raSsa®
31
League of Oregon Cities Sponsors
Retirement Plan
(Continued from page 7)
ploying agency, shall be paid
requesting an annuity for him
to a designated beneficiary or
self during his lifetime or an
to his estate.
annunity of a lesser amount to
3. Disability
be paid during the lifetime of
a. An employee who becomes per
either himself dr his widow or
manently disabled with less
children under 18.
than 10 years of service to re
2. Separation Prior to Age of
ceive return of his contribu
Retirement
tions plus earned interest.
a. Employees who resign or are
b. An employee who becomes
separated from employment af
permanently d i s a b l e d with
ter 10 years of membership in
more than 10 years of service
the system to receive an an
to receive such annuity as his
nuity based upon accumulated
contributions will purchase
contributions when they reach
plus an annuity paid by the
the minimum retirement age.12
State equal to one-half the re
b. Employees who resign or are
tirement annuity which would
separated from the service with
have become payable if the
less than 10 years service to
employee had worked contin
receive return of their own
uously to the nearest age when
contributions, plus earned in
he could qualify for superan
terest.
nuation retirement. This al
c. In the event an employee dies
lowance is in addition to bene
prior to retirement with less
fits that may be payable under
than 10 years of current ser
the State Industrial Accident
vice to his credit, his contri
Act, and the allowance is to
butions shall be paid to his
cease at death.
designated beneficiary or to his V. AGE OF RETIREMENT