1984 Ordinances - Laserfiche WebLink

Home Browse Search

ARTICLE IV. Portsmouth Supplemental Retirement System. Section. 31-201. Definitions. As used in this Article, unless otherwise required by the context, the following words and terms shall have the meanings indicated: ACCUMULATED CONTRIBUTIONS. The term "accumulated contri- butions'' shall be taken to mean the sum of all amounts de- ducted from the compensation of a member as contributions to the system, together with in-terest thereon at th.e rate of two per cent (2%) per annum from the end of the fiscal year in which each such contribution was made. ACTUARIAL EQUIVALENT. The term "actuarial equivalent" shall be taken to mean a benefit of equal value when computed upon the basis of such actuarial tables as are adopted by the Board. AVERAGE FINAL COMPENSAT!ONj The term "average final com- pensation'' shall be taken to mean the average annual credit- able compensation of a member during his ~hirty-six (3~) highest consecutive months of creditable service ~r during the entire period of his creditable service if less than thirty-six (3~) months. BENEFICIARY. The word ~'beneficiary'~ shall be taken to mean any person entitled to receive benef'its of any kind under this Article because of the death of a member. BOARD. The %~ord "board" shall be taken to mean the board of trustees of the Portsmouth Supplemental Retirement System, as provided for in Sections 31-213 and 3t-223. CREDITABLE COMPENSATION. The term "~reditable compensa- tion'' shall be taken to mean the full compensation payable to an employee working the full working t~e for his position; provided!, however, that if an employee receives increases in compensation in the last four ~4) years of creditable service, not rela~ed to promotion which exceed theI average compen- sation increase in the same period received by other ~mptoyees holding comparable positions, or which, in case there are no comparable positions, exceed the average percentage compen- sation mncrease in the same period received by all other em- ployees, such excess shall be deducted in computing creditable compensation if the board finds after consideration of all circumstances that %he primary purpose of such compensation increase was to increase the retirement benefit of such em- ployee. 4