1969 Ordinances - Laserfiche WebLink

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percent per annum fram 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 %faen cemputed upon the basis of such actuarial tables as are adopted by the board. Average fLnal campensation. The term "average final ccrapensation" shall be taken to mean the average annual creditable ccmpensation of a member during the £ive consecutive years of creditable service in which such campensation was at its greatest amount, or during the entire period of his creditable service, if less than five years. Beneficiary. Tne word "beneficiary" shall be taken to me~n any person entitled to receive benefits of any k~nd under this article because of the death of a member. Board. ~ne word 'board" shall be taken to mean the Board of Trustees of the Port~uouth ~pplemental Retirement Systa~, as provided for in sections 26- 55 to 26-63. Creditable ccmp~'nsation. 5he term "creditable ccrapensation" shall be taken to mean the full campensation payable to an employee working the full working time for his position; in cases where cmnpensation includes mainten- ance and other perquisites, the city manager shall fix the value of that part of the compensation not paid in money. Creditable service. The term "creditable ser~;ice" shall be taken to mean f~r any member the most recent period of continuous service as an employee rendered by the member; provided, however, that continuous service shall not be considered to have been interrupted by any period or periods of authorized leave of abgence or by any period or perieds of service in the armed forces of the United States which did not give rise to termination of membership in the systam. Employee. The word "amployee" shall be ts_ken to mean every firef~ghter or police officer reEularly employed in the police ar~ fire divisions of the city on a full time permanent basis. Employer. The word "amployer" sb~ll be taken to mean the city or the au- thority of the city having the power to appoint an employee to office or employ- ment. Examiner. The word "examiner" shall be taken to mean the medical examiner or examiners as provided for in sections 26-55 to 26-63. Member. The word "mambos" shall be taken to mesh any employee ~ao is in- cluded in the m~abership of the system as ~rovided in Sections 26-64 and 26-65. Nomal reumrement d~, .... The term "nor~.~_l retirament date" shall be *~ken to mean the first of the month nex,~ followmmg or coinciding with the ~mzty-fm~th birthday of a member. ~' Retirement a!low~r~e. The term "retirement al!ova, ce" shall be taken to meat, the retirement payments to which a me~ber is entitled as provided in this art ic le. -4-