24
ANALYSIS OF RETIREMENT ACT
(Continued from Page 4)
8. All employees who are- already
members of a retirement system are
exempted f r o m membership in the
statewide system until such , time as
their system isintegrated into the state
wide system.
, 9. Upon request of the governing
board of a city ¿or rural fire protection
district, volunteer fire - fighters may
become members of the system and re
ceive such benefits as are agreed upon
by the governing body and'the retire
ment board.
IV. Haw Financed
I, C urrent and F uture S ervice
a. Employees Contributions:
After July.; 1, 1946, covered em
ployees will contribute a percentage o f
their salary which is actuarily deter
mined to be sufficient to provide an
annuity of approximately one - fourth
of average salary for the last five years
of employment for employees with 30
or more years of service for ordinary
occupations and with 25 years of serv
ice for police officers and firemen. For
employees becoming members of the
system when over. 3 5,'years of age, con
tribution rate to be fixed at. a percent
age calculated to provide one-thirtieth
or one-twenty-fifth, respectively, of
the annuity for each year1 of service 1
;; (1) An employee earning more than
$200 per month may elect to contribute
.only on the first $200 of hisysatey, in
which case his retirement benefits will
be reduced accordingly.
(2) An employee whose rate of con
tribution exceeds 5 per cent of salary
may elect to contribute only 5 per cent
of his salary.
b. Employer Contribution:.
After July l|® 946, covered employ
ing agencies will contribute a percent
age of regular salaries actuarially deter
mined to. be sufficient to match •the
contributions zof employees, at retire
ment age and to provide disability bene
f it^ s
Employer contributions will be
on the first $2-00 of any monthly salary
only.
2. P rior S ervice <
a. After July I, 1947, the employing
agencies will make an additional con
tribution for prior service which is ac
tuarially determined to provide em
ployees who are in service on July, ly
1946, a retirement allowance on account
o£ prior service, equal to $2.5D per
month for each year of prior service
up to 20 years.
| (1) Prior service cost to be ^mortized
over a 3 0-y ear period.
; (2) All school districts will contrib
ute for prior service at a uniform rate.
S K m A separate account will be kept
for each employee who contributes to
the ¿system.
9 What Benefits
" 1. Retirement allowance.
'a. Ordinary employees who Contrib
ute to the system for 3,0 years' or more
will receive a- retirement, allowance ac
tuarially based*''. qn,?their accumulated
contributions matched by the contribu
tions of the employer and which will
amount to a total allowance of,approxi
mately one-half of the average salary
during the’ last five years of service
prior to reaching age 65.
b. Police" .officers, firemen, etc., as
above'25 years' and age 60.
c. Employees who reach retirement
age with loss than 30 or 25 years of
membership, respectively, will receive
approximately one - thirtieth’ or ohe-
twenty-fifth, respectively, of the ob-
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