RES 2297 - Laserfiche WebLink

e 5 5 A minimum service retirement allo~r~nce of $40 per month is guaranteed upon retirement at age 70 with credit for service rendered prior to said effective date, if the Public f~gency elects age 60 as the lowest optional service retirement age, or a minimum allowance of $60 per month upon retirement at age 65 or over with t~venty years of service~ or upon retirement at age 70 with credit for prior service, if ~he Public Agency elects age 55 as the lowest optional service retirement agee Retirement for disability, except in the case of Local Safety Members disabled from injury arising out of and in the course of employment, is permitted only after ten years of service and upon proof of in- capacity for the performance of duty. (See item 10 belows) The monthly retirement allowance payable upon disability retirement, described in preceding item 5, is dependent upon such factors as age, salary and years of service, but generally is equal to 90% of 1/70th, or t/60th as the case may be, of the average monthly salary during the five years ~mediately preceding retirement, for each year of service, with a guarantee of 25% of said salary, subject to certain restric- tions and modifications~ Disability retirement of Local Safety Members, in the event of disa- bility arising out of and in the course of employment, is permitted regardless of age and service~ the monthly retirement allowance being one-half the highest average monthly salary earnable during ar~ fiv~ years of membership. The benefit payable at death before retirement except in the case of Local Safety ~embers dying from injury arising out of and in the course of employment~ consists of the contributions of the member plus in- terest~ and plus 1/12th of the memberts annual salary during the year ~mmediately preceding death, for each year, not exceeding six years, of service as a member of the system~ Upon death after retirement, and at the election of the Public Agency, a benefit of $300 is payable. The monthly allovzance payable to the widow and children at the death of Local Safety ~embers, arising out of and in the course of employ- ment~ is one-half the average monthly salary during the five years Immediately preceding death. The benefit upon separation from service by other cause than death or retirement, is the refund of the memberts contributions, with interest. Members having accumulated contributions of at least $500 upon resig- nation or discharge~ may elect irrevocably, within ninety days, to leave contributions in the Retirement Fund, and then upon reaching the lowest optional service retirement age or becoming disabled, to be entitled to receive such retirement allowance as will be provided by ~eir a~x~ the Agency's contributions and their credited service, regardless of service rendered.