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Ordinance 3023
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Ordinance 3023
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2/17/2023 10:20:32 AM
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2/17/2023 10:19:35 AM
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Ordinances
Ordinance Number
3023
Date
12/6/1944
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( i ) "Prior Service" shall mean the service of a member for <br /> compensation rendered to the City prior to January 1 , 1945, and <br /> shall also include military or naval service of a member to the <br /> extent specified in Section 6 of this Ordinance. <br /> (k) "Continuous Service" shall mean uninterrupted employ- <br /> ment of the City, except that discontinuance of city service of a <br /> member caused by lay-off, leave of absence , or resignation, <br /> followed by re-entrance into city service within six months, shall <br /> not count as a break in the continuity of service; provided, that <br /> for the purpose of establishing membership in the t{etirement Systr <br /> continuous service shall mean six (6) months' service (or one <br /> hundred and fifty working days)in any one year. <br /> (1) "r_etired M.Tember" shall mean any member who has been dul <br /> retired by the Board end is entitled to or in receipt of a pensio t , <br /> annuity, retirement allowance or disability allowance provided <br /> for in this Ordinance . <br /> (m) "Beneficiary" shall mean the person or persons entitled <br /> to receive any amount or allowance payable on the death of an <br /> active or retired member. <br /> (n) "Compensation" shall mean the compensation payable in <br /> cash, plus the monetary value, as determined by the Board of <br /> r.dministration, of any allowance in lieu thereof. <br /> ( o) "Final Compensation" shall mean the average annual <br /> compenstion earnable by a member during the ten (10 ) completed <br /> calendar years immediately preceding his retirement. <br /> (p ) "Normal Contribution" shall mean contribution at the <br /> rate provided for in Subdivision (a) Section 5 of this Ordinance. <br /> (q) "Regular interest" , unless or until changed by the <br /> Board as provided by Section 7 of this Ordinance , shall mean <br /> interest at three percent (3 ) per annum, compounded annually. <br /> (r) "Accumulated formal Contributions" shall mean the sum <br /> of all normal contributions, deducted from the compensation of <br /> a member, standing to the credit of his individual account, to- <br /> gether with regular interest thereon. <br /> ( s) "Accumulated Additional Contributions" shall mean the <br /> sum of all supplemental contributions (other than expense <br /> deductions ) regularly deducted from the compensation of a member <br /> and standing to the credit of his individual account, together <br /> with regular interest thereon, or interest at such other lesser <br /> rate as may, from time to time, be declared by the Board for <br /> that purpose. <br /> (t ) "Accumulated Contributions" shall mean the sum of <br /> accumulated normal contributions and accumulated additional <br /> contributions. <br /> (u) "Pension" shall mean payments derived from the con- <br /> tributions made by the City as provided for in Sectionsl4 and 16 <br /> of this Ordinance . <br /> -2- <br />
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