21
Pension estimates are based on annual
salary of twelve times the month salar
ies shown. Pensions for members re
ceiving less than twelve months* salary
per year will be in proportion.
For example: A teacher receiving
$200 per month for nine months will
receive three-fourths as much pension
as a member receiving $200 per month
for twelve months, assuming both
members are the same age, and elect to
contribute at the same rate.
One of the most common questions
asked by employees is "W hat becomes
of my money in case I do not remain
employed until I am eligible to retire?”
First, it is well to remember that
any member of the system may trans
fer from one covered employer to an
other without losing any credit pre
viously acquired. Any member of the
system who leaves the service of all
covered employers before reaching re
tirement age and before having con
tributed to the Retirement Fund for
ten years is privileged to withdraw
amount standing to his credit in his
own fund. This means all of his con
tributions plus all interest earnings,
but less his share of administrative ex
pense of the Retirement System which
is nominal. In such a case the employee
receives no part of the employer’s
matching contribution.
Any member of the system who
leaves the service of all covered em
ployers before having reached retire
ment age but after having contributed
to the retirement fund for ten years
or more does not withdraw the amount
standing to his credit in his own fund.
Both his fund and the employer’s
matching contribution are retained in
the Retirement Fund to provide the
employee with a retirement income at
his earliest retirement age.
In case of death of a member before
reaching retirement age the amount
standing to his credit in his own fund
is payable either to the employee’s bene
ficiary or to the estate of the member
if no beneficiary has been designated.
In conclusion, a cordial invitation is
extended to all members of the Retire
ment System to visit us in our head-
con tin u ed on next page)
M. N . (Max) Landon
Nagle Lumber Co.
Real Estate
Insurance
Sweet Home, Oregon
Phone: Res. 254 — Office 253
1845 Franklin Boulevard
Eugene, Oregon
OREGON CULVERT &
PIPE COMPANY
Concrete Culvert, Sewer, Irrigation Overhead Pressure
Sprinkler Systems, Corrugated Pipe and Multi-Plate
(When restrictions are removed)
Lancaster 4 1 4 5
2 3 2 1 S.E. Gladstone
Portland, Oregon