13
Public Employes Retirement
News and Sidelights
Official Bulletins Released
Under date of April 7th, employers
were' advised that a state employee who
on July 1, 1947, is 65/ o r older may
hê retired on that <late,’% / any subse
quent date before December 31, 1947,
by action of the employer, and must
be retired on December '31, 1947, unless
prior to that Hate the employer and
the retirement board mutually agree
that rétention of such over-age em
ployee is in the publicinterest.
Under daté' of May 9th, employers
were advised that the employer who
wishes to recommend the retention oC
an over-agè employee must, in the 'case
of state employees;, make such recom
mendation through the Griyerhof. Also,
it is stated'that new employées or those
returning to service who have reached
65 yeàts’ of age should not, after July
1, Î947, and mris’t not, after December
31, 1947, be placed on public payrolls.
Number Eligible for Retirement
I Mr. Jerry' Sayler, Executive Secretary
of the Retirement Board, was quoted in
the Capital Journal of-Salehi as stating
that about l,0$0,fstate employees, 600
school employees arid 400 employees of
political subdivisions will become eli
gible forjretirement on July 1, 1947.
Jerry Saylor Explains System
To O. S. E. A. Chapter
’ On Ju n e-3rd, Jerry _:Saylori spoke to
O. S. E. A. members« about retiremeut
m atters/'ai Capitol Chapter. j%regular
meeting in ,Salef&. He spoke eloquently
of the integrity and loyalty of state em-
plôyeçs, and gave clear explanations of
retirement system workings. Highlights
of his address areliere given briefly:
1. Records to prove age might in-
clude photostatic or,ribtari2ed copies of
family records, old licenses; lodge mem
bership cards, even new licenses' for
children which show parent’yvjyour)
age; any school record (not necessarily
first grade); school diplomas.
2. Each member should name a bene
ficiary.
, ,
3. Costs of I administration are 4%
at present, expected to be 2 % in a year
or two.
4. Iriterest earnings1 on investments
are about g % % •
5. Members refunds are: his contri
butions plus interest earnings minus' ad-
ministration’ costs.
6. Last legislature’s changes in Act
are: (a) members on 5% rate have
two years I to change to I fixed rate if
they wish, (b) new employees do not*
contribute till employed
months,
and (c) all members will pay at their
elected or fixed rate on their gross earn
ings each month until the earnings dur
ing the- year total $2400, after which
no further payments will be due except
for thoSe-who are’ paying on more thari
$200 per month.
7. On voluntary retirement at age
60, pension for men'is about 6 5 S of
that at age- 65; and for wdmen at is
about 69%. Normal life expectancy at
age 6 5:* for men 12% years, for women
14% years. R etirem entatage'70 gives
about 5l|y k ,rnore pension thari at 65.
SOSffiate’s ^matching per dollar of-em
ployees ^contributions is about seventy
cents ($O.JO/k for prior service is about
forty -fiv e‘cents „(*$0.45). Mortality of
members and severance from service'cut
down 'State matching requirements.
/State’s part of fund tri pay pension
goes only to the retired employee. Em
ployees ripritributions buy his annuity
which goes to retired employee and/or
his estate,
9. Disability benefits to totally dis
abled employees consists of (a) . State
pension equal to calculated pension at
age 60, plus (b) employees annuity
(Continued on page 18)