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