1967 Ordinances - Laserfiche WebLink

Home Browse Search

(c) 7ne nor~ai cor.ftribut!on ra~e sb~ll be determ~ned as ~ne percenvmge of the ~e~f0ers' creditable compensation payable d~ir~ the ~ers~' neriods of' ~ture mem?sersb~ip reouired ye pro~/±de the excess of (I)~ the then present value of all ~t~u_~e benefits to be paid from the retirement allowmnce acco~ant~ o~zer (2)~, the then mnfmnded accr'o~d liability~ if armj~ plus the then ~o~unt of asse-cs in the retirement ~i!ows_nce account. (d) Vthe no~l co~ntributior~ rate and the accrued liability contribution rate shall be determ. Aned~ on actuarial bases adopted by the bo~d, ~rom the res~3_~ts of each valuation of the system~ and shall continue in force until a new valuation is ~ade. (e} The board shall certifN ye the cit}~ audits? the ~_o~! contribution rate ~nd the accrmed !igei!ity contribution rate~ end eve~%' cb~e made therein from tL~ ye time. (f) Zee oaggregate e~ioyer co_~f6ribution for ~ay ye~ sb~ll be a~ least sufficient~ v£aen ¢om}ined with the amo~e~ then held in the retirement aiio~nce acco'~mt ~ ye ero}~de the be-eof its payable Prom the account d'~u_~irg the current year. Sec. 26-27° Ret~e~mnt aito~;~nce acco,mat, Ail of the fm~ds and assets of the retirement system shall be held in a sir~le retirement a!io'~:s~ace accou:at~ i~: which shall be accum~:lated all contributions by the ~embers and by ~he a~loyer~ za~,d to which .all income fr~©m the invested f~mds am_.d assets of vhe system shall be creOited~ P_~om this acco~nt sbmli be paid the re- fu~nds of acom~_iated con~ributiorm~ the death.benefits ~nd the retirement a!lowa~nces pro~ded for in this article and in Article III of this chapter. Sec. 26-31. Service retirement~ (a) Normal retirement~ }my member in service at his noN~i re- t~_rement date may ret~_~e at s~ny t~-me then or thereafter upon ~.~itten notification ~o the bo~d~ m~de by suc~ m~oer o_~ b~s eppoi~oti~ag a~athority~ setting forth ay ~&nat t%me the retiremerf~ is to become effective~ provided~ ths~ such effective ~ate shall be after his last day of seF~ice~ but shall nov be more thsaa ~_nety days prior to or subsecuen~ so the filing of such notice. (b) Early retirement: Ar~y member vgno is in sera, ice on or after his sixtieth bi~thday may retire upon ~itten notifies/cion to the bo~rd~ mmde by the mmmber or his e~.~ioyer~ settin~ forth at tLme the retiremerf0 is ye become effective; provided~ that such ef-- fective d~se shall be after his last day of service arid after the fi~L~'~g of such notice but shall not be _more tbm~n ninety ~JLays subseouent to the fiiizmg of such notice.