27
T H E RETIR EM EN T A CT
(Continued from Page 13)
his account, m ay m ake contributions to
w ard the cost o f purchasing the annu ity.
Section 9. (1) Em ployes, other than certi
ficated teachers em ployed b y a school dis
trict in w hich an association has been o r
ganized pursuant to chapter 24, title 111,
O . C . Li. A ., as am ended, whose m em ber
ship in a previously established retirem ent
system excludes them from m em bership in
the system established by this act m ay
apply to the board in w riting for the form er
system to be integrated into the latter and
for them to be allow ed to becom e m em bers
of the latter. W henever tw o-thirds of them
and their em ployer, through its govern
ing body, so app ly, the board (a) m ay
cause a fin a n cial and actu arial investiga
tion o f the proposed integration to be m ade,
the cost of w hich shall be borne b y the
previously established system , and (b) m ay,
upon such term s as are set fo rth in a con
tract betw een the board and the em ployer,
integrate the previously established system
into the system established by this act. The
contract shall h a ve no effect, how ever,
un til notice and hearing regarding it are
afforded in the m anner prescribed h erein
before for certain rules prom ulgated by
the board. N oth ing in this act nor any
action taken pursuant to it shall reduce or
im pair the benefits w hich em ployes who
are receiving benefits from a retirem ent
system integrated w ith the system provided
by this act would have received had the
integration not been effected .
(2) A retirem ent p lan w hich has been
adopted b y an association organized p u r
suant to the provisions o f chapter 24, title
111, O . C . L . A ., as am ended, prior to the
effectiv e date o f this act, and w hich exists
on the effectiv e date o f this act, m ay be
integrated into the retirem ent system estab
lished by this act in thè m anner hereinafter
prescribed and not otherw ise:
(a) A proposed form o f contract setting
forth all o f the term s, conditions and pro
visions of the integration shall be prepared
by, and adopted b y a m ajo rity vote o f, the
board o f trustees o f the association and
approved b y the board of directors o f the
school district in w hich the association is
organized.
(b) The proposed contract so adopted
and approved shall be subm itted to a vote
of the active m em bers o f the association.
In subm itting a proposed contract as afo re
said, an association shall follow the proce
dure provided in its b y-law s for the pro
m ulgation and adoption of b y law s.
(c) A doption b y the m em bership o f an
association o f a proposed contract of inte
gration shall be b y an a ffirm a tiv e vote of
not less than tw o-thirds o f the active m em
bers o f the association at the tim e o f the
election.
(d) The proposed contract so form ulated,
Anderson Bros.
Lumber Company
M a n u fa c tu r e r s o f P o n d e r o s a P in e
L A K E V IE W , O R E G O N
approved and adopted ..shall be subm itted
to the retirem ent board created b y this act
fo r acceptance or rejection. In the event
that the proposed contract is accepted by
the board created hereunder, then the in
tegration shall proceed in accordance w ith
the provisions o f the contract.
(e) N o contract of integration created as
aforesaid shall in any w ay alter, im pair or
adversely a ffe ct any rights, benefits or
privileges w hich have vested under the
provisions o f law in a m em ber o f an asso
ciation b y virtu e of retirem ent, either on
account o f disability or on account of
h avin g attained the retirem ent age, prior to
the effectiv e date of the contract o f in te
gration created as aforesaid.
(f) A contract of integration form ulated,
approved and adopted as aforesaid shall
contain provisions w hereby there w ill be
provided to each active m em ber o f the
association who becom es a m em ber of the
retirem ent system created b y this act p u r
suant to a contract o f integration, retire
m ent benefits, in addition to the retire
m ent benefits accruing for subsequent ser
vice under this act, determ ined in com pli
ance w ith sound actu arial practice and w ith
the find ings o f an accredited actu ary on
the basis o f the reserves o f said m em bers
at the tim e o f the integration.
(g) A contract o f integration as aforesaid
shall likew ise provide that any active m em
ber o f an association w hich integrates w ith
the retirem ent system herein created m ay
elect at the tim e o f the integration as to
w hether the m em ber shall obtain a refund
o f the am ount standing to the credit of the
m em ber on the books of the association at
the tim e o f the integration. In the event
that a m em ber so elects, then the am ount
standing to the credit o f the m em ber shall
be refunded and the additional benefits
hereinbefore provided for shall not be
availab le to the m em ber to w hom the re
fu n d is m ade.
Section 10. (1) The board shall establish
a fu n d w hich shall be know n as the public
em ployes retirem ent fu n d and in w hich all
funds that the board receives shall be in
cluded.
(2) The board shall provide fo r an in d i
vid u al account for each m em ber o f the sys
tem . The account shall show the am ount of
the m em ber’s contributions to the fun d ,
the interest w hich th ey have earned, and
the deductions fro m them for adm inistrative
expenses o f the system .
(Continued on Page 28)
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