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$4,965.50 at his retirement; and (b) a
pension of $500 which is provided by
the state’s contribution.
What would be received under the
various optional forms of retirement
income?
A. Under Option 1, instead of the
total allowance of $1,000 a year, he
would receive an allowance of $866.00
a year, of which $366.00 would be the
annunity provided by his own contri
butions and $500 would be the pen
sion provided by the state’s contribu
tions. If he should die before having
received in annunity payments the full
amount of his accumulated contribu
tions as they stood at the time of his
retirement, the balance would be paid
to his beneficiary or estate. For exam
ple, if he dies after having received
payments for four years, he would
have received $1,464.00 in annuity
payments, and his beneficiary or estate
would reecive the difference between
the amount of his contributions with
interest at retirement, and the annunity
payments received, or $4,965.50 minus
$1,464.00 or $3,501.50.
Under Option 2, the amount of bene
fit would depend on the age of the
member’s beneficiary. If his wife should
be the beneficiary and her age also
should be 65, at the date of his re
tirement, he would receive for life
$703.90 a year instead of $1,000 a year,
and $703.90 a year would be paid to
his wife as long as she lived after his
death.
Under Option 3, instead of receiving
$1,000 a year for life, he would re
ceive $826.20 a year for life and would
provide that one half of this amount,
or $413.10 a year, would be paid to his
wife as long as she lived after his
death.
The foregoing examples illustrate
how a member may select the option
which best fits his needs when he re
tires. Figures on any particular case
will be based upon tables in effect when
the member retires and will be furnish
ed to him at his request at the time he
contemplates retirement.
“You will always
find a Better Car
and
make a Better Deal”
at
Loder Bros.
445 C enter St.
Phone 6133
“Our 16th year in Salem, Ore.”
“Oldsmobile Sales & Service”
“Home of Good Used Cars”