1967 Ordinances - Laserfiche WebLink

Home Browse Search

Sec ~ Member. rEne word "~ber' sbm~it be t~<en to r~san m~v e~toyee wlno is included in the membership of the system as ~rovided in Sections 26-64 smd 26065. Normal retirement date. ~ae term 'nor~mal retirement date~ mear~ the first of the month coincidi~th o~ next foilo~r~ the earliest fiat~. ~ Of v~ich the member has both (a)a~a~nea+~ ~ ~ age ~_~y-~ five m~.,5 (b) completed twenty-five years of service, Retireraent allowance. The te~ "retirement al!owsmce' shall be taRen to mea~u the retiremsnv pa}u~ents to which a m~er is en- titled as ~roviaed in tlnis ar'tic!e~ Ser%~ice, ~ne word :~service~' shall be tel~en to mean ser-~ice as ~bJch comloen~ation is paid by the emoioyero aN. e~ployee for ' ' System~ ~ne word %ystem' sb~tl be ta~{en tc ~em~l the "Ports- mouth FJ~e sand Police Retirement System~' provided for in this article, 26-52. Acceptemce of empt%~enu as consen~ vo provisiors of article. Eve~ member sba_!! be deemed so consent a~ad mga~ee vo all the provisions of th_is article arid. amy mme.~d~scnts thereto~ of sala~j or co~.mensation shall be a full and cosoiete discbza~ge of all cls/m,s for se~ices rendered by such person dz~ing the period covered by such payment~ exce,st as to any benefits provided by this article. Sec~ 26-54. A!teretion~ mmen~.~ent or repeal. (a) Zne coumcit reserves the right ~o alter~ amend Dr repeal any mrovision of this mrticle or any sypiicatiom thereof to any person; provided~ however, that the mv_oumv of benefits v/nich a~ the tJ~e of may such aiteration~ smen~env or repeal shall bm;~'e accrued ~o the extent provided umder subsection (c) of this section for the or beneficiarzes shall nov be affected thereby. (b) If the council repeals the provisions of this article~ the board shall continue to a~,?~ster the system in accords, nce witb~ ~ro- visiors of this a_~,ticle for the sole benefit of the then me~ffcers~ amy beneficiaries then entitled vo receive benefits here~mader~ and s~nt~ futnre beneficiaries who become entitled to receive benefits render the joint sand last sur%~ivor option provided for in this article. (c) in the even,v of repeal as emovided in subsection (b) of this section the ~ ~ of ~ ~-~ ~ m ~ - be ~ ~ss~s t .... ~s~e.. s~t± allocated by ~he bosard in san eouitabie m~nner ~o provide benefits fou the persons desi~oj~ted in subsection (b) .of this section in accordmnce with the sroadsior~s of this articie~ san~ in the foliowimg order: