Ordinance 3023 - Laserfiche WebLink

• • • discontinued until his withdrawal of such refusal , and should refusal continue for One (1) year, his retirement allowance may be cancelled . Should said disabled member prior to attaining age Sixty-two (62 ) years, engage in a gainful occupation not in the City service , or should he re-enter the Sity service and be ineligible for membership in the Retirement System in accordance with Subdivision (b ) , Section 4 of this Ordinance , the board of Administration shell reduce the amount of his retirement allowanc: to an amount which, when added to the compensation earned by him n such occupation, shall not exceed one-half the amount of the fine compensation on the basis of which his retirement allowance was determined. ,should the earning capacity of such disabled member be further altered, the board may further alter his retirement allowance to an amount which shall not exceed the amount upon whic l he was originelly retired but which , subject to such limitation, shall equal, when added to the compensation earned by him, one-ha f of the -mount of his final compensation on the basis of which his retirement allowance was determined . ;,hen said disabled member reaches the age of Sixty-two (62 ) years his retirement allowance shall be made equal to the amount upon which he was originally retired, and shall not again be modified for any cause except as provided in Section 23 hereof. (d) Should the retirement allowance of any disabled member be cancelled for any cause other than re-entrance into the City service , he shall be paid his accumulated contributions, less annuity payments made to him. Section 18. OPTIOVAL ALLOWANCE ON RETIREMENT: (a ) A member „ay elect to receive, in lieu of the retiremen allowance provided for in Section 14, the actuarial equivalent in the form of a lesser retirement allowance , pay< ble in accord- ance with the terms end conditions of one of the options set forth below in this section. .lection of any option must be .ede by written a-pplic tion filed with the oard of Administration et least Thirty (34 days in advance of retirement es provided in Section 13, and shall not be effective unless ap:roved by the Board prior to retirement of the member. (b) Upon receipt by the Board of any application requesting a lesser retirement allowance under any option set forth below i • this section, the applicant shall be examined by a physician or surgeon appointed by the Board, and such application shell not be approved by the Board unless such examination shall show that the applicant is then in good health and has a normal expectancy of life; provided, however, that such examination shall not be required if the application is made at least Five ( 5) years before the payment of the lesser retirement allowance is to commence. Revocation of the election of the lesser retirement allowance ma, be ma, e by the member by written notice to the Board at any time prior to retirement. OPTION A. The lesser retirement allowance shall be payable to the member throughout his life , provided , that if he dies before he receives in annuity payments referred to in Paragraph 1 of Subdivision (a ) of Section 14, a total amount equal to the amount of his accumulated contributions as it was at the date of his retirement, the balance of such accumulated contributions shall be paid in one sum to his estate or to such persons having an insurable interest in his life as he shall nominate by written designation duly executed and filed with the Board. -14-