Ordinance 3047 - Laserfiche WebLink

ORDINANCE No. 3047 . N ORDINANCE amending Sections 14 and 16 of Ordinance No. 3023 of the City of Everett , entitled as follows: "AID? ORDINANCE creating and establishing a retirement and pension system for certain superannuated and dis- abled officers and employees of the City of Everett ; pro- viding for the payment of retirement allowances; prescrib- ing the conditions on which said allowances shall be paid, the form thereof, and the manner in which the amount thereof shall be determined; fixing rates of contribution and providing for the adjustment thereof; providing for the administration of said system and the accumulation of the necessary funds therefor; providing that this ordin- ance shall take effect on January 1 , 1945, and declaring an emergency. " THE CITY OF -.VERETT DOES ORDAIN: Section 1 : That Section 14 of Ordinance No. 3023, entitled as above set forth, be , and the same is hereby amended to read as follows: Section 14: ALLOWANCE ON SERVICE RETIRETT: (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. A life 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 the 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 attain- ing the age of Sixty-two (62 ) years, the additional pension shall be reduced to an amount which shall be eaual to a lesser percent- . age of final compensation, multiplied by the number of years of prior service credited to said member, which lesser percent- ages shall be prescribed by the Board on being derived by the Actuary as 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, and excluding any portion derived from accumulated additional contributions, 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