Ordinance 3023 - Laserfiche WebLink

• • Section 10. PRIOR SERVICE LIABILITY: There shall be paid annually into the Retirement ftrFund b contributions of the City , the amounts necessary to pay the current fiscal year, all pensions and all other benefits allowabl: under this act to members on account of prior service , and minimu"" allowances provided for in Sections 14 and 16 of this Ordinance. Until the amount accumulated in the Retirement Fund becomes at least as large as the present value of all amounts thereafter pay able from said Fund less the present value of contributions anticipated, the amount annually due to the said Fund under this section shall be the amount estimated as payable from said Fund in the ensuing fiscal year on account of prior service end minimum allowances, adjusted for any error in the estimate previously made for the current fiscal year. Section 11. The payments of the City due the Retirement Fund as pro vided for in this Ordinance are hereby made obligations of the City, as defined in this Ordinance. The Board, as soon as practicable after it is established , and thereafter annually, on or before the 31st day of Tuly of each year, shall prepare and submit to the City Council an estimate of the amounts necessary meet such obligations, and the City Council shall provide for the raising of such amounts as are necessary to make such Section 12 . REFUND OF CONTRIBUTICT?S: (a ) Should the City service of a member be discontinued, except by total and permanent disability or retirement, he shall be paid not later than :six ( 6 ) months after the day of dis- continuance , such part of his accumulated contributions as he shall demand ; provided, however, that a member may appeal to the Board, and by unanimous vote , the Board may grant a request for immediate withdrawal of contributions . If, in the opinion of the Board , said member is permanently separated from city service by reason of such discontinuance, he (or in case of a member' s death, his estate or his properly designated bene- ficiary whose nomination has been filed by the member with the Board) shall be paid forthwith all of his accumulated contributions with interest, less any payments therefrom previously made , and provided also that the Board may, in its discretion, withhold foi not more than One (1) year after a member last rendered City service , all or part of his accumulated normal contributions if after a previous discontinuance of City service he withdrew all or part of his accumulated normal contributions, and pro - vided redeposit such withdrawn amount in the Retirement ndnf in this section. (b ) The City shall receive credit for the full amount pre- viously deposited by the City in the Retirement Fund for the benefit of any member whose service has been discontinued except by service retirement or disability retirement , plus interest; -9-