31
the public interest, and upon approval of
the board.
(4) Notwithstanding the previous provi
sions of this section, an elected official or
a person appointed to an office for a def
inite term may remain in service until the
end of the term of his office during which
he reached the compulsory service retire
ment age applicable to him, and, except a
person subject to the teachers tenure law, a
school teacher or other instructor serving
under a contract or appointment for a
definite term may continue in service until
the end of the school or academic year in
which he reaches the age of 65. A person
subject to the teachers tenure law and
serving under a contract or appointment
tor a definite term may continue in service
until the end of the term of school during
which he reaches the age of 65
(5) After June 30, 1951, a police officer or
fireman who is a member of the system
and attains the age of 55 or any other
employe who is a member of the system
and attains the age of 60 shall be retired
upon his written application to the board
on a reduced service retirement allowance
which shall be the actuarial equivalent of
the service retirement allowance at the
compulsory retirement age provided for in
section 19 of this act.
(6) For the purpose of this act the war
shall be considered as terminated by the
signing of a definitive treaty or by the
proclamation of the president of the United
States that hostilities have ceased or by
proclamation of the president or the gov
ernor that the emergency justifying extra
ordinary wartime powers no longer exists.
Section 19. Upon retiring from service on
account of superannuàtion at the compul
sory retirement age a person who is a
member of the system shall receive a ser-
vice retirement allowance which shall con
sist of (1) an annuity which shall be thé
actuarial equivalent of his accumulated
contributions and interest thereon credited
to him at the time he retires; (2) a pension
provided by the contributions of his em
ployers equal to the annuity provided by
his accumulated contributions on his salary
up to $200 per month; and (3) an additional
pension for prior service including military
service credited to him at the time he
first becomes a member of the system as
elsewhere provided in this act, which pen
sion shall be provided by the prior service
contributions of his employer or, in case
he is a certificated teacher, by a uniform
rate of contribution by all school districts
except those in which associations author
ized by chapter 24, title 111, O. C. L. A ., as
ed’ have been established. No such
additional pension for prior service shall
be paid until Ju ly 1, 1947.
Dr. E. Boring - Dr. R. A . Golden
Associate Optometrists
Section 20. Until the first payment on
account of his service retirement allowance
becomes normally due, a person who is a
member of the system may elect to convert
the annuity portion of the allowance other
wise payable on his account after his re
tirement into a servic e retirement annuity
of equivalent actuariay value of one of the
optional forms named below. No such elec
tion shall be effective, however, until 60
•X? aft?r he files the election thereof
with the board or until 60 days after he re
tires, whichever is the latter, Should he
election becomes effective,
the benefits payable on his account shall
be the same as though his election had not
ben filed and he had not been retired.
Option 1. A reduced service retirement
allowance payable during his life, with
the provision that at his death a lump sum
equal in amount to the difference between
his accumulated contributions at the time
of his retirement and the sum of the an
nuity payments actually made to him dur
ing his life be paid to such person, if any as
he nominates by written designation duly
acknowledged and filed with the board or
otherwise be paid according to the provi
sions of this act for disposal of an amount
credited to a member in his account at the
time of his death in the event that he desig
nates no beneficiary to receive the amount
or that no such beneficiary is able to re
ceive the amount; or
Option 2. A reduced service retirement
allowance payable during his life, with the
provision that it shall continue after his
death for the life of the beneficiary he
nominates by written designation duly
acknowledged and filed with the board at
the time of election should the beneficiary
survive him; or
Option 3. A reduced service retirement
allowance payable during his life, with the
provision that it continue after his death
at one-half the rate paid to him and be
paid for the life of the beneficiary which
he nominates by written designation duly
acknowledged and filed with the board at
the time of retirement should the benefi
ciary survive him.
Section 21. In the event that a person
who is a member of the system dies be
fore retiring, the amount credited at the
time of his death to his account in the
fund shall be paid to the beneficiaries he
designates. For this purpose he may desig
nate as a beneficiary any person having
an insurable interest in his life. Should he
designate no such beneficiary, it shall be
paid directly without probate to the sur
viving next of kin of the deceased or the
guardians of the survivors’ estate, share
and share alike, payment to be made in
the same order in which the following
groups are listed: (1) husband or wife, or
(2) children, or (3) father and mother, or
(4) grandchildren, or (5) brothers and sis
ters, or (6) nieces and nephews. No pay-
( Continued on Page 32)
BORING OPTICAL
383 COURT STREET
SALEM, OREGON
Also Locations at Marshfield and
Roseburg
Phone 6506
When you think of Life
Insurance , . . Think of
Charlie McElhinny
“The Widow’s Friend”
Phone 4676
Salem, Ore.