Ordinance 3023 - Laserfiche WebLink

• after the completion of mhir•ty (30 ) years of city service shall entitle the member to his retirement allowance. Section 14. ALLOWANCE ON SERVICE RETIREEYT: (a ) A member (but not a non-member employe ) upon retirement from service shall receive a Retirement Allowance subject to the provisions of paragraph (b) of this section, which shall consist of: 1. to annuity which shall be the actuarial equivalent (by the rate of interest and mortality table adopted by the Board for that purpose on the recommendation of the Actuary) of his accumulated contributions at the time of his retirement; 2. A pension purchased by the contribution of the City, equal to the annuity purchased by the accumulated normal contribu- tions of the member. 3. For any member having credit for prior service an additional pension, purchased by tha contributions of the City equal to one and one-third percent of the final compensation, multiplied by the number of years of prior service credited to said member, except that if a member shall retire before attaining the age of Sixty-two ( 62 ) years, the additional pension shall be reduced to an amount which shall be equal to a lesser percentage of final compensation, multiplied by the number of years of prior service credited to said member , which lesser percentage shall be prescri ed by the Board on being derived b- the . ctuary es being consistent with the percentage stipulated for retirement age of Sixty-two ( 62) years or more on the basis of the regular rate of interest and the mortality table assumed to represent the mortality among retired members . (b) If the retirement allowance of the member calculated as provided in this section is in excess of two-thirds of his final salary, or in excess of One Hundred Twenty-five Dollars ( 125.00) per month, the pension of the member, purchased by the contribu- tions of the City , shall be reduced to such an amount Es shell make the member's retirement allowance equal to two-thirds of his final salary, but in no case more than One Hundred Twenty-five Dollars (4125.00) per month , and the actuarial equivalent 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 January 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 Four :undyed Twenty Dollars ( .420.00 ) per year. -11-