirement System on Tanuary 1 1945, or who enters after that date and receives credit for prior service , and who is retired by reason of attaining the maximum retirement age, shall receive on account of prior service such additional pension, purchased by the contributions of the City, as will make his total retirement allowance not less than Fifty Dollars ( 50.00 ) per month. Section 2: That Section 16 of Ordinance No. 3023, entitled as above set forth, be , and the same is hereby amended to read as follows: Section 16 : AI,L0WINCE ON DISABILITY RETIRE;ANT: (a ) Upon retirement for disability as herein provided, provided the disability is not due to intemperance , wilful misconduct or violation of law, of which the Board shall be the judge , a member shall receive a disability retirement allowance which shall consist of: 1. A life annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement . 2 . A pension purchased by the contributions of the City which, together with his annuity provided by his accumulated normal contributions , shall make the retirement allowance equal to - (a ) - one and one-fourth percent of his final compensation multiplied by the number of years of service credited to him, if such retirement allowance exceeds Twenty-five percent of his final compensation and is not less than Fifty Dollars ( 50.00 ) per month; otherwise - (b ) - one and one-fourth percent of his final compensation multiplied by the number of years of service which would be creditable to him were his services to continue until attainment by him of age Sixty-two ( 62 ) , but such retire- ment allowance shall not exceed Twenty-five percent of such compensation except where such Twenty-five percent is less than Fifty Dollars (. 50 .00) per month, in which case the member shall receive the minimum disability retirement allowance of Fifty Dollars ( 50.00 ) per month. (b ) If disability is due to intemperance , wilful misconduct or violation of law on the part of the member, the Board ofAd- ministration, in its discretion, may pay to said member in one lump sum his accumulated contributions in lieu of a retirement allowance , and such payment shall constitute full satisfaction of all obligations of the City to such member and upon receipt of such payment he shall cease to be a member of the Retirement System. -2-