1967 Ordinances - Laserfiche WebLink

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Actuarial eq~uivaient~ ~_¥:e tearY_,, "ac~J~ial equivalent~ shall be tsi~en to ~n a benefit of eq,aal value when computed u~on the basis of such actu8m, iai tables as s_r.e adoeted by the Average fiNs. l co~ensation, ?ne '0en~ "average fin~! co.cessa- tion' shsit be taker~ '0o mean the average a~mu.a! creditabl~ coEoensa- ~ion of a mer~er d~i~ the five 'co~asecutive years of creditable sea, ice in W~iclq such concretion was ay its ~eavesv ~momnv~ or J. uPirg the entire period of bis creditable service~ if less them five ye~s. Benefici~-y. ~ae word 'beneficia%,-' shall be taken to memn any person entitled no receive benefits of sony ~r'_,d under thais s~ticie because of the death of a member. Board. ~ne word '~board" sbm_!l be taken ~o ~ean tbe Board of Trastees of the Portsmouth Supplemental Retirement. System~ as pro- vided for in sectic?m 26-55 vo 26-63. Cre~itabie compensatiors. The -ser_r.~ ~credit~ole co.m~pensations" s.hal] be taken to meam the Puli cor-epensation payaJs!s vo an employee working the full :,~orid~g time for b~s position~ in cases where com~ pensation includes maintenance end othe? perquisites~ the city r.,,,sm~ger shall fix the value of that ps~t of the cor~ensation non paid in money. Creditable service° ~ne term 'creditgote service': shall be taken to memn for sr:y rs~er the mos~ recens ~eriod of continuous se_,~_ce as am employee rendered by the me.vber~ provided, however~ that continuous service shall not be considered vc nsr~'e been interru-oted by a~ny period or periods of authorized leave of absence or by stay period or periods of service in the armed forces of the UNited States ~ich did not give rise to termination of membership in the sysvem. L~nloyee~ Zee word "employee" sbm]i be taken vo mean eve~' person regu!~iy ampioyed in the noiice &nd fire divisions of the city~ smd classified as me~f0ers of the divisions by the civil se~ice regu!a- tions of t~e city. L~oloyer. ~e word "e~}loyer~' shaI1 be t~{en ¥o mesm the city or the authority of the city ha~dng the oower vo appoint an ployee to office or ExeT~ner. -~ne word 'examiner' shall be t~en to mean the me~c~ ex~?~ner or exs~ni~ers as pro~_~ea ~r in ~i~. ~ 26-55 2~63. -10-