Image provided by: SEIU Local 503; Salem, OR
About The Oregon state employee. (Salem, Oregon.) 1944-195? | View Entire Issue (March 1, 1945)
29 ability, service and other experience of the members of, and employers participating in, the system, shall state fu lly the condi tions of the system, and shall m ake such recommendations as he deems advisable to facilitate adm inistering it properly. The board shall publish and distribute a sum m ary of the report to all the public em ployers participating in the system. Section 14. The objective of this act with reference to service after Ju ly 1, 1946, shall be to provide each employe who is a member of the system a disability retire ment allowance of the amount hereinafter provided fo r and a total service retirement allowance of approxim ately one-half his average salary during his last fiv e years of service for police officers and firem en with 25 or more years of membership in the sys tem and for other employes with 30 or more years of membership in the system. For any employe entering the system after the age of 35 years, the objective shall be to provide an allowance for service after Ju ly 1, 1946, proportionately reduced on the basis of his age at the time he first be comes a member of the system. Upon the basis of this objective and of actuarial ta bles approved by the board the actuary shall ascertain for each member of the system the percentage of his compensa tion earned after Ju ly 1, 1946, and before his compulsory service retirem ent age which w ith interest is necessary to provide approxim ately one-half of the benefits the act intends for him to receive on account of service during that period. From each p ay roll during the period his employer shall deduct that percentage of the amount cred ited to him on the payroll and shall trans m it the deduction to the board, w hich, shall cause it to be credited to his account in the fund. A member whose rate of contribu tions to the fund is fixed at more than 5 per cent of his salary m ay elect to reduce his contribution rate to 5 per cent by no tifyin g the board to that effect, in which event his benefits shall be reduced accord ingly. A member whose salary exceeds $200 per month shall contribute on the basis of all of his salary except during such times as he elects, by written notice to the board, to contribute on the basis of only $200 per month. Section 15. (1) A public employer which is a member of the system shall, at inter vals designated by the board, transm it to it such amounts as are actuarially computed, on the basis of the objective of this act heretofore stated and of actuarial tables approved by the board, to be necessary to m atch the benefits which w ill be provided its employes by accum ulating their con tributions for service after Ju ly 1, 1946. For purposes of this subsection no employe’s compensation shall be deemed to exceed $200 per month. (2) In addition each such employer shall after Ju ly 1, 1947, transm it to the board, at intervals which it designates, such amounts as are actuarially determined, on the basis of an amount per month equal to. $2.50 for each year of prior service or m ajor fraction thereof for a period not exceeding 20 years, to be necessary to amortize within 30 years after the employer commences participat ing in the system all liabilities estimated by the actuary to accrue to the system on ac count of service by the employer’s em ployes prior to the time it commences par ticipating in the system. (3) Subject to the rules of the board and except as this act otherwise provides, credit shall be granted a member of the system for all continuous service which he renders to the state or to his employer prior to the time it commences to participate in the system. W ithin sixty days after his em ploy er becomes a participant in the system the board shall issue the member entitled to such credit a certificate of the aggregate of such credit to which he is entitled. The certificate shall be fin al unless the board, for cause upon his or its own motion; m odi fies the certificate. The board m ay arrange with a political subdivision other than a school district, at the time the subdivision commences to participate in the system for determining, on the basis of a form ula agreed upon by the board and the govern ing body of the subdivision, the credit which an employe of the subdivision is to receive for service to it prior to the time that it commences to participate in the system. (4) Each certificated school teacher who is a member of the system shall be granted fu ll credit for all his continuous service to school districts of the state prior to Ju ly 1, 1946. Each school district, shall after Ju ly i 1947, transmit, to the board, at intervals which it designates, such amounts as are actuarially determined, on the basis stated heretofore in subsection (2) of this sec tion, to be necessary to amortize, w ithin 30 years after this act takes effect, all liabili- (Continued on Page 30) CAPITAL CITY TRANSFER Loren Loose Local and Long Distance Hauling, Furniture Storage, Crating and Packing, Best Grade Oil and Briquets (Agents - BEKINS VAN LINES) Day Phone 7773 Night Phone 2-1140 226 State Street Salem, Oregon
