1977 Ordinances - Laserfiche WebLink

Home Browse Search

member during his thirty-six highest' conSecutive months of creditable service or during the entire period of his creditable.service if 'less than thirty-six months. ~ :Section 31-91. Definitions. · As used 5/i this Article, unless otherwise.required by the context, the following words' and~ terms shall have the meaning indicated: Accumulated cont~,'~outions. The term "accumulated contributions" shall be taken to mean the sum of all ~amounts deducted frC~ the compen- sat_ion of a member as contiributio~s to ~he System, together with interest- thereon a% the rate of two percent (2%) per annum from the end of the fiscal year 'in ~hich each such contribution was m~de. : ' 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 t/qe board. - Average Final C°mpe~sation. The ~erm ,average final compensation"- shall be taken to mean the average annual creditable cc~oensatmon of a Beneficiary. The word "beneficiary" shall be taken- to mean any person entitled to receive benefits of any kind under this Arhicle .~ . because .of the death of a.member. Board. The word "beard" shal~l be taken to mean the board of.trustees of the Portsmouth Supplemental[Retir~nt Syst~ as provided for in Section 31-103 to 31-iii.- Creditable Compensation.: The term "creditable compeL~sation" shall be taken to mean the full cx~mpensation payable to an employee working the full working time for~ his position; provided, however,' that if an er~ployee receives increases in c~pensation in the last 'four years of creditable service, not related to prc~otion, which exceed the average ~ation increase in the' same period received by. other e~ployees holding comparable positions, or which, in case'there are no comparable "- positions, exceed the average percentage compensatmon increase in the same period received by all other employees, such excess shall be deducted in cor~puting creditable,'cc~0ensation if the Board finds after consideration of all circt~mstances that-the primary purpose of such conl0ensation mncrease was-to increase the retirement benefit of such employee. 10